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213\slmult0 \fs18\cf0\par\pard\li2986\ri0\sl-333\slmult0 \fs24\cf0\f0\charscalex100
{par}\par\pard\li2240\ri0\sl-466\slmult0 \fs26\cf0\f0\charscalex100\b {Nicolas
V�RON}\b0 \par\pard\li2053\ri0\sl-240\slmult0 \fs22\cf0\f0\charscalex100
{�conomiste, BRUEGEL}\par\pard\li1413\ri0\sl-333\slmult0
\fs26\cf0\f0\charscalex100\b {Olivier POUPART-LAFARGE}\b0 \par\pard\li1080\ri0\sl-
240\slmult0 \fs22\cf0\f0\charscalex100 {Ancien directeur g�n�ral d�l�gu� de
Bouygues}\par\pard\li586\ri0\sl-240\slmult0 \fs22\cf0\f0\charscalex100 {Membre des
coll�ges de l\uc1\u8217XAutorit� des march�s financiers}\par\pard\li1413\ri0\sl-
240\slmult0 \fs22\cf0\f0\charscalex100 {et de l\uc1\u8217XAutorit� des normes
comptables}\par\pard\li2146\ri0\sl-293\slmult0 \fs26\cf0\f0\charscalex100\b
{Gilbert G�LARD}\b0 \par\pard\li133\ri0\sl-240\slmult0 \fs22\cf0\f0\charscalex100
{Membre du}{ }\fs22\cf0\f0\charscalex100\i {Board}\i0 { }\fs22\cf0\f0\charscalex100
{de l\uc1\u8217X}\fs22\cf0\f0\charscalex100\i {International Accounting Standards
Board}\i0 \par\pard\li2786\ri0\sl-240\slmult0 \fs22\cf0\f0\charscalex100
{(IASB)}\par\pard\li2080\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2080\ri0\sl-
320\slmult0 \fs22\cf0\f0\charscalex100 {S�ance du 10 avril
2009}\par\pard\li1453\ri0\sl-240\slmult0 \fs22\cf0\f0\charscalex100 {Organis�e en
collaboration avec l\uc1\u8217XIRE}\par\pard\li893\ri0\sl-240\slmult0
\fs22\cf0\f0\charscalex100 {(Initiative internationale pour repenser
l\uc1\u8217X�conomie)}\par\pard\li1293\ri0\sl-240\slmult0
\fs22\cf0\f0\charscalex100 {Compte rendu r�dig� par Jacques
Berthier}\par\pard\li2786\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2786\ri0\sl-
306\slmult0 \fs22\cf0\f0\charscalex100\b {En bref}\b0 \par\pard\li0\ri0\sl-
386\slmult0 \fs22\cf0\f0\charscalex100 {Les normes comptables, applicables par
toutes les entreprises cot�es}\par\pard\li0\ri0\sl-240\slmult0
\fs22\cf0\f0\charscalex100 {europ�ennes depuis 2005, ont fait l\uc1\u8217Xobjet de
nombreux d�bats et}\par\pard\li0\ri0\sl-240\slmult0 \fs22\cf0\f0\charscalex100
{controverses avant d\uc1\u8217X�tre valid�es et ont ensuite �t� soup�onn�es
d\uc1\u8217X�tre}\par\pard\li0\ri0\sl-240\slmult0 \fs22\cf0\f0\charscalex100 {�
l\uc1\u8217Xorigine de la crise financi�re actuelle. Le principe de la juste
valeur}\par\pard\li0\ri0\sl-240\slmult0 \fs22\cf0\f0\charscalex100 {est en effet
contest� dans certaines de ses applications, en particulier}\par\pard\li0\ri0\sl-
240\slmult0 \fs22\cf0\f0\charscalex100 {quand il m�ne � valoriser un stock
d\uc1\u8217Xactions au cours de Bourse de la}\par\pard\li0\ri0\sl-240\slmult0
\fs22\cf0\f0\charscalex100 {veille. D\uc1\u8217Xaucuns regrettent �galement que les
banques et les assurances}\par\pard\li0\ri0\sl-240\slmult0
\fs22\cf0\f0\charscalex100 {y soient assujetties en d�pit de leur sp�cificit�.
Cependant, apr�s avoir}\par\pard\li0\ri0\sl-240\slmult0 \fs22\cf0\f0\charscalex100
{explor� les tenants et aboutissants de cette normalisation �
vocation}\par\pard\li0\ri0\sl-240\slmult0 \fs22\cf0\f0\charscalex100
{mondiale, il semble bien qu\uc1\u8217Xelle ait momentan�ment servi de
bouc}\par\pard\li0\ri0\sl-240\slmult0 \fs22\cf0\f0\charscalex100 {�missaire pour
expliquer une crise sans doute r�v�latrice d\uc1\u8217Xautres}\par\pard\li0\ri0\sl-
240\slmult0 \fs22\cf0\f0\charscalex100 {dysfonctionnements bien plus pr�occupants
du syst�me financier}\par\pard\li0\ri0\sl-240\slmult0 \fs22\cf0\f0\charscalex100
{global. C\uc1\u8217Xest en tout cas la th�se de Nicolas V�ron, qui est ici
d�battue.}\par\pard\sect\sectd\sbknone\pard\li2013\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2013\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2013\ri0\sl-
306\slmult0 \fs18\cf0\f0\charscalex100\i {L\uc1\u8217XAssociation des Amis de
l\uc1\u8217X�cole de Paris du management organise des d�bats et en diffuse}\i0
\par\pard\li2440\ri0\sl-186\slmult0 \fs18\cf0\f0\charscalex100\i {des comptes
rendus ; les id�es restant de la seule responsabilit� de leurs auteurs.}\i0
\par\pard\li2640\ri0\sl-186\slmult0 \fs18\cf0\f0\charscalex100\i {Elle peut
�galement diffuser les commentaires que suscitent ces documents.}\i0
\par\pard\li2453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2453\ri0\sl-333\slmult0 \fs20\cf0\f0\charscalex100 {� �cole de
Paris du management - 94 bd du Montparnasse - 75014 Paris}\par\pard\li1400\ri0\sl-
213\slmult0 \fs20\cf0\f0\charscalex100 {T�l : 01 42 79 40 80 - Fax : 01 43 21 56 84
- email : ecopar@paris.ensmp.fr - http://www.ecole.org}\par\pard\li5306\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li5306\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100
{1}\par\pard\sect\sectd\sbknone\pard\sect\sectd\sbkpage\pgwsxn11893\pghsxn16840\mar
glsxn666\margrsxn133\margtsxn666\margbsxn160\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
373\slmult0 \fs24\cf0\f0\charscalex100 {Ont particip� : M. Berry (�cole de Paris du
management), F. Brousse (Holding Social}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {Richelieu), R. Chantiri (Universit� Paris Dauphine), L.
Claes (�cole de Paris du management),}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {B. Colasse (Universit� Paris Dauphine), C. Coron
(Universit� Paris 2), P. Couveinhes (Annales}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {des mines), M. Dunant (RATP), D. Duranthon (Universit�
Paris Dauphine), T. Hernandez}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {(3R), Y. Monrique (Banque Sol Oppenheim),
J.}\fs22\cf0\f0\charscalex100 {-}\fs22\cf0\f0\charscalex100 {M. Ladougne (JMLA BTP
Consulting),}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {H.
Lagarde (Fedal), C. Micha�lesco (Universit� Paris Dauphine), M. Rouger
(Institut}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {PRESAJE),
A. Sauvaget (Conseil Conduite du changement), C. Stalla-Bourdillon
(Consultant-}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100
{Professeur), P. Souplet (Universit� Paris X-Nanterre), D. Zhang (Bank of
China),}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {H.
Zimnovitch (Universit� Paris 11), F. Weill (�cole de Paris du
management).}\par\pard\li2453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2453\ri0\sl-386\slmult0 \fs20\cf0\f0\charscalex100 {� �cole de
Paris du management - 94 bd du Montparnasse - 75014 Paris}\par\pard\li1400\ri0\sl-
213\slmult0 \fs20\cf0\f0\charscalex100 {T�l : 01 42 79 40 80 - Fax : 01 43 21 56 84
- email : ecopar@paris.ensmp.fr - http://www.ecole.org}\par\pard\li5306\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li5306\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100
{2}\par\pard\sect\sectd\sbkpage\pgwsxn11893\pghsxn16840\marglsxn666\margrsxn133\mar
gtsxn666\margbsxn160\pard\li3613\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li3613\ri0\sl-360\slmult0 \fs28\cf0\f0\charscalex100\b {EXPOS�
de Nicolas V�RON}\b0 \par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
306\slmult0 \*\tx5626\fs24\cf0\f0\charscalex100 {Avant d\uc1\u8217Xaborder la
question sp�cifique de la}\tab \fs24\cf0\f0\charscalex100\i {fair value}\i0
\fs24\cf0\f0\charscalex100 {, ou \uc1\u8220Xjuste valeur\uc1\u8221X en
fran�ais,}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {commen�ons
par quelques consid�rations g�n�rales.}\par\pard\li773\ri0\sl-440\slmult0
\fs24\cf0\f0\charscalex100 {La comptabilit� et ses normes servent � cr�er et
fa�onner une information qui va permettre de}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {prendre des d�cisions, notamment �conomiques. Or, dans
le d�bat comptable, les d�cideurs ont}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {des int�r�ts et des points de vue diff�rents, parfois
antagonistes, selon qu\uc1\u8217Xils sont investisseurs,}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {conseillers, membres
d\uc1\u8217Xentreprises, auditeurs, r�gulateurs, etc.}\par\pard\li773\ri0\sl-
386\slmult0 \fs24\cf0\f0\charscalex100\i {Les investisseurs et leurs
conseillers}\i0 \par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
280\slmult0 \fs22\cf0\f0\charscalex100 {Les investisseurs eux-m�mes sont des
acteurs dont les motivations ne sont pas toutes}\par\pard\li773\ri0\sl-
266\slmult0 \fs22\cf0\f0\charscalex100 {identiques. Par exemple, tel}
{ }\fs22\cf0\f0\charscalex100\i {hedge fund}\i0 { }\fs22\cf0\f0\charscalex100
{s\uc1\u8217Xappuie sur des donn�es de comptes d\uc1\u8217Xentreprise
pour}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {investir sur la
base d\uc1\u8217Xun algorithme, alors qu\uc1\u8217Xun investisseur plus
\uc1\u8220Xfondamental\uc1\u8221X paie des}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {analystes pour bien conna�tre quelques entreprises, au-
del� de ce que peuvent dire les �tats}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {financiers. Ils n\uc1\u8217Xont pas les m�mes exigences
vis-�-vis de la comptabilit�. D\uc1\u8217Xautres acteurs,}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {comme les agences de notation, aident les
investisseurs � prendre leurs d�cisions, sans oublier}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {la presse financi�re, dont le r�le est
fondamental dans le fonctionnement des march�s.}\par\pard\li773\ri0\sl-
306\slmult0 \fs24\cf0\f0\charscalex100\i {Les autres parties prenantes}\i0
\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {Sont �galement parties prenantes, entre autres, les
\uc1\u8220Xpr�parateurs de comptes\uc1\u8221X, c\uc1\u8217Xest-�-
dire}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {principalement
les entreprises qui, surtout quand elles sont cot�es, publient des
�tats}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {financiers ;
les auditeurs ou commissaires aux comptes qui v�rifient si ces �tats sont
conformes}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {aux normes
en vigueur ; et la vaste communaut� des r�gulateurs, autorit�s publiques
qui}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {doivent assurer
sur leur territoire la police des march�s.}\par\pard\li773\ri0\sl-360\slmult0
\fs22\cf0\f0\charscalex100 {Dans ce contexte o� diff�rents int�r�ts sont en jeu,
les normes comptables visent � exprimer un}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {point d\uc1\u8217X�quilibre en tenant compte � la fois
de points de vue exprim�s
et de principes �}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{respecter.}\par\pard\li2960\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100\b {Les
