Academic literature on the topic 'Financial Planning Standards Board'
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Journal articles on the topic "Financial Planning Standards Board"
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Archuleta, Kristy L., Cherie Stueve, Richard Stebbins, Randy J. Kemnitz, Charles R. Chaffin, Kelley K. Williams, Stephen C. Poplaski, Ronald A. Sages, Racquel Heath Tibbetts, and Emily A. Burr. "Exploring Perceptions of Graduates' Experiences That Impact Certified Financial Planner Certification: A Multiple Case Inquiry." Journal of Financial Counseling and Planning 30, no. 2 (November 1, 2019): 323–34. http://dx.doi.org/10.1891/1052-3073.30.2.323.
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This study utilized qualitative methods to explore perceptions of graduates from Certified Financial Planning Board of Standards, Inc. Registered Programs regarding experiences that impact Certified Financial Planner (CFP) certification completion. Participants (N = 16) were classified into four different groups: Certified, In Progress, With Intentions, and No Intentions. In general, the themes that emerged from within case analyses and across cases related to four areas, including preservice experience, intrinsic motivation, employment, and respect for the CFP marks. The results of this study suggest that financial service firms have a number of opportunities to strengthen the interest in a financial planning career and assist recent graduates in their pursuit of CFP certification with time and financial support of the examination process.
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Godfrey, Jayne M., and Ian A. Langfield-Smith. "Regulatory Capture in the Globalisation of Accounting Standards." Environment and Planning A: Economy and Space 37, no. 11 (November 2005): 1975–93. http://dx.doi.org/10.1068/a3790.
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The Australian Financial Reporting Council recently shocked the world business community by unexpectedly announcing a change in the nation's approach to global-accounting-standards development. The change involved switching from ensuring consistency of Australian accounting standards with International Financial Reporting Standards (IFRSs) developed by the International Accounting Standards Board to outright adoption of IFRSs by 2005. At the time of the announcement, Australia had the most developed international harmonisation programme of any country with a well-developed financial reporting system. Events surrounding the change demonstrate how political the accounting standard-setting process can be as it continues to receive front-page media attention, and as it provides a platform in parliamentary and electoral debate. In the meantime, the US role in the global accounting standard-setting arena has moved through phases of indifference to potential active dominance, and European influences have waxed and waned. We examine whether swings in political and regulatory influences that occur when globalisation becomes a national and international goal are explained by regulatory capture theory. We also address the extent to which a subset of a single nation's regulatory system plays a key role in a series of larger national and international games. Drawing upon experiences in Australia, the United States, and the European Union, we identify political influences on initiatives to reform accounting-standard-setting environments, policies, and processes.
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Kamble, Dr Nabha. "An analytical study on impact of international financial reporting standards on financial statements and ratios of Indian companies." YMER Digital 21, no. 01 (January 17, 2022): 261–66. http://dx.doi.org/10.37896/ymer21.01/24.
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India is one of the emerging economies in the world. For economic development, foreign direct investment (FDI) is needed, to facilitate the investment climate. There is a need to integrate its financial reporting with rest of the economies of the globe so that investors from outside will appreciate the financial results and financial positions of the companies. This will provide uniformity and comparability of financial statements with the financial statements prepared in other countries. At present, Indian companies are preparing their financial statements as per Generally Accepted Accounting Principles in India (Indian GAAP). These Principles are based on IFRS issued by International Accounting Standard Board (IASB). However, these principles were modified substantially as per Indian laws and practices.
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Tsunogaya, Noriyuki, Andreas Hellmann, and Simone Domenico Scagnelli. "Adoption of IFRS in Japan: challenges and consequences." Pacific Accounting Review 27, no. 1 (February 2, 2015): 3–27. http://dx.doi.org/10.1108/par-11-2012-0056.
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Purpose – The purpose of this study is to provide a rigorous and holistic analysis of the main features of the Japanese accounting environment. It also raises issues related to the adoption of International Financial Reporting Standards (IFRS) in Japan. Design/methodology/approach – For the purpose of investigating the Japanese accounting system, this study applies the accounting ecology framework developed by Gernon and Wallace (1995) and provides a content analysis of relevant meetings of the Business Accounting Council of Japan. Findings – The findings of this study provide evidence that it would be problematic to require the adoption of IFRS for all listed companies in Japan. The main reason for this is that the Japanese policymakers and standard-setting bodies follow two objectives: enhancing the international comparability of financial reporting and maintaining institutional complementarity between financial reporting and other infrastructures such as accounting-related laws. Research limitations/implications – This study is relevant for accounting researchers and professionals with an interest in Japanese accounting practices. It is also useful for the International Accounting Standards Board and representatives of countries planning to adopt IFRS in the future. Originality/value – The findings of this study show that contextual issues such as social, organizational and professional environments cannot be ignored in the adoption of IFRS in Japan.
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Mahsun, Mohamad, Nafsiah Mohamed, Sharifah Norzehan Syed Yusuf, and Indrawati Yuhertiana. "Investigating Fraud Risks Assessment Practices in Public Sector Audits." Asia-Pacific Management Accounting Journal 16, no. 1 (April 30, 2021): 183–205. http://dx.doi.org/10.24191/apmaj.v16i1-08.
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Fraud Risk Assessment (FRA) is claimed to be an important activity at the audit planning stage in both the private and public sectors. In fact, because of the importance of FRA activities, Auditing Standards (SAS 99, ISA 240, ISSAI 1240) have required auditors to carry out FRAs at the audit planning stage. FRA is considered as the core activity of financial audit planning because of the impact of fraud on the sustainability of an entity, quality of life, and economic growth. This study aimed to determine the practice of FRA in public sector audits and to find out more about the obstacles faced by auditors during the audit process and to find out the causes of these obstacles by considering the approach to the Audit Standards used. This study found that auditors’ performance can be determined based on their complete compliance with audit standards. We have encountered a serious problem that requires firm action from the government or a competent official, namely the auditor’s willingness in preparing the Fraud Risk Assessment Matrix. In addition, we recommend the Audit Standards Board to adopt international public sector auditing standards and disseminate them through training for auditors, students, and professionals. Keywords: fraud risk assessment, public sector audit, auditor competency
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Kulling, Per E. J., and Jonas E. A. Holst. "Educational and Training Systems in Sweden for Prehospital Response to Acts of Terrorism." Prehospital and Disaster Medicine 18, no. 3 (September 2003): 184–88. http://dx.doi.org/10.1017/s1049023x00001035.
