The French accounting standards setter:
The Autorité des normes comptables (ANC)
Including its role in terms of stimulating research activities in the accounting field
Missions of the ANC :
- define general and industry-specific accounting standards, with legal authority for entities subject to legal accounting requirements in accordance with French GAAP;
- provide advice on all legislative or regulatory provisions issued by national authorities which contain accounting measures ;
- issues position statements on international accounting standards;
- fosters and coordinates theoretical and methodological work on accounting issues ; makes all relevant suggestions and recommendations.
The creation of the ANC has simplified the previous system of setting French accounting standard setting by merging two institutions previously involved in this regulatory task. It also aims at providing France with an institution able to mobilise the wide variety of expertise in order to take part in international debates, and most particularly those relative to International Financial Reporting Standards (IFRS) issued by the IASB, in legal use in the European Union for consolidated accounts of listed companies.
The ANC is proud to be in charge of this task in the public interest. To that end its various bodies include members coming from all quarters of the French economy : small and large businesses, bankers and investors, large and other auditing firms, regulators and supervisors.
The ANC is well aware to be acting in the midst of historically critical times, in the context of the financial crisis in the United States and Europe, from which lessons must be drawn; in full cognition of the G20 calls to regulators and accounting standard setters, at a time when a global standard is the objective; in full cooperation with the IASB, which it is funding, as well as with its colleagues accounting standard-setters in Europe, but also in the United States, Asia and Latin America.
ANC’s activities, other than legal and institutional, more precisely include :
- Stating positions (see below) in response to the various IASB consultations after due process (working groups, specialised commissions, Board)
- Making proposals (see below) on various subjects, conceptuel (ex:business model), technical (ex:emission rights ; disclosures) or methodological (ex:on effects studies), including on governance of standard-setting
- Supporting / participating in research activities through various channels
Information, comment letters and proposals available on the ANC Website