principes d\uc1\u8217Xorientation de la normalisation}\b0 \par\pard\li773\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{Les grands principes ayant pr�sid� � l\uc1\u8217X�laboration des normes
internationales dites IFRS}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100\i {(International Financial Reporting Standards)}\i0
{ }\fs22\cf0\f0\charscalex100 {sont proches de ceux qui gouvernent les
normes}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{am�ricaines.}\par\pard\li773\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100\i
{Pertinence et fiabilit�}\i0 \par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{L\uc1\u8217Xinformation doit �tre pertinente, c\uc1\u8217Xest-�-dire de nature �
aider les diff�rents acteurs � prendre}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {des d�cisions �conomiques, et elle doit �tre fiable, ce
qui renvoie � toute une s�rie de d�bats sur}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {des notions de sinc�rit� des comptes ou de
repr�sentation fid�le, et donc � des querelles}\par\pard\li773\ri0\sl-
266\slmult0 \fs22\cf0\f0\charscalex100 {pouvant appara�tre comme th�ologiques ; il
y a d\uc1\u8217Xailleurs quelques parall�les entre les}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {questions de doctrine th�ologique et les
questions de comptabilit�.}\par\pard\li773\ri0\sl-360\slmult0
\fs24\cf0\f0\charscalex100\i {Intelligibilit� et comparabilit�}\i0
\par\pard\li773\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {Non seulement
l\uc1\u8217Xinformation doit �tre intelligible, d�cryptable par les utilisateurs,
mais encore,}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {dans le
cas o� ils envisagent un investissement en Bourse, il est souhaitable
qu\uc1\u8217Xils puissent}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {comparer les �tats financiers des entreprises
qu\uc1\u8217Xils ciblent, afin de les �valuer, les unes par}\par\pard\li773\ri0\sl-
266\slmult0 \fs22\cf0\f0\charscalex100 {rapport aux autres, en termes de
performances, de situation financi�re ou de perspectives}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {d\uc1\u8217Xavenir. La mise en application
de ce principe de comparabilit� est loin d\uc1\u8217X�tre
simple.}\par\pard\li2453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-400\slmult0 \fs20\cf0\f0\charscalex100
{� �cole de Paris du management - 94 bd du Montparnasse - 75014
Paris}\par\pard\li1400\ri0\sl-213\slmult0 \fs20\cf0\f0\charscalex100 {T�l : 01 42
79 40 80 - Fax : 01 43 21 56 84 - email : ecopar@paris.ensmp.fr -
http://www.ecole.org}\par\pard\li5306\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li5306\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100
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1}}}}\pgwsxn11893\pghsxn16840\marglsxn666\margrsxn133\margtsxn666\margbsxn160\pard\
li4466\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4466\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100\b {Les normes IFRS}\b0 \par\pard\li773\ri0\sl-
480\slmult0 \*\tx6306\fs24\cf0\f0\charscalex100 {Depuis 2005, les normes IFRS,
produites par l\uc1\u8217XIASB}\tab \fs24\cf0\f0\charscalex100\i {(International
Accounting Standards}\i0 \par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100\i {Board)}\i0 \fs22\cf0\f0\charscalex100 {, ont valeur
l�gale en Europe d�s lors que la Commission europ�enne les a
adopt�es}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100
{formellement, ce qui a �t� le cas � une exception pr�s : apr�s avoir dans un
premier temps}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {rejet�
deux dispositions techniques de la norme IAS 39 pour la comptabilisation
des}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {instruments
financiers, la Commission n\uc1\u8217Xa finalement refus� que celle concernant
la}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {macrocouverture.
Comme le r�glement ne permet pas � la Commission de modifier le
texte}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100
{d\uc1\u8217Xune norme, il me semble que la l�galit� en Europe de cette
modification de la norme IAS 39}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {est extr�mement douteuse.}\par\pard\li773\ri0\sl-
293\slmult0 \fs22\cf0\f0\charscalex100 {Ces normes IFRS sont donc appliqu�es en
Europe par � peu pr�s toutes les entreprises cot�es}\par\pard\li773\ri0\sl-
280\slmult0 \fs22\cf0\f0\charscalex100 {depuis le 1}{\super
\fs12\up4\cf0\f0\charscalex100 {er}}\fs22\cf0\f0\charscalex100 {janvier 2005, et la
transition s\uc1\u8217Xest plut�t bien effectu�e. Dans la mesure
notamment}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {o� les
investisseurs sont globalement plus favorables � ces normes que les pr�parateurs
de}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {comptes, les
d�bats se poursuivent.}\par\pard\li4586\ri0\sl-373\slmult0
\fs24\cf0\f0\charscalex100\b {La juste valeur}\b0 \par\pard\li773\ri0\sl-
480\slmult0 \fs22\cf0\f0\charscalex100 {L\uc1\u8217Xid�e est de comptabiliser des
actifs ou des instruments financiers}{\super \fs14\up5\cf0\f0\charscalex100
{1}}\fs22\cf0\f0\charscalex100 {� la valeur la plus proche}\par\pard\li773\ri0\sl-
266\slmult0 \fs22\cf0\f0\charscalex100 {possible d\uc1\u8217Xune r�f�rence de
march� ou d\uc1\u8217Xune r�f�rence �conomique calcul�e en
fonction}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100
{d\uc1\u8217Xindicateurs de march�. C\uc1\u8217Xest cela que le jargon comptable
nomme \uc1\u8220Xjuste valeur\uc1\u8221X. Trois cas}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {peuvent se
pr�senter :}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {- si,
pour un actif ou un instrument financier, il existe un march� suffisamment liquide
et}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {profond, alors on
prend le prix de march� comme valeur comptable : c\uc1\u8217Xest le niveau 1, le}
{ }\fs22\cf0\f0\charscalex100\i {mark}\i0 \par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100\i {to market}\i0 { }\fs24\cf0\f0\charscalex100
{;}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {- s\uc1\u8217Xil
n\uc1\u8217Xy a pas de march� suffisamment liquide et profond pour
l\uc1\u8217Xinstrument financier}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {consid�r� mais s\uc1\u8217Xil existe un instrument
relativement comparable pour lequel on a un prix de}\par\pard\li773\ri0\sl-
266\slmult0 \fs22\cf0\f0\charscalex100 {march� acceptable, alors on prend comme
valeur comptable le prix de march� de
l\uc1\u8217Xinstrument}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {comparable : c\uc1\u8217Xest le niveau
2 ;}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {- dans les
autres cas, on est oblig� de construire un mod�le qui va donner une
valeur}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {�conomique
pour cet instrument financier : c\uc1\u8217Xest le niveau 3, le}
{ }\fs24\cf0\f0\charscalex100\i {mark to model}\i0 \fs24\cf0\f0\charscalex100
{.}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {Il faut bien
remarquer qu\uc1\u8217Xen aucun de ces cas on ne fait r�f�rence � un prix
historique. La juste}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100
{valeur et le co�t historique repr�sentent deux options comptables diff�rentes.
Certains actifs ou}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{instruments financiers sont comptabilis�s au co�t historique sans que personne ne
le conteste,}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {alors
que d\uc1\u8217Xautres sont � l\uc1\u8217X�vidence comptabilis�s � la juste
valeur : par exemple, si l\uc1\u8217Xon a au}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {bilan des actions d\uc1\u8217Xune soci�t� dont le
march� est extr�mement liquide, on va les comptabiliser}\par\pard\li773\ri0\sl-
266\slmult0 \fs22\cf0\f0\charscalex100 {� la juste valeur, en
l\uc1\u8217Xoccurrence au cours de Bourse. La question est donc de savoir o�
se}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {trouve la
fronti�re entre ces deux options comptables.}\par\pard\li3106\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100\b {La mise en place du principe de juste valeur}\b0
\par\pard\li773\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {Concr�tement, on est
loin de la}{ }\fs24\cf0\f0\charscalex100\i {full fair value}\i0
\fs24\cf0\f0\charscalex100 {, une situation qui correspondrait � l\uc1\u8217Xid�e
que tous}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {les
instruments financiers devraient �tre comptabilis�s selon le principe de la juste
valeur. Il est}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {vrai
que cette �ventualit� a �t� �voqu�e et d�fendue dans un certain nombre de c�nacles,
y}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {compris de
normalisateurs comptables, mais elle n\uc1\u8217Xa jamais �t� retenue par
l\uc1\u8217XIASB, organisme}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {collectif qui prend ses d�cisions selon une r�gle de
super-majorit�.}\par\pard\li773\ri0\sl-373\slmult0 \fs24\cf0\f0\charscalex100 {Par
exemple, lorsqu\uc1\u8217Xune banque pr�te � une entreprise, ce pr�t devant figurer
au bilan de la}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{banque jusqu\uc1\u8217X� ce qu\uc1\u8217Xil soit enti�rement rembours�, les normes
actuelles disent sans ambigu�t�}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {qu\uc1\u8217Xil doit �tre comptabilis� au co�t
historique amorti. Si l\uc1\u8217Xentreprise n\uc1\u8217Xest plus en mesure de
le}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {payer, il faudra
�videmment prendre une d�pr�ciation, mais on ne cherchera pas � �valuer
au}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {jour le jour la
valeur de march� de ce pr�t.}\par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-266\slmult0 \*\tx960\fs14\cf0\f0\charscalex100
{1}\tab \fs20\cf0\f0\charscalex100 {Les instruments financiers sont des titres ou
contrats dont certains sont n�gociables, et certains sont}\par\pard\li773\ri0\sl-
226\slmult0 \fs20\cf0\f0\charscalex100 {exclusivement utilis�s pour anticiper une
rentabilit� ou un risque financier ou mon�taire.}\par\pard\li2453\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100
{� �cole de Paris du management - 94 bd du Montparnasse - 75014
Paris}\par\pard\li1400\ri0\sl-213\slmult0 \fs20\cf0\f0\charscalex100 {T�l : 01 42
79 40 80 - Fax : 01 43 21 56 84 - email : ecopar@paris.ensmp.fr -
http://www.ecole.org}\par\pard\li5306\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li5306\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100