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AbstractSweden has a long tradition in planning for disaster situations in which the National Board of Health and Welfare has a key responsibilty within the health sector. One important part of this disaster preparedness is education and training. Since 11 September 2001, much focus has been placed on the acts of terrorism with special reference to the effects of the use of chemical, biological, or nuclear/radiological (CBNR) agents. In the health sector, the preparedness for such situations is much the same as for other castastrophic events. The National Board of Health and Welfare of Sweden is a national authority under the government, and one of its responsibilities is planning and the provision of supplies for health and medical services, environmental health, and social services in case of war or crises. “Joint Central Disaster Committees” in each County Council/Region in the country are responsible for overseeing major incident planning for their respective counties/regions. The “Disaster Committee” is responsible for ensuring that: (1) plans are established and revised; (2) all personnel involved in planning receive adequate information and training; (3) equipment and supplies are available; and (4) maintenance arrangements are in place.Sweden adopts a “Total Defense” strategy, which means that it places a high value in preparing for peacetime and wartime major incidents. The Swedish Emergency Management Agency coordinates the civilian Total Defense strategy, and provides funding to the relevant responsible authority to this end. The National Board of Health and Welfare takes responsibility in this process. In this area, the main activities of the National Board of Health and Welfare are: (1) the establishment of national guidelines and supervision of standards in emergency and disaster medicine, social welfare, public health, and prevention of infectious diseases; (2) the introduction of new principles, standards, and equipment; (3) the conducting education and training programmes; and (4) the provision of financial support. The budget for National Board of Health and Welfare in this area is approximately 160 million SEK (US$18 million). The National Board of Health and Welfare also provides funding to the County Councils/Regions for the training of healthcare professionals in disaster medicine and crises management by arranging (and financing) courses primarily for teachers and by providing financial support to the County Councils/Regions for providing their own educational and training programmes. The National Board of Health and Welfare provides funding of approximately 20 million SEK (US$2.4 million) to the County Councils/Regions for this training of healthcare professionals in disaster medicine and crises.
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Asare, Stephen K., Brian C. Fitzgerald, Lynford E. Graham, Jennifer R. Joe, Eric M. Negangard, and Christopher J. Wolfe. "Auditors' Internal Control over Financial Reporting Decisions: Analysis, Synthesis, and Research Directions." AUDITING: A Journal of Practice & Theory 32, Supplement 1 (October 1, 2012): 131–66. http://dx.doi.org/10.2308/ajpt-50345.
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SUMMARY We synthesize the literature on auditors' evaluation of, and reporting on, internal control over financial reporting (ICOFR), as required by the Sarbanes-Oxley Act. The purpose of the synthesis is (1) to provide information on how and how well auditors perform the task, which serves as feedback to the Public Company Accounting Oversight Board on implementation issues and problems related to auditors' application of the professional standards on ICOFR; and (2) to identify gaps in the current literature and fruitful areas of future research. Consistent with Auditing Standard No. 5, we delineate five phases of the ICOFR audit: (1) planning; (2) scoping; (3) testing; (4) evaluation; and (5) reporting. We structure our synthesis using a framework that classifies the determinants of performance in each phase into five broad areas: (a) the auditor's attributes, (b) the client's attributes, (c) the interaction between the auditor and the client, (d) task attributes, and (e) environmental attributes. Key contributions include providing an ICOFR tasks taxonomy, proposing a model of the determinants of performance for each task, evaluating auditors' performance of the tasks in our taxonomy, highlighting findings and gaps of importance to regulators, and providing a road map for future research.
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Adalmiro, Pereira, Silva Eduardo, and Vaz Ângela. "SNC-AP Public Administration Accounting Standardization System - An Approach to Standards." Scholars Journal of Economics, Business and Management 8, no. 8 (August 3, 2021): 197–200. http://dx.doi.org/10.36347/sjebm.2021.v08i08.001.
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The growing complexity of the business world, associated with economic and financial globalization, has led to an increase in economic activity between companies and countries, which has given rise to the need to adopt a set of internationally accepted accounting standards, in order to mitigate the different accounting practices between countries and companies. In this sense, the International Accounting Standards Board, IASB, was created, responsible for creating a set of accounting standards with a global scope. The European Union joined the IASB, in the accounting harmonization process, leading to the adoption of the IASB's international standards as from 2005, all listed companies. In Portugal, it was decided to bring the national accounting system closer to international standards. For this purpose, the Accounting Standardization System, SNC, was created by the Accounting Standardization Committee (CNC), which includes a set of accounting standards, based on the international standards of the IASB. Decree-Law No. 192/2015 of 11 September, institutes the Accounting Standardization System for Public Administration in Portugal. This introduction eliminated a problem recognized in the diploma as “fragmentation constitutes a serious problem of technical inconsistency, as it affects the efficiency of the consolidation of accounts in the public sector and entails many adjustments that are not desirable and that question the reliability of the information in headquarters of its integration." Thus, it is referred in the legislation, after “15 years since the approval of the POCP and after having considered the needs of having an accounting system that responds to the requirements of adequate planning, reporting and financial control, the Government decided, through the Decree-Law No. 134/2012, of 29 June, instructs the Accounting Standardization Committee to prepare a new accounting system for public administrations, which is consistent with the SNC and .......
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Hogan, Chris E., Zabihollah Rezaee, Richard A. Riley, and Uma K. Velury. "Financial Statement Fraud: Insights from the Academic Literature." AUDITING: A Journal of Practice & Theory 27, no. 2 (November 1, 2008): 231–52. http://dx.doi.org/10.2308/aud.2008.27.2.231.
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SUMMARY: We summarize relevant academic research findings to contribute to the Public Company Accounting Oversight Board (PCAOB) project on financial statement fraud and to offer insights and conclusions relevant to academics, standard setters, and practitioners. We discuss the characteristics of firms committing financial statement fraud, as identified in the literature, and research related to the fraud triangle. We then discuss research related to the procedures and abilities of auditors to detect fraud, and how fraud risk assessments impact audit planning and testing. In addition, we discuss several “high risk” areas and other issues as identified by the PCAOB. Finally, we summarize prior findings and offer conclusions and suggestions for areas where future research is needed.
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Efimova, O. V. "Forming Reports on Sustainable Development: Stages and Procedures." Accounting. Analysis. Auditing 5, no. 3 (August 10, 2018): 40–53. http://dx.doi.org/10.26794/2408-9303-2018-5-3-40-53.