{4}\par\pard\sect\sectd\sbkpage\pgwsxn11893\pghsxn16840\marglsxn666\margrsxn133\mar
gtsxn666\margbsxn160\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
280\slmult0 \fs24\cf0\f0\charscalex100 {C\uc1\u8217Xest ainsi qu\uc1\u8217Xune
grande partie du bilan des banques n\uc1\u8217Xest pas en juste valeur. Toutefois,
la}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {titrisation fait
passer instantan�ment en juste valeur des pr�ts qui �taient au co�t
historique,}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {parce
qu\uc1\u8217Xils ont �t� transform�s en instruments n�goci�s sur les march�s. En
gros, on peut dire}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100
{que le bilan des banques est valoris� pour 70 % au co�t historique amorti, 30 % �
la juste}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{valeur.}\par\pard\li3533\ri0\sl-360\slmult0 \fs24\cf0\f0\charscalex100\b {Les
grandes questions qui se posent}\b0 \par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {La juste
valeur est-elle responsable de la crise ? Ce d�bat en France a �t� domin�,
plus}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{qu\uc1\u8217Xailleurs dans le monde, d\uc1\u8217Xabord par la question de
l\uc1\u8217Ximportance des normes comptables,}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {ensuite par celle de leur responsabilit� dans la
crise.}\par\pard\li773\ri0\sl-426\slmult0 \fs24\cf0\f0\charscalex100 {En
simplifiant on peut r�sumer la situation � peu pr�s ainsi :}\par\pard\li773\ri0\sl-
266\slmult0
\fs24\cf0\f0\charscalex100 {- les}{ }\fs24\cf0\f0\charscalex100\i
{investisseurs,}\i0 { }\fs24\cf0\f0\charscalex100 {et plus g�n�ralement les
utilisateurs d\uc1\u8217Xinformations financi�res,
consid�rent}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {que la
juste valeur n\uc1\u8217Xa aucune responsabilit� dans la crise, et
qu\uc1\u8217Xelle correspond � un principe}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {utile qui doit �tre d�fendu ;}\par\pard\li773\ri0\sl-
266\slmult0 \fs22\cf0\f0\charscalex100 {- les}{ }\fs22\cf0\f0\charscalex100\i
{pr�parateurs de comptes}\i0 \fs22\cf0\f0\charscalex100 {, en premier lieu dans les
banques et les assurances, critiquent le}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {principe de la juste valeur, dont ils arguent
qu\uc1\u8217Xil est contraire � l\uc1\u8217Xint�r�t public et qu\uc1\u8217Xil a
une}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {responsabilit�
dans la crise ;}\par\pard\li773\ri0\sl-266\slmult0
\*\tx1306\fs22\cf0\f0\charscalex100 {- les}\tab \fs22\cf0\f0\charscalex100\i
{auditeurs}\i0 \fs22\cf0\f0\charscalex100 {, �cartel�s entre les utilisateurs et
les pr�parateurs de comptes, se r�duisent}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {souvent � un silence prudent dans le
d�bat ;}\par\pard\li773\ri0\sl-266\slmult0 \*\tx2466\fs22\cf0\f0\charscalex100 {-
les}{ }\fs22\cf0\f0\charscalex100\i {r�gulateurs}\i0 \tab
\fs22\cf0\f0\charscalex100 {sont �galement �cartel�s entre une r�alit� politique
fa�onn�e par le jeu des}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {int�r�ts �conomiques et d�mocratiques, et leur mission
formelle de prot�ger l\uc1\u8217Xint�grit� des}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {march�s et les int�r�ts des
investisseurs.}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {Mais
� cette question qui met en cause les normes comptables, peuvent s\uc1\u8217Xen
ajouter d\uc1\u8217Xautres}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {tout aussi cruciales. En voici quelques-
unes.}\par\pard\li773\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\i {Faut-il
remettre en cause l\uc1\u8217XIASB ?}\i0 \par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Doit-on
revoir la gouvernance, le financement et m�me le mandat de l\uc1\u8217XIASB, cette
organisation}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100
{internationale assez unique dont le r�le de normalisateur mondial impacte
directement la vie}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100
{des affaires ? C\uc1\u8217Xest une question d\uc1\u8217Xactualit�, � laquelle
l\uc1\u8217XIASB a elle-m�me cherch� � r�pondre}\par\pard\li773\ri0\sl-
266\slmult0 \fs22\cf0\f0\charscalex100 {par la cr�ation d\uc1\u8217Xun}
{ }\fs22\cf0\f0\charscalex100\i {Monitoring Board}\i0 { }\fs22\cf0\f0\charscalex100
{o� sont notamment repr�sent�es la SEC (}\fs22\cf0\f0\charscalex100\i {Securities
and}\i0 \par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100\i {Exchange
Commission)}\i0 { }\fs22\cf0\f0\charscalex100 {qui est l\uc1\u8217Xautorit� des
march�s des �tats-Unis, son homologue japonaise}\par\pard\li773\ri0\sl-
266\slmult0 \*\tx1746\fs22\cf0\f0\charscalex100 {la FSA}\tab
\fs22\cf0\f0\charscalex100\i {(Financial Services Agency)}\i0
\fs22\cf0\f0\charscalex100 {, et l\uc1\u8217XOICV (IOSCO en anglais),
l\uc1\u8217XOrganisation}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {internationale des commissions de valeurs des autorit�s
des march�s financiers. Un}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {repr�sentant du Comit� de B�le sur le contr�le bancaire
y est �galement observateur. La}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {Commission europ�enne n\uc1\u8217Xa pas encore sign�
les documents correspondants mais devrait}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {rejoindre le}{ }\fs24\cf0\f0\charscalex100\i
{Monitoring Board}\i0 { }\fs24\cf0\f0\charscalex100
{prochainement.}\par\pard\li773\ri0\sl-253\slmult0 \fs24\cf0\f0\charscalex100\i
{Quid de l\uc1\u8217Xarticulation des r�gles comptables et prudentielles ?}\i0
\par\pard\li773\ri0\sl-453\slmult0 \fs22\cf0\f0\charscalex100 {Depuis les ann�es
1980, des ratios de solvabilit� doivent �tre maintenus par les banques et
les}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {assurances selon
des normes n�goci�es au niveau mondial au sein du Comit� de B�le pour
la}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {Supervision
Bancaire. Comme B�le I a vite atteint ses limites, une n�gociation s\uc1\u8217Xest
engag�e �}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {la fin des
ann�es 1990 et a abouti apr�s 6 ans � l\uc1\u8217Xaccord de B�le II, mais � la
premi�re crise}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {venue
on se rend compte que cela ne marche pas tr�s bien non plus, et qu\uc1\u8217Xil va
falloir le}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100
{ren�gocier. Malgr� ces exp�riences un peu d�cevantes, l\uc1\u8217Xid�e persiste
qu\uc1\u8217Xil faut des normes}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {prudentielles pour le calcul des ratios de solvabilit�.
Se pose alors la question de l\uc1\u8217Xarticulation}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {entre ces normes prudentielles et les
normes comptables.}\par\pard\li773\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\i
{Les normes sont-elles appliqu�es ?}\i0 \par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Il ne
suffit pas d\uc1\u8217Xavoir des normes, encore faut-il qu\uc1\u8217Xelles soient
appliqu�es de fa�on coh�rente}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {dans les �tats financiers que publient les entreprises.
Or, il semble qu\uc1\u8217Xaujourd\uc1\u8217Xhui
l\uc1\u8217Ximportance}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {de la coh�rence et de la qualit� de la mise en
\uc1\u339Xuvre des normes et de son contr�le}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {(}\fs24\cf0\f0\charscalex100\i {enforcement}\i0
\fs24\cf0\f0\charscalex100 {) n\uc1\u8217Xest pas assez per�ue et reste
insuffisamment d�battue.}\par\pard\li2453\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2453\ri0\sl-400\slmult0 \fs20\cf0\f0\charscalex100 {� �cole de
Paris du management - 94 bd du Montparnasse - 75014 Paris}\par\pard\li1400\ri0\sl-
213\slmult0 \fs20\cf0\f0\charscalex100 {T�l : 01 42 79 40 80 - Fax : 01 43 21 56 84
- email : ecopar@paris.ensmp.fr - http://www.ecole.org}\par\pard\li5306\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li5306\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100
{5}\par\pard\sect\sectd\sbkpage\pgwsxn11893\pghsxn16840\marglsxn666\margrsxn133\mar
gtsxn666\margbsxn160\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
280\slmult0 \fs24\cf0\f0\charscalex100\i {Que va-t-on faire du secteur
bancaire ?}\i0 \par\pard\li773\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex100 {Alors
que l\uc1\u8217Xon se perd en France dans des d�bats th�ologiques sur la juste
valeur, la vraie}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100
{question est de savoir ce que l\uc1\u8217Xon fait des banques devenues
insolvables, en Europe comme aux}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {�tats-Unis. Le d�bat sur les normes comptables fait
souvent office d\uc1\u8217X�cran de fum�e par}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {rapport � cette r�alit� extr�mement dure que des
banques qui aujourd\uc1\u8217Xhui semblent vivantes,}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {sont en fait des \uc1\u8220Xzombies
banques\uc1\u8221X, des banques mortes vivantes.}\par\pard\li4586\ri0\sl-
360\slmult0 \fs24\cf0\f0\charscalex100\b {Non coupable !}\b0
\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {Ma conclusion est que la comptabilit� n\uc1\u8217Xest
pas coupable de la crise, et qu\uc1\u8217Xelle n\uc1\u8217Xy a jou�
qu\uc1\u8217Xun}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {r�le
tout � fait mineur. On peut noter par ailleurs que personne ne critiquait la juste
valeur,}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {notamment
dans le secteur bancaire, quand elle permettait de comptabiliser des
actifs}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {financiers �
des prix tr�s �lev�s, g�n�ralement consid�r�s aujourd\uc1\u8217Xhui comme non
fond�s sur}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {une
r�alit� �conomique. M�me les normes prudentielles et l\uc1\u8217Ximpact de ratios
de solvabilit� mal}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{calcul�s n\uc1\u8217Xont pas �t� v�ritablement d�terminants dans la crise. Celle-
ci a plut�t �t� caus�e par}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {un endettement non ma�tris�, une gestion des risques
inad�quate, et une mauvaise r�gulation du}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {secteur financier, �l�ments qui existaient bien avant
que l\uc1\u8217Xon n\uc1\u8217Xinvente la juste valeur.