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In recent decades, worldwide active development of non-financial reporting is underway, its legislative regulation and standardization are being formed. In Russia, the Concept of the Public Non-Financial Reporting Development was approved by the Government of the Russian Federation. Realization of the tasks set in the Concept requires an active communication between all stakeholders.By now, in Russia there is a group of the companies-leaders in the field of making reports on sustainable development. However, most Russian companies still need to master the principles, methods and techniques for preparing such reports. This article is primarily addressed to those organizations that are currently in the process of collecting information and understanding the tasks to address in the first place.The article is based on the result of analyzing the requirements and recommendations of the most widely used standards on sustainable development reporting (GRI — Global Reporting Initiative), integrated reporting (IR — Integrating Reporting), and US standards for sustainable development reporting (Sustainability Accounting Standards Board Standards or SASB Standards). Public non-fi reports registered on the website of the Russian Union of Industrialists and Entrepreneurs (RSPP) form the empirical basis for the analysis.The paper proposes a sequence of procedures and actions to prepare a corporate report on sustainable development and provides recommendations for the implementation of each stage. It is recommended to consider the process of preparing such a report as an investment project, to which a standard technique of project management and network planning can be applied. It is shown that investments in the development of a report on sustainable development should bring returns and solve various strategic tasks, such as promotion of the organization brand and reputational risk management through interaction with interested parties. The availability of quality information on sustainable development for interested users is becoming an important factor affecting business decisions, such as choosing supplier in procurement, and can be considered as a potential competitive advantage. This leads to the fact that sustainable development reporting is increasingly becoming a strategic tool for managing the value creation process and implementing corporate communications.
Dissertations / Theses on the topic "Financial Planning Standards Board"
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O'Malley, Sean L. "A State of Flux: The Future of the Financial Accounting Standards Board (FASB) in the Face of International Financial Reporting Standards (IFRS)." Ohio University Honors Tutorial College / OhioLINK, 2012. http://rave.ohiolink.edu/etdc/view?acc_num=ouhonors1338838501.
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Prinz, Pascal Paul. "The Impact of Dilution on the Value of Employee Stock Options." St. Gallen, 2006. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/01666023002/$FILE/01666023002.pdf.
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Zagrosek, Stefan. "Die Segmentberichterstattung nach IFRS Auswirkungen des ED IFRS 8 Operating Segments /." St. Gallen, 2006. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/00637298002/$FILE/00637298002.pdf.
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Fellmann, Yannick. "Konvergenz der Rechnungslegung Umsatzrealisierung /." St. Gallen, 2007. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/01649953002/$FILE/01649953002.pdf.
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Braun, Markus. "Die Schaffung US-amerikanischer Rechnungslegungsstandards zwischen Sachkunde, privaten Interessen und staatlicher Aufsicht /." Aachen : Shaker, 2005. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=013528179&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Paal, Boris P. "Rechnungslegung und DRSC /." Baden-Baden : Nomos, 2001. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=009442605&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Beckman, Ronald J. (Ronald James). "An Empirical Investigation of the Lobbying Influence of Large Corporations on Selected FASB Standards." Thesis, North Texas State University, 1988. https://digital.library.unt.edu/ark:/67531/metadc331951/.
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The Financial Accounting Standards Board is a private sector rule making body. Congressional inquiries have questioned whether the setting of accountin standards should remain in the private sector. Congressional critics have charged that the FASB has been captured by special interests and recommended that a governmental agency assume responsibility for standard setting. Specifically, critics charge that large corporations capture the Big Eight accounting firms who, in turn, have captured the FASB. Previous capture studies have concluded that the standard setting process is pluralistic and that the FASB has not been captured. The studies have focused on the influence of the Big Eight to determine if the FASB has been captured. They assume if standards do not reflect the expressed preferences of the Big Eight, then Congressional criticisms are invalid. The studies also assume a unidirectional influence between participants in the process and have ignored the intensity of preferences of the respondents.The purpose of this study is to provide a theoretical framework to specify selection of standards that would be expected to be subject to capture. This framework also recognizes the duo-directional nature of influence. The allegations of capture were tested using the standards selected in accordance with the theoretical framework. The following hypotheses were tested. HO_1 There is no positive statistically significant relationship between clients' preferences and an accounting firm's support for an outcome. HO_2 There is no positive statistically significant relationship between the preferences of large corporations and standards enacted by the FASB. HO_3 There is no positive statistically significant relationship between the preferences of the Big Eight firms and the standards enacted by the FASB. These hypotheses were tested for each Big Eight accounting firms and for each standard. A logist procedure was employed. The results of the tests, with three exceptions, indicate that any relationships that occurred happened by chance.
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Silva, Fernando Florentino da. "Convergências e divergências entre Financial Accounting Standards Board (FASB 52) e Comitê de Pronunciamentos Contábeis (CPC 02)." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2015. http://hdl.handle.net/10183/132896.
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A crise vivida pela economia mundial em 2008 trouxe consigo inúmeras oportunidades de crescimento e internacionalização para empresas brasileiras, conforme divulgação da Pwc (Price Waterhouse e Coopers), com base na pesquisa do Jornal Valor Econômico. A internacionalização dessas empresas, além das oportunidades de crescimento, aduziu novas responsabilidades legais, entre elas a introduzida pelo Comitê de Pronunciamentos Contábeis (CPC), em seu pronunciamento técnico nº 2, regulamentado pela Deliberação n° 640/10 da Comissão de Valores Mobiliários. Esse pronunciamento possui características semelhantes ao Statement nº 52 do Financial Accounting Standards Board (FASB) norte-americano e visa melhorar a qualidade das informações contábeis, proporcionando maior transparência e credibilidade às demonstrações contábeis no âmbito internacional. Neste cenário globalizado, o Brasil necessita se equiparar aos mais de cem países que já adaptaram suas normas ao contexto internacional e começar a utilizar uma única linguagem contábil. Portanto, objetiva-se com esse estudo examinar as exigências que o CPC 2 trouxe para as empresas brasileiras que internacionalizaram seus negócios e quais as principais semelhanças e diferenças entre o CPC 2 e o FASB 52. Estes pronunciamentos auxiliam e regulamentam as Leis contábeis no foco de conversão da moeda, com o principal objetivo de estar convergentes e padronizadas. Nesse sentido conclui-se que a harmonização das normas contábeis é necessária e inevitável, visto que fortalece a profissão e a linguagem contábil que cada vez mais se padroniza mundialmente, mesmo reconhecendo-se que existem diferenças tributárias entre países. Deste modo faz-se necessário estar sempre atualizado. O contador do século XXI terá que se tornar um profissional com muito mais organização e disciplina, e sua profissão já está caracterizada pela modernidade e variedade em campos de atuação. O estudo realizado através de pesquisa bibliográfica, também, em normas americanas e brasileiras. Citando principais divergências e convergências entre os países. Sendo de principal importância para os estudiosos e profissionais da área.The crisis in the world economy in 2008 brought with it numerous opportunities for growth and internationalization for Brazilian companies, as disclosed by PwC Brazil, based on the newspaper Valor Economico research. The internationalization of these companies and the growth opportunities, put forward new legal responsibilities, including the introduced by the Accounting Pronouncements Committee (CPC), in its technical pronouncement # 2, regulated by Resolution No. 640/10 of the Brazilian Securities Commission. This statement has similar characteristics to Statement 52 of the Financial Accounting Standarts Board (FASB) US and aims to improve the quality of accounting information, providing greater transparency and credibility to the financial statements at the international level. In this globalized scenario, Brazil needs to equate to more than one hundred countries have adapted their standards to the international context and start recording a single accounting language. Therefore, aims at presenting what conditions the CPC 2 brought to the Brazilian companies to internationalize their business and what are the main similarities and differences between the CPC 2 and 52. These FASB pronouncements and help regulate the accounting laws on currency conversion focus with the main objective to be convergent and standardized. In this sense it is concluded that the harmonization of accounting standards is necessary and inevitable, as strengthens the profession and the accounting language and increasingly standardizes worldwide. Of course, knowing that there is tax differences between countries. In this mode it is necessary to be always up to date. The XXI Century counter will have to become a professional with more organization and discipline, and their profession is already characterized by modernity and variety in fields. The study conducted through literature search also in American and Brazilian standards. Citing major differences and similarities between countries. It is of prime importance to scholars and professionals.
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Cotti, Thomas. "IFRS 4 Aktueller Stand und zukünftige Entwicklungstendenzen /." St. Gallen, 2006. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/01649433002/$FILE/01649433002.pdf.
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Jenny, Michael. "Bewertung von Rückstellungen in der Versicherungsbranche Einfluss von IFRS, Methoden und Fair Value auf die Rechnungslegung /." St. Gallen, 2007. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/01651330002/$FILE/01651330002.pdf.
Full textBooks on the topic "Financial Planning Standards Board"
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Coopers & Lybrand (Firm), ed. Reporting financial performance. London: Coopers & Lybrand, 1992.
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Education, Ontario Ministry of. PSAB & school board financial reporting. [Toronto, Ont]: Ontario Ministry of Education, 2004.
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Financial Accounting Foundation. Committee to Review Structure for Financial Accounting Standards. Structure for Establishing Financial Accounting Standards: Report of the Committee to Review Structure for Financial Accounting Standards. Norwalk, CT: FAF, 1989.
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Mezias, Stephen J. Due process and participation at the FASB: A study of the comment period. Morristown, N.J: Financial Executives Research Foundation, 1989.
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Board, Financial Accounting Standards. Rules of procedure: Amended and restated, effective July 1, 1985. Stamford, Conn. (P.O. Box 3821, Stamford 06905-0821): Financial Accounting Standards Board, 1985.
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Pohl, Clemens. GOB und Gruppeninteressen: Eine Analyse der Verfahrensweisen des Financial Accounting Standards Board (FASB) anhand von Einzelfallstudien. Neuried: Hieronymus, 1988.
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Board, Financial Accounting Standards. Rules of procedure: Amended and restated, effective January 1, 1987. Stamford, Conn. (P.O. Box 3821, Stamford 06905-0821): Financial Accounting Standards Board, 1987.
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Gilbert, Lisa R. Accounting standards, earnings expectations, and market prices: The case of SFAS 52. Ann Arbor: UMI, 1989.
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United, States Congress House Committee on Energy and Commerce Subcommittee on Commerce Trade and Consumer Protection. The Financial Accounting Standards Board Act: Hearing before the Subcommittee on Commerce, Trade, and Consumer Protection of the Committee on Energy and Commerce, House of Representatives, One Hundred Seventh Congress, second session, June 26, 2002. Washington: U.S. G.P.O., 2002.
Find full textBook chapters on the topic "Financial Planning Standards Board"
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Siri, Michele, and Arthur Van den Hurk. "Recovery and Resolution of Insurance Companies and Director’s Duties." In AIDA Europe Research Series on Insurance Law and Regulation, 141–70. Cham: Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-030-85817-9_7.
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AbstractIn this chapter, largely finalised before the presentation of a legislative proposal for a European Insurance Recovery and Resolution Directive, on September 2021, recovery and resolution frameworks of insurance companies and insurance groups are discussed. Currently, the insurance regulatory framework at the European level (Solvency II) does not contain a fully developed framework with respect to recovery and (orderly) resolution such as the Bank Recovery & Resolution Directive and the Single Resolution Mechanism. Recent developments at the international level on the initiative of the Financial Stability Board and International Association of Insurance Supervisors are discussed. It is the expectation that the Solvency II 2020 review will introduce minimum harmonising regulatory standards at the European level with respect to the recovery and resolution of insurers. In this chapter, the assumption is made that the legislative proposal of the European Commission will be based on the technical advice, provided by EIOPA in the context of the Solvency II 2020 review. Therefore, this chapter discusses this technical advice in some detail. Recovery and resolution frameworks, particularly ex-ante planning, requires insurance companies and insurance groups to expand their focus from the regular going concern focus to adverse circumstances, including the ability to recover and to be resolved in orderly manner. The chapter assesses the consequences this change of focus might have on the governance of insurance companies and groups.
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"Financial Planning Standards Board." In CFP Board Financial Planning Competency Handbook, edited by Michael Snowdon, 709–35. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2019. http://dx.doi.org/10.1002/9781119642473.ch80.
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"Financial Planning Standards Board." In Financial Planning Competency Handbook, edited by Michael Snowdon, 709–35. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2019. http://dx.doi.org/10.1002/9781119642497.ch80.
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"Financial Planning Standards Board." In Handbook of Transnational Economic Governance Regimes, 337–43. Brill | Nijhoff, 2010. http://dx.doi.org/10.1163/ej.9789004163300.i-1081.260.
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"Affiliates of Financial Planning Standards Board (FPSB)." In The History of Financial Planning, 243. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2015. http://dx.doi.org/10.1002/9781119203124.app6.
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"Financial Planning Process." In CFP Board Financial Planning Competency Handbook, edited by John E. Grable and Ronald A. Sages, 51–62. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2019. http://dx.doi.org/10.1002/9781119642473.ch6.
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"EDITORIAL BOARD." In Advances in Financial Planning and Forecasting, IX. Elsevier, 2003. http://dx.doi.org/10.1016/s1046-5847(02)11013-1.
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"Developing Financial Planning Recommendations." In CFP Board Financial Planning Competency Handbook, edited by John E. Grable and Lance Palmer, 635–52. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2019. http://dx.doi.org/10.1002/9781119642473.ch74.
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"Financial Statements." In CFP Board Financial Planning Competency Handbook, edited by Thomas Warschauer, 63–71. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2019. http://dx.doi.org/10.1002/9781119642473.ch7.
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"Financial Therapy." In CFP Board Financial Planning Competency Handbook, edited by Kristy L. Archuleta, Bradley T. Klontz, and Sonya L. Britt, 779–93. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2019. http://dx.doi.org/10.1002/9781119642473.ch84.
Full textConference papers on the topic "Financial Planning Standards Board"
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Çürük, Turgut, and Ayşe Tanyeri. "The Impact of Consolidated Financial Statements on Performance of Financial Institutions: A Key Study from Turkey." In International Conference on Eurasian Economies. Eurasian Economists Association, 2015. http://dx.doi.org/10.36880/c06.01360.