C\uc1\u8217Xest}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{pourquoi je plaide non coupable pour la juste valeur !}\par\pard\li2786\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li2786\ri0\sl-360\slmult0
\fs28\cf0\f0\charscalex100\b {EXPOS� d\uc1\u8217XOlivier POUPART-LAFARGE}\b0
\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-306\slmult0 \fs22\cf0\f0\charscalex100 {Nicolas
V�ron a bien d�crit la situation
dans laquelle nous sommes, mais d\uc1\u8217Xautres
conclusions}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {sont
possibles.}\par\pard\li773\ri0\sl-440\slmult0 \fs22\cf0\f0\charscalex100 {Certes,
le principe de juste valeur n\uc1\u8217Xest pas coupable. Les membres du G20 ont
eux-m�mes}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {d�clar�
que les d�faillances majeures du secteur financier ainsi que de sa r�gulation et de
sa}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {supervision ont
�t� les causes fondamentales de la crise. Ils ont cependant ajout� qu\uc1\u8217Xil
fallait}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {r�viser les
normes comptables selon les points suivants :}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {- la valeur des instruments financiers doit �tre bas�e
sur leur liquidit� et sur l\uc1\u8217Xhorizon de}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {d�tention de l\uc1\u8217Xinvestisseur, ce qui est un
point fondamental ;}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{- la complexit� des normes comptables doit �tre diminu�e ;}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {- la possibilit� de passer des provisions
pour risque de pertes doit �tre renforc�e ;}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {- les normes concernant les engagements hors bilan et
les incertitudes de valeur doivent �tre}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {am�lior�es ;}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {- les normes d\uc1\u8217X�valuation doivent �tre
�tablies au niveau international en coop�ration avec les}\par\pard\li773\ri0\sl-
266\slmult0 \fs22\cf0\f0\charscalex100 {superviseurs financiers \uc1\u8211X � cet
�gard, je pr�cise qu\uc1\u8217Xil a �t� beaucoup reproch� � l\uc1\u8217XIASB de
ne}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {pas
s\uc1\u8217X�tre suffisamment coordonn� avec les normalisateurs
prudentiels ;}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {-
l\uc1\u8217Ximplication de toutes les parties prenantes, en particulier celle des
r�gulateurs prudentiels et}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {des march�s �mergents, doit �tre
am�lior�e.}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {Il
n\uc1\u8217Xest donc pas contradictoire de maintenir le principe de juste valeur et
de demander}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100
{n�anmoins des changements significatifs dans les normes comptables et la mani�re
de les}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{�tablir.}\par\pard\li3653\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100\b {Les
raisons de l\uc1\u8217Xincompr�hension}\b0 \par\pard\li773\ri0\sl-466\slmult0
\fs24\cf0\f0\charscalex100 {Pourquoi ces demandes ? J\uc1\u8217Xy vois cinq raisons
principales.}\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100\i {La valeur de march� favoris�e}\i0
\par\pard\li773\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex100 {Le normalisateur a
toujours pouss� � consid�rer la valeur de march�, lorsqu\uc1\u8217Xelle est
disponible,}\par\pard\li773\ri0\sl-266\slmult0 \*\tx2960\fs22\cf0\f0\charscalex100
{comme juste valeur}\fs22\cf0\f0\charscalex100\i {,}\i0 \tab
\fs22\cf0\f0\charscalex100 {tout simplement parce qu\uc1\u8217Xelle lui para�t
objective, alors qu\uc1\u8217Xil doute}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {fortement de la fiabilit� du management des
entreprises. Il le soup�onne en effet de vouloir}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {biaiser la v�rit� en construisant des mod�les tr�s
optimistes en p�riode de crise, et tr�s}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {pessimistes en p�riode de boom �conomique, afin
d\uc1\u8217Xinfluer sur les r�sultats. Il estime que tout}\par\pard\li2453\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-293\slmult0 \fs20\cf0\f0\charscalex100
{� �cole de Paris du management - 94 bd du Montparnasse - 75014
Paris}\par\pard\li1400\ri0\sl-213\slmult0 \fs20\cf0\f0\charscalex100 {T�l : 01 42
79 40 80 - Fax : 01 43 21 56 84 - email : ecopar@paris.ensmp.fr -
http://www.ecole.org}\par\pard\li5306\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li5306\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100
{6}\par\pard\sect\sectd\sbkpage
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li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {ce qui vient des managers est du domaine du mythe et
non de la r�alit�, d\uc1\u8217Xo� le fameux}{ }\fs24\cf0\f0\charscalex100\i {mark
to}\i0 \par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100\i {myth}\i0
{ }\fs24\cf0\f0\charscalex100 {que Nicolas V�ron n\uc1\u8217Xa pas
cit�.}\par\pard\li773\ri0\sl-453\slmult0 \fs22\cf0\f0\charscalex100 {Je combats
totalement cette attitude. Je crois au contraire que les managers sont les
mieux}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {plac�s pour
construire des mod�les de valorisation qui tiennent compte de leurs intentions,
en}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {particulier du
temps pendant lequel ils pr�voient de garder leurs actifs. �videmment, ils
doivent}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {�tre
contr�l�s, mais je leur accorde a priori plus de confiance qu\uc1\u8217Xaux valeurs
de march�.}\par\pard\li773\ri0\sl-400\slmult0 \fs22\cf0\f0\charscalex100 {Cette
r�f�rence � la valeur du march� convient �videmment aux cabinets d\uc1\u8217Xaudit
qui n\uc1\u8217Xont plus}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {qu\uc1\u8217X� prendre le cours de la veille, sans
avoir � se demander s\uc1\u8217Xil �tait intelligent ou stupide,
ce}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {qui, de facto,
les met � l\uc1\u8217Xabri de toute critique.}\par\pard\li773\ri0\sl-413\slmult0
\fs24\cf0\f0\charscalex100\i {Une valeur de march� mal comprise}\i0
\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {Une valeur de march� est un prix r�sultant
d\uc1\u8217Xun �quilibre momentan� entre une offre et une}\par\pard\li773\ri0\sl-
266\slmult0 \fs22\cf0\f0\charscalex100 {demande. Ce prix peut �tre tr�s diff�rent
de la valeur �conomique \uc1\u8220Xvraie\uc1\u8221X en raison
de}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {probl�mes de
liquidit� de march�. Les acheteurs peuvent se rar�fier, faute d\uc1\u8217Xargent �
investir, et}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {les
vendeurs �tre amen�s � d�pr�cier leurs actifs sans raison intrins�que.
C\uc1\u8217Xest actuellement le}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {cas des actions, un des rares instruments financiers
encore liquides. Du coup, des banques ou}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {des fonds, manquant de liquidit�s, vendent leurs
actions, rendant ainsi le courant vendeur}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {excessif, ce qui explique en grande partie la baisse
des cours.}\par\pard\li773\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100\i {Une
transaction marginale g�n�ralis�e}\i0 \par\pard\li773\ri0\sl-480\slmult0
\fs22\cf0\f0\charscalex100 {Il n\uc1\u8217Xest �videmment pas justifi� de valoriser
la totalit� des actions d\uc1\u8217Xune soci�t� au prix}\par\pard\li773\ri0\sl-
266\slmult0 \fs22\cf0\f0\charscalex100 {constat� la veille lors de la vente
d\uc1\u8217Xun millioni�me de ses actions ! Cette transaction
marginale}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {ne peut
�tre g�n�ralis�e � l\uc1\u8217Xensemble du stock.}\par\pard\li773\ri0\sl-
413\slmult0 \fs24\cf0\f0\charscalex100\i {Une procyclicit�}\i0 {\super
\fs16\up5\cf0\f0\charscalex100\i {2}\i0 }\fs24\cf0\f0\charscalex100\i {exag�r�e}\i0
\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {Donner � des actifs financiers leur valeur de march�
conduit n�cessairement � nourrir les bulles}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {financi�res et � creuser les crises, mais
c\uc1\u8217Xest peut-�tre encore plus grave en cas de bulles, car
ce}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {sont elles qui
entra�nent les crises.}\par\pard\li773\ri0\sl-413\slmult0
\fs24\cf0\f0\charscalex100\i {De mauvaises d�cisions suscit�es}\i0
\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {Les normes actuelles conduisent le management des
entreprises � prendre des d�cisions}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {strat�giques forc�ment influenc�es par le court terme.
Fort heureusement, certaines entreprises}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {au capital relativement bien contr�l� peuvent se
permettre de ne pas trop int�grer dans leurs}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {prises de d�cision les variations de cours qui en
r�sulteront.}\par\pard\li2786\ri0\sl-386\slmult0 \fs24\cf0\f0\charscalex100\b {Une
autre m�thode comptable est-elle pr�f�rable ?}\b0 \par\pard\li773\ri0\sl-
480\slmult0 \fs22\cf0\f0\charscalex100 {Il n\uc1\u8217Xest pas question de revenir
au prix historique, mais il faut d�finir autrement la juste
valeur,}\par\pard\li773\ri0\sl-266\slmult0 \*\tx5733\fs22\cf0\f0\charscalex100 {�
savoir comme la valeur �conomique d\uc1\u8217Xun actif}\tab
\fs22\cf0\f0\charscalex100\i {pour celui qui le poss�de}\i0
\fs22\cf0\f0\charscalex100 {. Il doit bien s�r}\par\pard\li773\ri0\sl-
266\slmult0 \fs22\cf0\f0\charscalex100 {valoriser cet actif � la valeur de march�
s\uc1\u8217Xil a l\uc1\u8217Xintention de le vendre � tr�s court terme. Mais
�}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100
{l\uc1\u8217Xinverse, si par exemple la Caisse des D�p�ts et Consignations a
l\uc1\u8217Xintention de d�tenir des}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {actions Accor pendant encore dix ans, pourquoi devrait-
elle appliquer le cours du jour ? Il}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {s\uc1\u8217Xagit bien pour le d�tenteur de
l\uc1\u8217Xactif de savoir ce qu\uc1\u8217Xil compte en faire et de calculer sa
valeur}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {�conomique en
fonction de ce qu\uc1\u8217Xil va pouvoir en faire.}\par\pard\li773\ri0\sl-
320\slmult0 \fs22\cf0\f0\charscalex100 {Prenons quelques exemples pour illustrer
les diff�rences entre la valeur �conomique d\uc1\u8217Xun
actif}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {et la valeur
de march� impos�e par les normes actuelles.}\par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-346\slmult0 \*\tx906\fs12\cf0\f0\charscalex100
{2}\tab \fs18\cf0\f0\charscalex100 {Si une variable augmente plus vite pendant les
expansions et moins vite pendant les r�cessions, on dit qu\uc1\u8217Xelle
a}\par\pard\li773\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {un comportement
procyclique.}\par\pard\li2453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-
226\slmult0 \fs20\cf0\f0\charscalex100 {� �cole de Paris du management - 94 bd du
Montparnasse - 75014 Paris}\par\pard\li1400\ri0\sl-213\slmult0
\fs20\cf0\f0\charscalex100 {T�l : 01 42 79 40 80 - Fax : 01 43 21 56 84 - email :
ecopar@paris.ensmp.fr - http://www.ecole.org}\par\pard\li5306\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li5306\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100
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li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100\i {La valeur d\uc1\u8217Xun instrument cot�}\i0
\par\pard\li773\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex100 {Si je d�tiens un
instrument financier cot� qui est la repr�sentation d\uc1\u8217Xune cr�ance dont
les}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {probabilit�s
d\uc1\u8217Xencaissement sont bonnes, et si j\uc1\u8217Xai l\uc1\u8217Xintention de
le conserver jusqu\uc1\u8217X� son}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {�ch�ance, je n\uc1\u8217Xai aucune raison de d�pr�cier
cette cr�ance sous pr�texte que cet instrument
n\uc1\u8217Xa}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {pas
d\uc1\u8217Xacheteur sur le march� financier. Sa juste valeur est sa valeur
actualis�e au taux de}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{l\uc1\u8217Xentreprise et non sa valeur de march�.}\par\pard\li773\ri0\sl-
360\slmult0 \fs24\cf0\f0\charscalex100\i {La juste valeur des dettes des
banques}\i0 \par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
280\slmult0 \fs22\cf0\f0\charscalex100 {Lorsqu\uc1\u8217Xun instrument de dette
d\uc1\u8217Xune banque, par exemple une obligation, se n�gocie sur
un}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {march� avec une
d�cote par rapport � sa valeur nominale, la norme IAS 39 permet � la
banque}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {de le
d�pr�cier en tenant compte de sa valeur de march�, et d\uc1\u8217Xenregistrer cette
d�pr�ciation en}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100
{b�n�fice. Ce qui veut dire que plus la banque va mal, plus elle peut d�gager de
profit sur la}\par\pard\li773\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{d�gradation de son}{ }\fs24\cf0\f0\charscalex100\i {rating}\i0 {\super
\fs16\up5\cf0\f0\charscalex100\i {3}\i0 }\fs24\cf0\f0\charscalex100 {! Ce qui est
un petit peu paradoxal.}\par\pard\li773\ri0\sl-346\slmult0
\fs24\cf0\f0\charscalex100 {Bien entendu, la Commission bancaire, qui joue le r�le
de r�gulateur prudentiel en France,}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {rejette cette r�gle et rectifie le passif des banques
en maintenant les dettes � leur valeur}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {nominale. Mais cela cr�e un nouvel �tat financier, et
on peut alors se demander lequel}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {communiquer aux investisseurs. Tant que la banque
n\uc1\u8217Xest pas en faillite, j\uc1\u8217Xai tendance �
penser}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{qu\uc1\u8217Xil vaut mieux garder la valeur nominale des
dettes.}\par\pard\li773\ri0\sl-373\slmult0 \fs24\cf0\f0\charscalex100\i {Des
valeurs contradictoires}\i0 \par\pard\li773\ri0\sl-480\slmult0
\fs22\cf0\f0\charscalex100 {Les cours de Bourse des entreprises sont
aujourd\uc1\u8217Xhui, pour beaucoup, tr�s inf�rieurs � leur
actif}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {net comptable.
Par exemple, la valeur nette comptable de la BNP est de 55 milliards
d\uc1\u8217Xeuros, et}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100
{sa valeur de march� de 32 milliards ; pour AXA, c\uc1\u8217Xest 37 contre 21 ;
Saint-Gobain, 14 contre}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {12 ; Arcelor 41 contre 28 milliards. Les contradictions
sont majeures entre la valeur des actions}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {sur le march� et la valeur de ces m�mes actions dans
les comptes �tablis selon les normes}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {IFRS !}\par\pard\li3706\ri0\sl-333\slmult0
\fs24\cf0\f0\charscalex100\b {Les enjeux du choix de la valeur}\b0
\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100\i {Un impact consid�rable}\i0 \par\pard\li773\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{D�finir la juste valeur comme �tant la valeur de march�, ou au contraire la valeur
�conomique}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {pour
celui qui le poss�de, a un impact consid�rable, principalement quand il
s\uc1\u8217Xagit de banques}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {et d\uc1\u8217Xassurances.}\par\pard\li773\ri0\sl-
413\slmult0 \fs22\cf0\f0\charscalex100 {Voici un premier exemple qui a �t� pr�sent�
� la Commission financi�re du Congr�s}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {am�ricain : il s\uc1\u8217Xagit du cas r�el
d\uc1\u8217Xune banque am�ricaine qui a subi une perte de 1,8 million
de}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {dollars ; selon
les hypoth�ses les plus pessimistes, elle en perdra 100 millions en fin
de}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {parcours, mais,
sur la base des valeurs de march� qui ne correspondent en rien aux
valeurs}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {�conomiques,
on l\uc1\u8217Xoblige � d�pr�cier 913 millions de dollars dans son portefeuille de
titres.}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {Est-ce bien
raisonnable ?}\par\pard\li773\ri0\sl-346\slmult0 \fs22\cf0\f0\charscalex100 {Autre
exemple : en pr�sentant les comptes 2008 d\uc1\u8217XAXA, Henri de Castries a
d�clar�}\par\pard\li773\ri0\sl-266\slmult0 \*\tx2813\fs22\cf0\f0\charscalex100
{publiquement ceci :}\tab \fs22\cf0\f0\charscalex100\i {� Le r�sultat net
d\uc1\u8217XAXA pour 2008 s\uc1\u8217X�l�ve � 923 millions d\uc1\u8217Xeuros.
Ce}\i0 \par\pard\li773\ri0\sl-253\slmult0 \fs22\cf0\f0\charscalex100\i {r�sultat ne
repr�sente pas la r�alit� �conomique. En �cartant l\uc1\u8217Ximpact des normes
IFRS qui}\i0 \par\pard\li773\ri0\sl-253\slmult0 \fs22\cf0\f0\charscalex100\i
{obligent � comptabiliser les actifs d�tenus � la valeur de march� \uc1\u8211X soit
un impact de 1,9}\i0 \par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100\i {milliard d\uc1\u8217Xeuros \uc1\u8211X, le v�ritable
r�sultat serait de 2,8 milliards d\uc1\u8217Xeuros. �}\i0
{ }\fs22\cf0\f0\charscalex100 {Dans les compagnies}\par\pard\li773\ri0\sl-
266\slmult0 \fs22\cf0\f0\charscalex100 {d\uc1\u8217Xassurance, l\uc1\u8217Xhorizon
de d�tention est fondamental, puisque le passif est long. Pourquoi ne
pas}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {admettre que
l\uc1\u8217Xactif est �galement long ?}\par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
266\slmult0 \fs14\cf0\f0\charscalex100 {3}{ }\fs20\cf0\f0\charscalex100\i
{Rating}\i0 { }\fs20\cf0\f0\charscalex100 {: en l\uc1\u8217Xoccurrence, estimation
de la capacit� de la banque � rembourser sa dette.}\par\pard\li2453\ri0\sl-
426\slmult0 \fs20\cf0\f0\charscalex100 {� �cole de Paris du management - 94 bd du
Montparnasse - 75014 Paris}\par\pard\li1400\ri0\sl-213\slmult0
\fs20\cf0\f0\charscalex100 {T�l : 01 42 79 40 80 - Fax : 01 43 21 56 84 - email :
ecopar@paris.ensmp.fr - http://www.ecole.org}\par\pard\li5306\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li5306\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100
{8}\par\pard\sect\sectd\sbkpage\pgwsxn11893\pghsxn16840\marglsxn666\margrsxn133\mar
gtsxn666\margbsxn160\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
280\slmult0 \fs24\cf0\f0\charscalex100 {La critique vaut aussi pour les r�gles
prudentielles applicables aux assurances (Solvency II)}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {puisqu\uc1\u8217Xune nouvelle r�gle dont
l\uc1\u8217Xhorizon est de seulement 12 mois est sur le point
d\uc1\u8217X�tre}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100
{valid�e. Du coup, le seul et unique objectif des compagnies d\uc1\u8217Xassurance
sera d\uc1\u8217X�tre liquides �}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {douze mois, comme si une compagnie
d\uc1\u8217Xassurance se g�rait sur une si courte dur�e !}\par\pard\li773\ri0\sl-
386\slmult0 \fs24\cf0\f0\charscalex100\i {La qualit� de l\uc1\u8217Xinformation}\i0
\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {J\uc1\u8217Xentends dire que l\uc1\u8217Xinformation
que l\uc1\u8217Xon donne aux investisseurs sur la valeur des
portefeuilles}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {en se
r�f�rant � la valeur de march� est tr�s int�ressante et tr�s importante. Je crois
au contraire}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {que
donner le prix qui a �t� d�termin� la veille par tous les sp�culateurs de la terre,
en t�te}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {desquels les
vendeurs � d�couvert, n\uc1\u8217Xest pas du tout informatif. Si �
l\uc1\u8217Xinverse, sous contr�le des}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {commissaires aux comptes, on calcule une valeur
�conomique en se basant sur les horizons de}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {d�tention des diff�rents actifs, cette information est
beaucoup plus riche, parce que l\uc1\u8217Xon va �tre}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {oblig� de la d�tailler dans des
annexes.}\par\pard\li773\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100\i {De
multiples comptes ?}\i0 \par\pard\li773\ri0\sl-480\slmult0
\fs22\cf0\f0\charscalex100 {Faut-il distinguer les normes comptables destin�es aux
investisseurs de celles destin�es aux}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {r�gulateurs prudentiels ? C\uc1\u8217Xest un des
arguments de l\uc1\u8217XIASB qui d�clare travailler pour
les}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {investisseurs
qui n\uc1\u8217Xont pas d\uc1\u8217Xautorit� sur les entreprises et donc, ne
peuvent exiger d\uc1\u8217Xelles de}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {les informer. � l\uc1\u8217Xinverse, les r�gulateurs
prudentiels ont autorit� pour demander aux entreprises}\par\pard\li773\ri0\sl-
266\slmult0 \fs22\cf0\f0\charscalex100 {des informations compl�mentaires, de m�me
que le management a la possibilit� d\uc1\u8217Xexiger de
ses}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {comptables et de
ses gestionnaires les informations dont il a besoin.}\par\pard\li773\ri0\sl-
346\slmult0 \fs22\cf0\f0\charscalex100 {Cette approche-l� conduirait � faire de
multiples comptes : pour juger de la qualit� du}\par\pard\li773\ri0\sl-
266\slmult0 \fs22\cf0\f0\charscalex100 {management, pour le fisc, pour les
r�gulateurs et aussi pour les investisseurs, entre lesquels
il}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {faudrait
distinguer investisseurs long terme, court terme, sp�culateurs, etc. J\uc1\u8217Xai
lutt� trente ans}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100
{contre la multiplicit� des comptes parce que j\uc1\u8217Xai pass� trop de temps �
corriger, justifier et}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {r�concilier les comptes des uns et des autres. Pour
faire revenir la confiance, il faut donner les}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {m�mes comptes � tout le monde, et notamment
les m�mes aux investisseurs et aux r�gulateurs.}\par\pard\li4626\ri0\sl-333\slmult0
\fs24\cf0\f0\charscalex100\b {Pour conclure}\b0 \par\pard\li773\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{Les partisans de la r�f�rence � la valeur de march� disent qu\uc1\u8217Xelle
constitue un thermom�tre}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {objectif qu\uc1\u8217Xil ne faut surtout pas casser.
Mais si le thermom�tre est inexact, le diagnostic sera}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {erron� et la th�rapeutique
inadapt�e.}\par\pard\li773\ri0\sl-413\slmult0 \fs22\cf0\f0\charscalex100 {Je suis
d\uc1\u8217Xaccord que ce n\uc1\u8217Xest pas la juste valeur qui a cr�� la crise,
de m�me qu\uc1\u8217Xau}{ }\fs18\cf0\f0\charscalex100 {XVIII}{\super
\fs12\up3\cf0\f0\charscalex100 {e}}\fs22\cf0\f0\charscalex100
{si�cle}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {ce
n\uc1\u8217X�taient pas les saign�es qui provoquaient les maladies infectieuses.