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Financial statements prepared by companies are the main sources of information for those who make economic decisions about the companies. As the listed companies in many countries (at least on the large European stock market) have one or more subsidiaries, they are obligated by regulations to prepare dual financial statements (individual and consolidated). Unlike the practices in developed European stock exchanges, companies listed on the stock exchange in Turkey, which used to prepare individual financial statements until 2005, have been preparing only consolidated financial statements in accordance with national accounting and financial reporting standards which were adopted from International standards since then. As of today, individual financial statements have not been prepared by Turkish companies. Only exception to this general practices are the Real Estate Investment Trusts (REITs) registered with Capital Market Board (CMB). As the discussions and results of some empirical studies in the literature indicate that impact of consolidated and individual financial statements on the performances of companies are different. In line with these arguments in literature, this study, focusing on the REITs registered with CMB in Turkey, attempts to investigate the impact of consolidated financial statements on performance of financial institutions (REITs). In this context, value relevance is used as a proxy to measure the performance. Than the impact of indicators as regards to profit and owners’ equity observed from two different sets of financial statements of the same Real Estate Investment Trusts on the value relevance of companies are analyzed.
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Santos, Márcia R. C., Paulo Alexandre, Paula Heliodoro, and Rui Dias. "International Accounting Standards Board: An Examination of the Main Financial and Accounting Topics Addressed in the Literature Related to the COVID-19 Pandemic." In Fifth International Scientific Conference ITEMA Recent Advances in Information Technology, Tourism, Economics, Management and Agriculture. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2021. http://dx.doi.org/10.31410/itema.2021.87.
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The International Accounting Standards Board (IASB) conducts very demanding and complex work to setting accounting standards. The outputs produced by this board and their acts have been scrutinized over the years, by practitioners and academics. This study aims to contribute to the knowledge on the role of IASB by unveiling the research trends addressing this group of accounting experts and its publications. Through the analysis of the bibliometric data related to COVID-19 issues, this study identifies the main topics addressed in the literature during this pandemic. The results contribute to assessing the research conducted in this field and for creating the future research agenda on addressing the role and impact of the IASB during health, social and economic crises.
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Pucci, Sabrina, Marco Venuti, and Umberto Lupatelli. "ESG features in financial instruments: A challenge for the accounting treatment." In Corporate governance: Theory and practice. Virtus Interpress, 2022. http://dx.doi.org/10.22495/cgtapp8.
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The volume of financial instruments including environmental, social, and governance (ESG) features is rapidly increasing with a result that the scale of the issue continues to increase in the lack of a specific accounting rule. This situation creates a deep debate referring to the possibility of financial instruments with an ESG factor to pass the solely payments of principal and interest (SPPI) test according to the current requirements in International Financial Reporting Standards (IFRS) 9. The debate is not only present in Europe but also in the US. The current accounting standards are not able to define a unique accounting solution for instruments that incorporate ESG factors and when these factors are material for the market, it is not clear which may be the proper solution to present them in the financial statements. The main issue is if it needs to separate ESG features from the basic financial instruments. Existing different positions on this issue, European Financial Reporting Advisory Group (EFRAG) proposed to International Accounting Standards Board (IASB) the introduction of more guidance and examples to apply in a consistent way the current provisions set forth by IFRS 9. In a dynamic market characterized by strong growth and the introduction of new complex instruments, the solution proposed by the EFRAG appears minimal. The introduction of a specific section of IFRS 9 addressed to this issue may be more appropriate in the light of the existing attention on the ESG features disclosure and the possibility to provide specific metric that permits measurement of the ESG features separately from the basic lending instrument
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Lindskog, Staffan, and Rolf Sjo¨blom. "Radiological, Technical and Financial Planning for Decommissioning of Small Nuclear Facilities in Sweden." In ASME 2009 12th International Conference on Environmental Remediation and Radioactive Waste Management. ASMEDC, 2009. http://dx.doi.org/10.1115/icem2009-16177.
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On November 1st 2008, a new ordinance came into force in Sweden. It extends the implementation of nuclear liability to all nuclear facilities and companies, regardless of size. The Government has authorized the Swedish Radiation Safety Authority (SSM) to issue further regulation as warranted and appropriate, and commissioned the same Authority to oversee the implementation. Consequently, SSM is presently conducting research in order to establish a basis for the implementation of the ordinance to smaller facilities and enterprises. The goal is to enable finance to be assured in an efficient manner so that any burden on the companies is as small as possible. Thus, “functional requirements” are identified, and used as a basis for various investigations. The aspects include technical and cost calculation prerequisites, as well as various domains of law: the environmental code, radiation and nuclear safety, financial reporting, and criminal law. It is found that the basis for the differentiation among the facility operators and owners should be the cost and the associated uncertainty. Thus, a cost calculation will have to be carried out by all. It should be based on available standards and guidance documents. It is found that this is a requirement that already exists elsewhere in the legislation, and thus no additional burden is imposed on the companies. It is found that segregated funds is the preferred option for long-term liabilities. Securities are suitable for short-term liabilities provided that the economy of the company in question is sound. Securities might also be used for long-term liabilities to cover uncertainty. It is proposed that a de minimis limit of at least kSEK 25 (about k€ 2, 4 and k$ 3, 4) is used. An important reason for this is that lower limits might be incompatible with the rules for financial reporting. It is also proposed that securities might be used also for long-term commitments if the total environmental liability does not exceed 1,00 MSEK (about k€ 96 and k$ 135). It is found that the “general advice” that must be used by smaller companies lacks proper instructions on how to account for environmental liability whilst at the same time it prohibits the use of e g the international reporting standards IFRS/IAS. It is also found that the “general advice” prohibits distribution of costs for research and development over time. This might be incompatible with a fund system where considerable research may be necessary at the early stages of the work and often many years before the actual decommissioning is to take place. The rules in the penal code require that an annual report presents an “essentially correct financial situation”. One of the interpretations to this statement is that a deviance of at most 30% might be tolerated. Although previous work has indicated that the error in cost estimates need not be higher than about 15%, even for research facilities, concealed cost raisers may from time to time lead to much larger errors, even when best practices are being used. It is therefore essential that decommissioning planning and cost predictions are made in accordance with state of the art, and that the estimating methods as well as the results are properly documented.
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Troxymenko, Iryna. "STRUCTURED FORMATION OF RESERVES FOR FUTURE EXPENSES AND PAYMENTS AT THE ENTERPRISE: ACCOUNTING MOMENTS." In Proceedings of the XXIX International Scientific and Practical Conference. RS Global Sp. z O.O., 2021. http://dx.doi.org/10.31435/rsglobal_conf/25052021/7560.
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The method of accounting is clarified operations of formation of collateral of the following costs and payments. The task of accounting in the work the use of existing mechanisms is determined formation of collateral and selection of the best option to create such reserves. The methodological approach to the formation of reserves in the traditional models of accounting in agricultural enterprises is analyzed. Generalized concepts of formation and use of reserves in national regulations (standards) of accounting and international standards of financial reporting. The conceptual direction in accounting provides economic information on costs, which is used in management functions, namely in planning, analysis, control, regulation, incentives, justification of decisions on strategic development and financial and economic security.