Mais leur}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100
{multiplication tuait le malade au lieu de le renforcer. Je crains que la juste
valeur ne soit un peu}\par\pard\li773\ri0\sl-266\slmult0
\*\tx4666\fs22\cf0\f0\charscalex100 {comme les saign�es des m�decins du}\tab
\fs18\cf0\f0\charscalex100 {XVIII}{\super \fs12\up3\cf0\f0\charscalex100
{e}}\fs22\cf0\f0\charscalex100 {si�cle, c\uc1\u8217Xest-�-dire que face � un
malade, elle}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{l\uc1\u8217Xemp�che de reprendre des forces, l\uc1\u8217Xaffaiblisse, parfois m�me
l\uc1\u8217Xach�ve.}\par\pard\li2453\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2453\ri0\sl-373\slmult0 \fs20\cf0\f0\charscalex100 {� �cole de
Paris du management - 94 bd du Montparnasse - 75014 Paris}\par\pard\li1400\ri0\sl-
213\slmult0 \fs20\cf0\f0\charscalex100 {T�l : 01 42 79 40 80 - Fax : 01 43 21 56 84
- email : ecopar@paris.ensmp.fr - http://www.ecole.org}\par\pard\li5306\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li5306\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100
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li3520\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3520\ri0\sl-360\slmult0
\fs28\cf0\f0\charscalex100\b {EXPOS� de Gilbert G�LARD}\b0 \par\pard\li773\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {Bien que
l\uc1\u8217Xon nous ait rebattu les oreilles de cette question pendant des mois, et
ce, m�me}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {avant la
crise, je prends acte que personne ici n\uc1\u8217Ximpute la crise aux normes
comptables. Mais la}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{juste valeur y a-t-elle particip� ?}\par\pard\li773\ri0\sl-413\slmult0
\fs24\cf0\f0\charscalex100\i {La juste valeur}\i0 \par\pard\li773\ri0\sl-
480\slmult0 \fs22\cf0\f0\charscalex100 {Nicolas V�ron a tr�s bien expliqu� ce
qu\uc1\u8217Xest la juste valeur, dont la d�finition est r�sum�e
dans}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {la norme
am�ricaine FAS 157. Nous nous en inspirons fortement dans notre norme IAS 39
qui}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {indique comment
elle doit �tre d�finie quand on l\uc1\u8217Xutilise ; c\uc1\u8217Xest somme toute
assez rare, car}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {m�me
dans les instruments financiers les plus susceptibles d\uc1\u8217X�tre �valu�s � la
juste valeur, de}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100
{grands pans de bilans restent au co�t historique amorti. C\uc1\u8217Xest notamment
le cas pour les}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{banques qui ne titrisent pas.}\par\pard\li773\ri0\sl-333\slmult0
\fs24\cf0\f0\charscalex100\i {De quoi choquer}\i0 \par\pard\li773\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{Si au contraire les banques titrisent, elles re�oivent des quantit�s de titres
venant d\uc1\u8217Xautres}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {banques qu\uc1\u8217Xelles ne connaissent pas, dans des
portefeuilles dont elles ignorent le contenu, et}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {c\uc1\u8217Xest une des causes de la crise. Elles vont
s\uc1\u8217Xing�nier � les mettre dans des v�hicules hors
bilan}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {en les �tant
du m�me coup de la vue du public, ce qui est tr�s grave.}\par\pard\li773\ri0\sl-
400\slmult0 \*\tx9373\fs22\cf0\f0\charscalex100 {Le fait que la valeur de la dette
d\uc1\u8217Xune banque diminuerait au fur et � mesure que son}\tab
\fs22\cf0\f0\charscalex100\i {credit}\i0 \par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100\i {standing}\i0 { }\fs22\cf0\f0\charscalex100 {(niveau
de solvabilit�) dispara�trait est aussi tr�s choquant. Je pr�cise cependant
que}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {la r�gle
n\uc1\u8217Xest pas de diminuer cette dette, mais de la laisser au co�t historique,
et que le choix}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {de
la diminuer n\uc1\u8217Xest qu\uc1\u8217Xune option pour le pr�parateur. La Soci�t�
G�n�rale l\uc1\u8217Xa choisie l\uc1\u8217Xann�e}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {derni�re, et n\uc1\u8217X�tait certainement pas la
seule.}\par\pard\li773\ri0\sl-360\slmult0 \*\tx4293\fs22\cf0\f0\charscalex100\b
{Olivier POUPART-LAFARGE :}\b0 \tab \fs22\cf0\f0\charscalex100 {Plus de la moiti�
des banques ont choisi cette option,}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {comme presque toutes les banques am�ricaines. Les
banques fran�aises ont suivi le mouvement}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {en estimant qu\uc1\u8217Xil n\uc1\u8217Xy avait pas de
raison que les Am�ricains puissent le faire et pas les}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {Fran�ais.}\par\pard\li773\ri0\sl-
400\slmult0 \fs22\cf0\f0\charscalex100\b {Gilbert G�LARD :}\b0
{ }\fs22\cf0\f0\charscalex100 {Personnellement je suis pour l\uc1\u8217Xutilisation
de la juste valeur pour beaucoup}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {d\uc1\u8217Xinstruments financiers, mais je ne le suis
clairement pas quand il s\uc1\u8217Xagit du passif. � mon
avis,}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {nous
n\uc1\u8217Xaurions pas d� permettre une telle option.}\par\pard\li773\ri0\sl-
413\slmult0 \fs24\cf0\f0\charscalex100\i {Une erreur d\uc1\u8217Xapplication}\i0
\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {En grande partie, les banques se sont inflig�es elles-
m�mes la peine en inscrivant dans leur}\par\pard\li773\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {portefeuille de}{ }\fs22\cf0\f0\charscalex100\i
{trading}\i0 {\super \fs14\up5\cf0\f0\charscalex100\i
{4}\i0 }\fs22\cf0\f0\charscalex100 {, donc en juste valeur, quantit�
d\uc1\u8217Xinstruments qui, n\uc1\u8217X�tant pas vraiment}\par\pard\li773\ri0\sl-
266\slmult0 \fs22\cf0\f0\charscalex100 {n�gociables, n\uc1\u8217Xauraient pas d�
�tre comptabilis�s en juste valeur. Lorsqu\uc1\u8217Xelles ont constat�
que}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {ces instruments
n\uc1\u8217X�taient plus n�gociables, elles ont voulu les faire sortir du
portefeuille de}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100\i
{trading}\i0 { }\fs22\cf0\f0\charscalex100 {pour les mettre dans un portefeuille
comptabilis� au co�t historique, ce que nous avons}\par\pard\li773\ri0\sl-
266\slmult0 \fs22\cf0\f0\charscalex100 {finalement admis en octobre 2008, � la
suite d\uc1\u8217Xune intervention du politique, mais en
exigeant}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {que les
banques disent ce qu\uc1\u8217Xauraient �t� leurs r�sultats si elles
n\uc1\u8217Xavaient pas d�class� leur}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {portefeuille. Cette intervention politique de
l\uc1\u8217XUnion europ�enne �tait vraiment malvenue, car
la}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {crise �tait l� et
ce n\uc1\u8217X�tait pas le moment de changer le
thermom�tre.}\par\pard\li773\ri0\sl-253\slmult0 \fs24\cf0\f0\charscalex100\i {Les
interf�rences entre normes}\i0 \par\pard\li773\ri0\sl-466\slmult0
\fs22\cf0\f0\charscalex100 {En fait, c\uc1\u8217Xest pour des raisons prudentielles
que les banques ont mis ind�ment ces titres}\par\pard\li773\ri0\sl-266\slmult0
\*\tx3800\fs24\cf0\f0\charscalex100 {bizarres en portefeuille de}\tab
\fs24\cf0\f0\charscalex100\i {trading}\i0 \fs24\cf0\f0\charscalex100 {. Cette
conjonction malheureuse entre les normes}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {prudentielles et les normes comptables est une des
causes de la crise. Se pose alors la question}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {de savoir si les normes prudentielles doivent suivre
les normes comptables. J\uc1\u8217Xobserve que}\par\pard\li773\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-360\slmult0 \fs14\cf0\f0\charscalex100
{4}{ }\fs20\cf0\f0\charscalex100 {L\uc1\u8217Xactivit� de}
{ }\fs20\cf0\f0\charscalex100\i {trading :}\i0 { }\fs20\cf0\f0\charscalex100
{activit� r�guli�re d\uc1\u8217Xachat-vente d\uc1\u8217Xinstruments financiers
ais�ment n�gociables.}\par\pard\li2453\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2453\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {� �cole de
Paris du management - 94 bd du Montparnasse - 75014 Paris}\par\pard\li1400\ri0\sl-
213\slmult0 \fs20\cf0\f0\charscalex100 {T�l : 01 42 79 40 80 - Fax : 01 43 21 56 84
- email : ecopar@paris.ensmp.fr - http://www.ecole.org}\par\pard\li5253\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li5253\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100
{10}\par\pard\sect\sectd\sbkpage\pgwsxn11893\pghsxn16840\marglsxn666\margrsxn133\ma
rgtsxn666\margbsxn160\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {seulement
deux secteurs sont soumis aux normes prudentielles : les banques et les
assurances.}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{S\uc1\u8217Xil y a des normes prudentielles, c\uc1\u8217Xest que l\uc1\u8217Xon
poursuit un autre objectif que l\uc1\u8217Xinformation du}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {march�. Elles ne devraient donc pas
interf�rer avec les autres normes.}\par\pard\li773\ri0\sl-413\slmult0
\fs24\cf0\f0\charscalex100\i {Les comptes sp�cifiques}\i0 \par\pard\li773\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{Je suis pour la sp�cificit� des divers jeux de comptes, mais les comptes destin�s
aux}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {investisseurs
sont pour moi les plus importants. Pour ce qui rel�ve du prudentiel, la
tyrannie}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {des ratios
est un v�ritable pousse-au-crime, car elle incite � prendre de mani�re instantan�e
des}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {d�cisions
contre-productives.}\par\pard\li773\ri0\sl-386\slmult0 \fs24\cf0\f0\charscalex100\i
{Le \uc1\u8220Xcourt termisme\uc1\u8221X}\i0 \par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Une norme
comptable se veut toujours neutre. Ce sont les comportements des dirigeants
qui}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {rel�vent ou non
du court termisme. Il faudrait peut-�tre aussi r�fl�chir � d\uc1\u8217Xautres
ph�nom�nes}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {qui ont
contribu� � nous conduire � la crise actuelle.}\par\pard\li773\ri0\sl-413\slmult0
\fs24\cf0\f0\charscalex100\i {Les stock-options et les bonus}\i0
\par\pard\li773\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {En tant que citoyen,
je pense que le syst�me des stock-options est le plus pousse-au-crime
qui}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {soit pour les
dirigeants. Il devrait �tre interdit parce qu\uc1\u8217Xil est une mine � d�lits
d\uc1\u8217Xiniti�, et il}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {induit du court termisme en encourageant une gestion
des r�sultats visant d\uc1\u8217X�ventuels profits}\par\pard\li773\ri0\sl-
266\slmult0 \fs22\cf0\f0\charscalex100 {personnels. Du reste, toute r�mun�ration
bas�e sur les futurs cours de l\uc1\u8217Xaction me semble}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {devoir �tre interdite, y compris les
bonus.}\par\pard\li773\ri0\sl-373\slmult0 \fs22\cf0\f0\charscalex100 {Mais en tant
que normalisateur comptable, je constate que les stock-options existent et
sont}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {licites, et je
dois faire en sorte qu\uc1\u8217Xelles soient comptabilis�es le mieux possible,
c\uc1\u8217Xest-�-dire en}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {frais de personnel, donc dans les comptes de r�sultats,
ce qui ne pla�t sans doute pas � tout le}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {monde. Par ailleurs, si lorsque le march� monte on
consid�re l�gitime de r�mun�rer le travail}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {sur la base de cette augmentation de valeur, il faut
que ce soit �galement l�gitime quand le}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {march� baisse, et donc admettre qu\uc1\u8217Xil y ait
une coh�rence entre la mesure comptable et les}\par\pard\li773\ri0\sl-
266\slmult0 \fs22\cf0\f0\charscalex100 {bonus. Or, personne ne s\uc1\u8217Xest
plaint des bonus quand le march� montait, ce qui a l�gitim�
le}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {traitement
comptable. Il faut donc bien savoir de quoi on veut parler.}\par\pard\li773\ri0\sl-
280\slmult0 \fs24\cf0\f0\charscalex100\i {La gouvernance}\i0
\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {La gouvernance est tr�s importante, et � cet �gard les
normes comptables et celles des}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {r�gulateurs prudentiels doivent �tre coh�rentes. La
position de l\uc1\u8217XIASB selon laquelle ce
n\uc1\u8217Xest}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {pas
son probl�me, mais celui de ces r�gulateurs, n\uc1\u8217Xest � mon avis pas
tenable. Autant je ne vois}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {pas pourquoi les comptes des secteurs faisant
l\uc1\u8217Xobjet d\uc1\u8217Xune r�glementation prudentielle \uc1\u8211X
les}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {banques et les
assurances \uc1\u8211X seraient diff�rents des autres, autant je crois que nous
devons nous}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{coordonner avec les autorit�s prudentielles.}\par\pard\li773\ri0\sl-333\slmult0
\*\tx7973\*\tx8666\fs22\cf0\f0\charscalex100 {Ma position peut para�tre ambigu�,
mais comme les autres membres du}\tab \fs22\cf0\f0\charscalex100\i {Board}\i0
\tab \fs22\cf0\f0\charscalex100 {de l\uc1\u8217XIASB je}\par\pard\li773\ri0\sl-
266\slmult0 \fs22\cf0\f0\charscalex100 {suis effectivement un quasi-l�gislateur. Un
pouvoir �norme nous est d�j� donn� par l\uc1\u8217XEurope,}\par\pard\li773\ri0\sl-
266\slmult0 \fs22\cf0\f0\charscalex100 {et sans doute bient�t par le Japon, le
Canada, le Mexique, l\uc1\u8217XInde, et la Chine. Nous
devons}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {donc trouver
un point d\uc1\u8217X�quilibre entre une ind�pendance et une tutelle qui nous
l�gitimerait}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {dans
l\uc1\u8217Xensemble mondial, car la crise qui touche le monde entier a
paradoxalement prouv� que}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {la mondialisation fonctionne.}\par\pard\li773\ri0\sl-
346\slmult0 \fs22\cf0\f0\charscalex100 {Il reste � la r�guler au maximum, et
r�pondre � la demande de disposer � terme d\uc1\u8217Xun
ensemble}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {unique de
normes comptables, objectif vers lequel nous devons converger rapidement avec
les}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {�tats-Unis, ce
que nous essayons de faire et dans l\uc1\u8217Xensemble cela ne marche pas trop
mal.}\par\pard\li773\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100\i {La neutralit�
du normalisateur}\i0 \par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Quand
Nicolas V�ron a parl� des crit�res de qualit� des �tats financiers, il a cit� la
pertinence,}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {la
fiabilit�, la comparabilit� et l\uc1\u8217Xintelligibilit�. Il aurait pu ajouter la
neutralit� qui concerne � la}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {fois la comparabilit� et la pertinence, deux concepts
qui du coup s\uc1\u8217Xentrechoquent. En effet,}\par\pard\li2453\ri0\sl-
400\slmult0 \fs20\cf0\f0\charscalex100 {� �cole de Paris du management - 94 bd du
Montparnasse - 75014 Paris}\par\pard\li1400\ri0\sl-213\slmult0
\fs20\cf0\f0\charscalex100 {T�l : 01 42 79 40 80 - Fax : 01 43 21 56 84 - email :
ecopar@paris.ensmp.fr - http://www.ecole.org}\par\pard\li5253\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li5253\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100
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1}}}}\pgwsxn11893\pghsxn16840\marglsxn666\margrsxn133\margtsxn666\margbsxn160\pard\
li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {selon la comparabilit�, un titre devrait avoir la m�me
valeur quelle que soit l\uc1\u8217Xentreprise qui le}\par\pard\li773\ri0\sl-
266\slmult0 \fs22\cf0\f0\charscalex100 {d�tient, ce qui n\uc1\u8217Xest pas
vraiment pertinent puisque la valeur est diff�rente selon
l\uc1\u8217Xutilisation}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {que l\uc1\u8217Xon compte faire de ce titre. Le
normalisateur a privil�gi� jusqu\uc1\u8217X� pr�sent la
comparabilit�}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {parce
qu\uc1\u8217Xil craint que les intentions du management ne soient pas fiables ou ne
puissent �tre}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {men�es
� leur terme. Je ne pense pas qu\uc1\u8217Xil ait compl�tement
tort.}\par\pard\li773\ri0\sl-373\slmult0 \fs22\cf0\f0\charscalex100 {Quand Olivier
Poupart-Lafarge dit que la juste valeur d\uc1\u8217Xun instrument financier doit
�tre la}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {valeur
�conomique pour l\uc1\u8217Xentreprise qui le poss�de, je m\uc1\u8217Xinterroge
toujours pour savoir quelle}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {est cette valeur �conomique et comment
l\uc1\u8217Xinvestisseur pourrait la comparer de mani�re
utile}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {pour ses
prises de d�cision, et c\uc1\u8217Xest pourquoi je me range plut�t du c�t� de ceux
qui}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {privil�gient la
comparabilit� et la neutralit� de la mesure comptable.}\par\pard\li4866\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li4866\ri0\sl-466\slmult0
\fs28\cf0\f0\charscalex100\b {D�BAT}\b0 \par\pard\li4906\ri0\sl-480\slmult0
\fs24\cf0\f0\charscalex100\b {Du sacr�}\b0 \par\pard\li773\ri0\sl-480\slmult0
\fs24\cf0\f0\charscalex100\b {Un intervenant :}\b0 { }\fs24\cf0\f0\charscalex100\i
{Il me semble assez normal de se rapprocher de la th�ologie car la}\i0
\par\pard\li773\ri0\sl-253\slmult0 \fs24\cf0\f0\charscalex100\i {comptabilit� est
imbib�e de sacr� et c\uc1\u8217Xest pour cela qu\uc1\u8217Xelle fonctionne.}\i0
\par\pard\li773\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex100\b {Bernard
Colasse}\b0 { }\fs24\cf0\f0\charscalex100 {(Professeur � l\uc1\u8217Xuniversit�
Paris-Dauphine)}{ }\fs24\cf0\f0\charscalex100\b {:}\b0
{ }\fs24\cf0\f0\charscalex100 {Luca Pacioli, l\uc1\u8217Xauteur
du}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {premier manuel de
comptabilit�, pr�conisait de mettre le signe de croix sur les livres
de}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {comptes.
Aujourd\uc1\u8217Xhui on n\uc1\u8217Xinvoque plus Dieu mais
l\uc1\u8217Xinvestisseur, un �tre assez mythique ;}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {c\uc1\u8217Xest vrai, on est toujours dans
le sacr�.}\par\pard\li773\ri0\sl-400\slmult0 \fs24\cf0\f0\charscalex100\b {Nicolas
V�ron :}\b0 { }\fs24\cf0\f0\charscalex100 {Il ne faut pas pousser le parall�le trop
loin, mais il apporte des cl�s de}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {compr�hension. La doctrine th�ologique se heurte
souvent � la complexit� et � la diversit� du}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {r�el. L\uc1\u8217XIASB est dans une position assez
comparable en promouvant des principes comme}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {celui de la}{ }\fs24\cf0\f0\charscalex100\i {fair
value}\i0 { }\fs24\cf0\f0\charscalex100 {qu\uc1\u8217Xil ne parvient pas � �tendre
� l\uc1\u8217Xensemble des instruments financiers.}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {L\uc1\u8217XIASB rappelle certains conflits
pass�s entre le pape, qui affirmait la neutralit� politique de
la}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {foi (� C�sar ce
qui est � C�sar) alors que les gouvernants pensaient que son autorit� morale
sur}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {leurs sujets
faisait de lui un rival politique. La papaut� est d\uc1\u8217Xune certaine mani�re
la premi�re}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{tentative de construire une institution politique (de fait, sinon de droit) �
l\uc1\u8217X�chelle mondiale.}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {Les affrontements actuels entre l\uc1\u8217XIASB et les
autorit�s politiques font parfois penser au d�but}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {de la R�forme, une r�volte venant de la
base contre une autorit� per�ue comme ill�gitime et}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {inefficace. Mais la papaut� a pr�s de deux
mille ans d\uc1\u8217X�ge, alors que l\uc1\u8217XIASB est encore
loin}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{d\uc1\u8217Xavoir prouv� sa capacit� � durer.}\par\pard\li3426\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100\b {Et la valorisation du capital
humain ?}\b0 \par\pard\li773\ri0\sl-373\slmult0 \fs24\cf0\f0\charscalex100\b
{Int. :}\b0 { }\fs24\cf0\f0\charscalex100\i {Je regrette qu\uc1\u8217Xon ne cherche
absolument pas � valoriser le capital humain, alors que ce}\i0
\par\pard\li773\ri0\sl-253\slmult0 \fs24\cf0\f0\charscalex100\i {serait
int�ressant, ne serait-ce que dans une vision humaniste.}\i0
\par\pard\li773\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex100\b {Olivier Poupart-
Lafarge :}\b0 { }\fs24\cf0\f0\charscalex100 {Quand on ach�te un}
{ }\fs24\cf0\f0\charscalex100\i {goodwill}\i0 {\super
\fs16\up5\cf0\f0\charscalex100 {5}}\fs24\cf0\f0\charscalex100 {, il est
repr�sentatif d\uc1\u8217Xun certain}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {nombre de choses, la marque, le}
{ }\fs24\cf0\f0\charscalex100\i {know-how}\i0 \fs24\cf0\f0\charscalex100 {, les
brevets, etc., mais aussi le capital humain. En}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {revanche, si l\uc1\u8217Xon a cr�� soi-m�me
le capital humain, on n\uc1\u8217Xa pas le droit de le valoriser et
c\uc1\u8217Xest}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{regrettable. Par ailleurs, si l\uc1\u8217Xon a �t� amen� � d�pr�cier une action
parce que l\uc1\u8217Xentreprise a}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {effectivement perdu de sa valeur, il se peut
qu\uc1\u8217Xensuite, gr�ce � un effort manag�rial, on}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {parvienne � reconstituer cette valeur et
donc � revaloriser le capital humain. Mais l� encore, on}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {ne peut ni le comptabiliser, ni m�me
reprendre une provision qu\uc1\u8217Xon aurait pass�e. On
pourrait}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {au moins
admettre de pouvoir reprendre des pr�visions pour d�pr�ciation dans ce cas-
l�.}\par\pard\li773\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {Gilbert G�lard
:}\b0 { }\fs24\cf0\f0\charscalex100 {Je d�fends cette th�se depuis tr�s
longtemps.}\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
333\slmult0 \fs12\cf0\f0\charscalex100 {5}{\sub \fs18\cf0\f0\charscalex100
{Le}}\fs18\cf0\f0\charscalex100\i {goodwill}\i0 { }\fs18\cf0\f0\charscalex100
{(appel� aussi survaleur) est la diff�rence entre l\uc1\u8217Xactif du bilan
d\uc1\u8217Xune entreprise et la somme de son}\par\pard\li773\ri0\sl-213\slmult0
\fs20\cf0\f0\charscalex100 {capital immat�riel et mat�riel valoris�e � la valeur de
march�.}\par\pard\li2453\ri0\sl-413\slmult0 \fs20\cf0\f0\charscalex100 {� �cole de
Paris du management - 94 bd du Montparnasse - 75014 Paris}\par\pard\li1400\ri0\sl-
213\slmult0 \fs20\cf0\f0\charscalex100 {T�l : 01 42 79 40 80 - Fax : 01 43 21 56 84
- email : ecopar@paris.ensmp.fr - http://www.ecole.org}\par\pard\li5253\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li5253\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100
{12}\par\pard\sect\sectd\sbkpage\pgwsxn11893\pghsxn16840\marglsxn666\margrsxn133\ma
rgtsxn666\margbsxn160\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {N.