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Schwartz, Mark, and Cal Disney. "Art of the Deal: Building WTE in the 21st Century." In 16th Annual North American Waste-to-Energy Conference. ASMEDC, 2008. http://dx.doi.org/10.1115/nawtec16-1942.
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The nation’s first successful commercial waste-to-energy facility went on-line in 1975 and the industry has accumulated a three-decade long track record—operating safely, improving efficiencies, and meeting new, tougher environmental standards. The industry has matured and has learned from operating experience. But as the industry faces a revival, have we also learned to improve on the art of the deal? In the past, the standard lump sum RFP approach forced project sponsors and vendors into a type of Russian roulette—one-sided gamesmanship that opened one or both sides to unreasonable risk with willing partners in the construction and financial community. On today’s financial and financial risk playing field, though, Wheelabrator believes that the road to prosperity—for sponsor and vendor—is found in above-board open book negotiations. It’s a process designed to reduce economic risk and provides a more realistic picture of the actual cost of the project once it’s in the ground and operating. Mark Schwartz, Senior Manager of Business Development for Wheelabrator Technologies, and Cal Disney, Vice President of Whiting-Turner, will review the pitfalls of the past and discuss how the process can be improved when all parties participate in the design, permitting and construction oversight of a facility. They will discuss how the process can lead to contracts with fixed costs, lower capital costs, minimal risks and a public private partnership that gets the most value for taxpayer dollars.
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Nickel, Elke, and Robert Robelus. "The Application of the Environmental and Social Standards (“Safeguard Policies”) of the World Bank to Pipeline Projects." In 2004 International Pipeline Conference. ASMEDC, 2004. http://dx.doi.org/10.1115/ipc2004-0746.
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The procedural standard “Environmental Assessment” and the qualitative standards of the World Bank (International Bank for Reconstruction and Development) have gained additional significance in the environmental risk analysis of multilateral banks since they were compiled into the system of “Safeguard Policies” in 1998. Their position in international lending was further consolidated by the strict application of the Safeguard Policies in the EIA for the Chad-Cameroon pipeline project which was approved in June 2000 by the Board of the World Bank. Finally, the largest internationally active commercial banks (e.g. WESTLB [Germany] CITIBANK [USA]) in 2003 voluntarily committed themselves to compliance with the World Bank standards in major projects. The “test project” for compliance with this voluntary standard is the Baku-Tiblisi-Ceyhan oil pipeline, which is being financed by both multilateral and commercial banks. The presentation concentrates on the application of the Safeguard Policies in pipeline projects during the planning and implementation phases. Using the example of the the Baku-Tiblisi-Ceyhan oil pipeline, the requirements established under Operational Directive (OP) 4.01 Environmental Assessment are discussed on the basis of selected criteria, and certain developments in the area of “best practice” are demonstrated. A further main focus of the presentation is the discussion over recent tendencies in the application of the Safeguard Policies and the demand of further developments and research.
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Pavić, Ivana, Ivana Mamić Sačer, and Lajoš Žager. "Challenges, Advantages and Disadvantages in Implementation of Ifrs 15 in Different Industries." In 2nd International Conference on Business, Management and Finance. Acavent, 2019. http://dx.doi.org/10.33422/2nd.icbmf.2019.11.769.
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The accounting rules related to revenues’ recognition and measurement have not been changed for many years, and have been listed in International Accounting Standard 18 – Revenues, which has been in use since 1984. Practice has shown that the standard is no longer an adequate basis for revenue recognition and therefore the International Accounting Standards Board (IASB) in cooperation with American FASB has created and published a new accounting standard that addresses the issue of revenue recognition – IFRS 15 – Revenues from Contracts with Customers. This standard supersedes the application of IAS 18 as of January 1, 2018. Since revenue is a very important element in determining the profit or loss of an entity and therefore its performance, preparers of financial statements should pay full attention to accounting principles related to revenues’ recognition and measurement while preparing financial statements. New accounting standard for revenues introduces certain innovations in the field of revenue calculation as well as in time of revenues’ recognition. These changes will have a significant impact on the amount of revenues for certain industries, such as the telecommunications and construction industry, which have significant share of revenues from contracts with customers. The aim of the research is to identify the challenges and problems that appears in the initial phase of application of a new standard on revenues such as; the need to consider a larger volume of documentation, inadequate existing IT infrastructure, multiple sources of documentation that must be considered in revenue recognition, including commercial, legal and financial documentation etc. In addition, we plan to identify benefits form the application of the new standard for the entities preparing the financial statements. In this context, it is expected to identify the sectors that have the most dilemmas in the application of this standard and to propose potential solutions to address these problems.
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Sasa, Kenji, Masao Mitsui, and Masahiko Tamura. "Survey and Analysis on Safety of Ship Mooring Operations in Japanese Ports Facing Open Seas." In ASME 2018 37th International Conference on Ocean, Offshore and Arctic Engineering. American Society of Mechanical Engineers, 2018. http://dx.doi.org/10.1115/omae2018-77387.
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Ships have two major roles, namely navigation in oceans and cargo handling in ports. Various factors must be considered to maintain the safety of ships in all situations, from oceans to ports. The case of ferry ports was already presented by the authors. However, some important factors are still unknown, and thus, a nationwide survey is conducted to clarify them. The first survey is a questionnaire, in which responders point out various problems that prevent the maintenance of safety in ports. In particular, there are many ports with insufficient facilities because of the financial deficit. There are also differences in awareness on how to improve the current situation between the shipping companies (users) and local governments (port managers). The second survey, interviews during visits, is conducted in three ports. Detailed situations regarding mooring difficulties are detected. Those points are summarized with the aim to improve safety considering the standards of port planning under a financial deficit situation.
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Hermes, Zainab, Ashraf O. Nassef, and Lotfi K. Gaafar. "Optimal Camera Path Planning for the Inspection of Printed Circuit Boards Using a Two Stepped Optimization Approach." In ASME 2010 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference. ASMEDC, 2010. http://dx.doi.org/10.1115/detc2010-28393.
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Automated Optical Inspection (AOI) systems are rapidly replacing slow and tedious manual inspections of Printed Circuit Boards (PCBs). In an AOI system, a minicamera traverses the PCB in a pre-defined travel path, snapping shots of all the PCB components or nodes, at pre-defined locations. The images are then processed and information about the different nodes is extracted and compared against ideal standards stored in the AOI system. This way, a flawed board is detected. Minimizing both the number of images required to scan all the PCB nodes, and the path through which the camera must travel to achieve this, will minimize the image acquisition time and the traveling time, and thus the overall time of inspection. This consequently both reduces costs and increases production rate. This work breaks down this problem into two sub-problems: The first is a clustering problem; the second a travelling salesman sequencing problem. In the clustering problem, it is required to divide all the nodes of a PCB into the minimum number of clusters. The cluster size is constrained by the given dimensions of the camera’s scope or Field of Vision (FOV). These dimensions determine the dimension of the inspection windows. It is thus required to find the minimum number of inspection windows that will scan all the nodes of a PCB, and their locations. Genetic algorithms are applied in a two-step approach with special operators suited for the problem. A continuous Genetic Algorithm (GA) is applied to find the optimum inspection window locations that cover one node and as many other nodes as possible. A discrete GA is then applied to eliminate redundant inspection windows leaving the minimum number of windows that cover all nodes throughout the PCB. In the second sub-problem, an Ant Colony Optimization (ACO) method is used to find the optimum path between the selected inspection windows. The method proposed in this paper is compared against relevant published work, and it is shown to yield better results.
Reports on the topic "Financial Planning Standards Board"
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Mapping the extent to which performance-based financing (PBF) programs reflect quality, informed choice and voluntarism and implications for family planning services: A review of indicators. Population Council, 2018. http://dx.doi.org/10.31899/sbsr2018.1009.
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Expanding access to and use of voluntary family planning (FP) services is a well-established global health goal–it is a specific target under the Sustainable Development Goal (SDG) of good health and well-being, an integral component of Every Woman Every Child (EWEC), and the overall objective of the Family Planning 2020 (FP2020) partnership, among other initiatives. | One promising approach for achieving global voluntary FP goals is performance-based financing (PBF), which deploys financial incentives to the health system to improve service availability, utilization, and quality as well as addressing some public financial management bottlenecks by directly targeting resources to facilities based on performance. | Setting global voluntary FP goals implies following a rights-based approach to family planning, which uses a set of standards and principles to guide program assessment, planning, implementation, monitoring, and evaluation that enables individuals and couples to decide freely and responsibly the number and spacing of their children, to have the information and services to do so, and to be treated equitably and free of discrimination. | While both PBF, which uses financial disbursements to incentivize health service delivery and quality, and rights-based programming have informed efforts to strengthen and scale FP services, there are gaps in understanding the linkages between PBF and a rights-based approach (RBA) to FP services. To address this gap, a review of PBF operations manuals was undertaken together with an analysis of PBF indicators relevant to FP services. This and another report (Mapping the extent to which performance-based financing (PBF) programs reflect quality, informed choice, and voluntarism and implications for family planning services: A review of PBF operational manuals) assess whether existing FP indicators are sensitive to the principles associated with an RBA.
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Mapping the extent to which performance-based financing (PBF) programs reflect quality, informed choice, and voluntarism and implications for family planning services: A review of PBF operational manuals. Population Council, 2018. http://dx.doi.org/10.31899/sbsr2018.1010.
Full textAbstract:
Expanding access to and use of voluntary family planning (FP) services is a well-established global health goal- it is a specific target under the Sustainable Development Goal (SDG) of good health and well-being, an integral component of Every Woman Every Child (EWEC), and the overall objective of the Family Planning 2020 (FP2020) partnership, among other initiatives. | One promising approach for achieving global voluntary FP goals is performance-based financing (PBF), which deploys financial incentives to the health system to improve service availability, utilization, and quality as well as addressing some public financial management bottlenecks by directly targeting resources to facilities based on performance. | Setting global voluntary FP goals implies following a rights-based approach to family planning, which uses a set of standards and principles to guide program assessment, planning, implementation, monitoring, and evaluation that enables individuals and couples to decide freely and responsibly the number and spacing of their children, to have the information and services to do so, and to be treated equitably and free of discrimination. | While both PBF, which uses financial disbursements to incentivize health service delivery and quality, and rights-based programming have informed efforts to strengthen and scale FP services, there are gaps in understanding the linkages between PBF and a rights-based approach (RBA) to FP services. To address this gap, a review of performance-based financing (PBF) operations manuals was undertaken together with an analysis of PBF indicators relevant to FP services. This and another report (Mapping the extent to which performance-based financing (PBF) programs reflect quality, informed choice and voluntarism and implications for family planning services: A review of indicators) assess whether existing FP indicators are sensitive to the principles associated with an RBA.
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Monetary Policy Report - January 2022. Banco de la República, March 2022. http://dx.doi.org/10.32468/inf-pol-mont-eng.tr1-2022.
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Macroeconomic summary Several factors contributed to an increase in projected inflation on the forecast horizon, keeping it above the target rate. These included inflation in December that surpassed expectations (5.62%), indexation to higher inflation rates for various baskets in the consumer price index (CPI), a significant real increase in the legal minimum wage, persistent external and domestic inflationary supply shocks, and heightened exchange rate pressures. The CPI for foods was affected by the persistence of external and domestic supply shocks and was the most significant contributor to unexpectedly high inflation in the fourth quarter. Price adjustments for fuels and certain utilities can explain the acceleration in inflation for regulated items, which was more significant than anticipated. Prices in the CPI for goods excluding food and regulated items also rose more than expected. This was partly due to a smaller effect on prices from the national government’s VAT-free day than anticipated by the technical staff and more persistent external pressures, including via peso depreciation. By contrast, the CPI for services excluding food and regulated items accelerated less than expected, partly reflecting strong competition in the communications sector. This was the only major CPI basket for which prices increased below the target inflation rate. The technical staff revised its inflation forecast upward in response to certain external shocks (prices, costs, and depreciation) and domestic shocks (e.g., on meat products) that were stronger and more persistent than anticipated in the previous report. Observed inflation and a real increase in the legal minimum wage also exceeded expectations, which would boost inflation by affecting price indexation, labor costs, and inflation expectations. The technical staff now expects year-end headline inflation of 4.3% in 2022 and 3.4% in 2023; core inflation is projected to be 4.5% and 3.6%, respectively. These forecasts consider the lapse of certain price relief measures associated with the COVID-19 health emergency, which would contribute to temporarily keeping inflation above the target on the forecast horizon. It is important to note that these estimates continue to contain a significant degree of uncertainty, mainly related to the development of external and domestic supply shocks and their ultimate effects on prices. Other contributing factors include high price volatility and measurement uncertainty related to the extension of Colombia’s health emergency and tax relief measures (such as the VAT-free days) associated with the Social Investment Law (Ley de Inversión Social). The as-yet uncertain magnitude of the effects of a recent real increase in the legal minimum wage (that was high by historical standards) and high observed and expected inflation, are additional factors weighing on the overall uncertainty of the estimates in this report. The size of excess productive capacity remaining in the economy and the degree to which it is closing are also uncertain, as the evolution of the pandemic continues to represent a significant forecast risk. margin, could be less dynamic than expected. And the normalization of monetary policy in the United States could come more quickly than projected in this report, which could negatively affect international financing costs. Finally, there remains a significant degree of uncertainty related to the duration of supply chocks and the degree to which macroeconomic and political conditions could negatively affect the recovery in investment. The technical staff revised its GDP growth projection for 2022 from 4.7% to 4.3% (Graph 1.3). This revision accounts for the likelihood that a larger portion of the recent positive dynamic in private consumption would be transitory than previously expected. This estimate also contemplates less dynamic investment behavior than forecast in the previous report amid less favorable financial conditions and a highly uncertain investment environment. Third-quarter GDP growth (12.9%), which was similar to projections from the October report, and the fourth-quarter growth forecast (8.7%) reflect a positive consumption trend, which has been revised upward. This dynamic has been driven by both public and private spending. Investment growth, meanwhile, has been weaker than forecast. Available fourth-quarter data suggest that consumption spending for the period would have exceeded estimates from October, thanks to three consecutive months that included VAT-free days, a relatively low COVID-19 caseload, and mobility indicators similar to their pre-pandemic levels. By contrast, the most recently available figures on new housing developments and machinery and equipment imports suggest that investment, while continuing to rise, is growing at a slower rate than anticipated in the previous report. The trade deficit is expected to have widened, as imports would have grown at a high level and outpaced exports. Given the above, the technical staff now expects fourth-quarter economic growth of 8.7%, with overall growth for 2021 of 9.9%. Several factors should continue to contribute to output recovery in 2022, though some of these may be less significant than previously forecast. International financial conditions are expected to be less favorable, though external demand should continue to recover and terms of trade continue to increase amid higher projected oil prices. Lower unemployment rates and subsequent positive effects on household income, despite increased inflation, would also boost output recovery, as would progress in the national vaccination campaign. The technical staff expects that the conditions that have favored recent high levels of consumption would be, in large part, transitory. Consumption spending is expected to grow at a slower rate in 2022. Gross fixed capital formation (GFCF) would continue to recover, approaching its pre-pandemic level, though at a slower rate than anticipated in the previous report. This would be due to lower observed GFCF levels and the potential impact of political and fiscal uncertainty. Meanwhile, the policy interest rate would be less expansionary as the process of monetary policy normalization continues. Given the above, growth in 2022 is forecast to decelerate to 4.3% (previously 4.7%). In 2023, that figure (3.1%) is projected to converge to levels closer to the potential growth rate. In this case, excess productive capacity would be expected to tighten at a similar rate as projected in the previous report. The trade deficit would tighten more than previously projected on the forecast horizon, due to expectations of an improved export dynamic and moderation in imports. The growth forecast for 2022 considers a low basis of comparison from the first half of 2021. However, there remain significant downside risks to this forecast. The current projection does not, for example, account for any additional effects on economic activity resulting from further waves of COVID-19. High private consumption levels, which have already surpassed pre-pandemic levels by a large margin, could be less dynamic than expected. And the normalization of monetary policy in the United States could come more quickly than projected in this report, which could negatively affect international financing costs. Finally, there remains a significant degree of uncertainty related to the duration of supply chocks and the degree to which macroeconomic and political conditions could negatively affect the recovery in investment. External demand for Colombian goods and services should continue to recover amid significant global inflation pressures, high oil prices, and less favorable international financial conditions than those estimated in October. Economic activity among Colombia’s major trade partners recovered in 2021 amid countries reopening and ample international liquidity. However, that growth has been somewhat restricted by global supply chain disruptions and new outbreaks of COVID-19. The technical staff has revised its growth forecast for Colombia’s main trade partners from 6.3% to 6.9% for 2021, and from 3.4% to 3.3% for 2022; trade partner economies are expected to grow 2.6% in 2023. Colombia’s annual terms of trade increased in 2021, largely on higher oil, coffee, and coal prices. This improvement came despite increased prices for goods and services imports. The expected oil price trajectory has been revised upward, partly to supply restrictions and lagging investment in the sector that would offset reduced growth forecasts in some major economies. Elevated freight and raw materials costs and supply chain disruptions continue to affect global goods production, and have led to increases in global prices. Coupled with the recovery in global demand, this has put upward pressure on external inflation. Several emerging market economies have continued to normalize monetary policy in this context. Meanwhile, in the United States, the Federal Reserve has anticipated an end to its asset buying program. U.S. inflation in December (7.0%) was again surprisingly high and market average inflation forecasts for 2022 have increased. The Fed is expected to increase its policy rate during the first quarter of 2022, with quarterly increases anticipated over the rest of the year. For its part, Colombia’s sovereign risk premium has increased and is forecast to remain on a higher path, to levels above the 15-year-average, on the forecast horizon. This would be partly due to the effects of a less expansionary monetary policy in the United States and the accumulation of macroeconomic imbalances in Colombia. Given the above, international financial conditions are projected to be less favorable than anticipated in the October report. The increase in Colombia’s external financing costs could be more significant if upward pressures on inflation in the United States persist and monetary policy is normalized more quickly than contemplated in this report. As detailed in Section 2.3, uncertainty surrounding international financial conditions continues to be unusually high. Along with other considerations, recent concerns over the potential effects of new COVID-19 variants, the persistence of global supply chain disruptions, energy crises in certain countries, growing geopolitical tensions, and a more significant deceleration in China are all factors underlying this uncertainty. The changing macroeconomic environment toward greater inflation and unanchoring risks on inflation expectations imply a reduction in the space available for monetary policy stimulus. Recovery in domestic demand and a reduction in excess productive capacity have come in line with the technical staff’s expectations from the October report. Some upside risks to inflation have materialized, while medium-term inflation expectations have increased and are above the 3% target. Monetary policy remains expansionary. Significant global inflationary pressures and the unexpected increase in the CPI in December point to more persistent effects from recent supply shocks. Core inflation is trending upward, but remains below the 3% target. Headline and core inflation projections have increased on the forecast horizon and are above the target rate through the end of 2023. Meanwhile, the expected dynamism of domestic demand would be in line with low levels of excess productive capacity. An accumulation of macroeconomic imbalances in Colombia and the increased likelihood of a faster normalization of monetary policy in the United States would put upward pressure on sovereign risk perceptions in a more persistent manner, with implications for the exchange rate and the natural rate of interest. Persistent disruptions to international supply chains, a high real increase in the legal minimum wage, and the indexation of various baskets in the CPI to higher inflation rates could affect price expectations and push inflation above the target more persistently. These factors suggest that the space to maintain monetary stimulus has continued to diminish, though monetary policy remains expansionary. 1.2 Monetary policy decision Banco de la República’s board of directors (BDBR) in its meetings in December 2021 and January 2022 voted to continue normalizing monetary policy. The BDBR voted by a majority in these two meetings to increase the benchmark interest rate by 50 and 100 basis points, respectively, bringing the policy rate to 4.0%.