V. :}\b0 { }\fs24\cf0\f0\charscalex100 {Du point de vue de l\uc1\u8217Xanalyste
externe, le capital humain n\uc1\u8217Xest pas la propri�t�
de}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{l\uc1\u8217Xentreprise, et ne peut donc entrer dans la d�finition comptable
d\uc1\u8217Xun actif. Comme cela vient}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {d\uc1\u8217X�tre dit, on ne mesure pas le}
{ }\fs24\cf0\f0\charscalex100\i {goodwill}\i0 { }\fs24\cf0\f0\charscalex100 {que
cr�e l\uc1\u8217Xentreprise tant qu\uc1\u8217Xil n\uc1\u8217Xa pas �t�
cristallis�}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {dans une
transaction de vente. C\uc1\u8217Xest peut-�tre la plus grande des limitations de
la comptabilit�.}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {Du
coup, une part consid�rable de la valeur est et restera ignor�e par la
comptabilit�. C\uc1\u8217Xest}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {pourquoi je suis sceptique face � l\uc1\u8217Xid�e de
reprendre des provisions pour d�pr�ciation de}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100\i {goodwill}\i0 \fs24\cf0\f0\charscalex100 {. Il faut
arriver � vivre avec cette difficult� de la m�me fa�on que dans
d\uc1\u8217Xautres}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{disciplines on vit avec l\uc1\u8217Ximperfection du monde.}\par\pard\li773\ri0\sl-
293\slmult0
\fs24\cf0\f0\charscalex100\b {G. G. :}\b0 { }\fs24\cf0\f0\charscalex100 {Le fait
de n\uc1\u8217X�tre pas propri�taire des gens ne me para�t pas r�dhibitoire, parce
que ce}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{n\uc1\u8217Xest pas la notion de propri�t� qui compte pour d�terminer un actif,
c\uc1\u8217Xest celle de ressource �}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {sa disposition. Par exemple, bien qu\uc1\u8217Xon ne
soit pas propri�taire d\uc1\u8217Xun bien en leasing, il
sera}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {bient�t
possible de le mettre � l\uc1\u8217Xactif et la dette correspondante au passif. Il
reste que les gens}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{peuvent partir du jour au lendemain ce qui fragilise la notion de permanence du
capital humain.}\par\pard\li4000\ri0\sl-360\slmult0 \fs24\cf0\f0\charscalex100\b
{La gouvernance de l\uc1\u8217XIASB}\b0 \par\pard\li773\ri0\sl-480\slmult0
\fs24\cf0\f0\charscalex100\b {B. C. :}\b0 { }\fs24\cf0\f0\charscalex100\i {Derri�re
les mod�les comptables il y a des mod�les de gouvernance des entreprises. Il}\i0
\par\pard\li773\ri0\sl-253\slmult0 \fs24\cf0\f0\charscalex100\i {est clair que pour
Olivier Poupart-Lafarge la partie prenante dominante est le manager, et}\i0
\par\pard\li773\ri0\sl-253\slmult0 \fs24\cf0\f0\charscalex100\i {pour Gilbert
G�lard c\uc1\u8217Xest l\uc1\u8217Xinvestisseur. � vrai dire, je me sens beaucoup
plus proche de ce}\i0 \par\pard\li773\ri0\sl-253\slmult0
\fs24\cf0\f0\charscalex100\i {qu\uc1\u8217Xa dit Olivier Poupart-Lafarge mais sans
aller jusqu\uc1\u8217X� dire qu\uc1\u8217Xil faut substituer la valeur}\i0
\par\pard\li773\ri0\sl-253\slmult0 \fs24\cf0\f0\charscalex100\i {�conomique � la
juste valeur de march�, parce que tous les dirigeants ne sont pas vertueux
et}\i0 \par\pard\li773\ri0\sl-253\slmult0 \fs24\cf0\f0\charscalex100\i {toutes
leurs intentions ne sont pas bonnes. Cela dit la connaissance des intentions
d\uc1\u8217Xun}\i0 \par\pard\li773\ri0\sl-253\slmult0 \fs24\cf0\f0\charscalex100\i
{dirigeant pour un investisseur est extr�mement importante.}\i0
\par\pard\li1133\ri0\sl-253\slmult0 \fs24\cf0\f0\charscalex100\i {Tous les
probl�mes �voqu�s par Nicolas V�ron nous ram�nent � la question de la}\i0
\par\pard\li773\ri0\sl-253\slmult0 \fs24\cf0\f0\charscalex100\i {gouvernance de
l\uc1\u8217XIASB. Il est clair qu\uc1\u8217Xil y a quand m�me un probl�me avec la
juste valeur, et}\i0 \par\pard\li773\ri0\sl-253\slmult0
\fs24\cf0\f0\charscalex100\i {qu\uc1\u8217Xil faudra sans doute proc�der � un
r�glage assez fin de son application. D\uc1\u8217Xailleurs l\uc1\u8217XIASB
a}\i0 \par\pard\li773\ri0\sl-253\slmult0 \fs24\cf0\f0\charscalex100\i {commenc� �
le faire en octobre dernier, mais � son corps d�fendant, prouvant ainsi que son}\i0
\par\pard\li773\ri0\sl-253\slmult0 \fs24\cf0\f0\charscalex100\i {ind�pendance et
son autonomie sont quand m�me relatives, ce qui me semble in�vitable. En}\i0
\par\pard\li773\ri0\sl-253\slmult0 \fs24\cf0\f0\charscalex100\i {effet, en faisant
des normes comptables on agit sur le r�el, avec des cons�quences}\i0
\par\pard\li773\ri0\sl-253\slmult0 \fs24\cf0\f0\charscalex100\i {�conomiques,
financi�res et sociales. C\uc1\u8217Xest pourquoi le probl�me de la mise sous
tutelle de}\i0 \par\pard\li773\ri0\sl-253\slmult0 \fs24\cf0\f0\charscalex100\i
{l\uc1\u8217XIASB va se poser. � d�faut d\uc1\u8217Xune organisation mondiale de la
finance, je pense que le Forum}\i0 \par\pard\li773\ri0\sl-253\slmult0
\fs24\cf0\f0\charscalex100\i {de stabilit� financi�re pourrait jouer ce
r�le.}\i0 \par\pard\li773\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {G.
G. :}\b0 { }\fs24\cf0\f0\charscalex100 {Je sais que notre ind�pendance est une
sorte de fiction, car actuellement l\uc1\u8217XUnion}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {europ�enne a d�j� le pouvoir
d\uc1\u8217Xent�riner, d\uc1\u8217Xamender ou de refuser les normes que
nous}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {�tablissons.
Mais � qui rendre compte ? Puisque l\uc1\u8217XIASB a de fait vocation � toucher
de}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {nombreux pays au-
del� de l\uc1\u8217XUnion europ�enne, il faut trouver l\uc1\u8217Xorganisme
l�gitime. Vous citez}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{le Forum de stabilit� financi�re qui se pr�occupe essentiellement de r�gles
prudentielles}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{concernant les banques et les assurances, et non l\uc1\u8217Xensemble de
l\uc1\u8217X�conomie. Je ne pense pas que}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {l\uc1\u8217XIASB doive �tre rattach� � un organisme
prudentiel.}\par\pard\li773\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100\b {B.
C. :}\b0 { }\fs24\cf0\f0\charscalex100\i {Ce n\uc1\u8217Xest pas ce que
j\uc1\u8217Xai voulu dire. Je voulais seulement sugg�rer que le Forum de}\i0
\par\pard\li773\ri0\sl-253\slmult0 \fs24\cf0\f0\charscalex100\i {stabilit�
financi�re pourrait jouer un r�le de coordination entre le normalisateur comptable
et}\i0 \par\pard\li773\ri0\sl-253\slmult0 \fs24\cf0\f0\charscalex100\i {les
r�gulateurs prudentiels.}\i0 \par\pard\li3666\ri0\sl-440\slmult0
\fs24\cf0\f0\charscalex100\b {Sur la non-sp�cificit� des normes}\b0
\par\pard\li773\ri0\sl-493\slmult0 \fs24\cf0\f0\charscalex100\b {O. P.-L. :}\b0
{ }\fs24\cf0\f0\charscalex100 {Contrairement � la volont� affich�e de
l\uc1\u8217XIASB d\uc1\u8217Xavoir des �tats financiers}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {identiques, que l\uc1\u8217Xon
s\uc1\u8217Xappelle Renault ou BNP, je pense que la question de normes
sp�cifiques}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {pour les
banques et les assurances se pose. Ce ne sont pas les industriels qui ont mis en
cause}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {les normes
comptables, parce qu\uc1\u8217Xelles n\uc1\u8217Xont pas eu un impact suffisamment
important sur leurs}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{entreprises, mais les banques et les assurances, qui jouent un r�le particulier
dans l\uc1\u8217X�conomie}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {mondiale. Pourquoi �carter par principe
l\uc1\u8217Xid�e d\uc1\u8217Xavoir des normes comptables qui leur
soient}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{sp�cifiques ?}\par\pard\li773\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100\b
{Int. :}\b0 { }\fs24\cf0\f0\charscalex100\i {Pendant tr�s longtemps les assurances
ont eu une comptabilit� propre, ce qui a �t�}\i0 \par\pard\li773\ri0\sl-253\slmult0
\fs24\cf0\f0\charscalex100\i {supprim� assez r�cemment. Et je suis absolument en
d�saccord avec cette suppression car la}\i0 \par\pard\li2453\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-
266\slmult0 \fs20\cf0\f0\charscalex100 {� �cole de Paris du management - 94 bd du
Montparnasse - 75014 Paris}\par\pard\li1400\ri0\sl-213\slmult0
\fs20\cf0\f0\charscalex100 {T�l : 01 42 79 40 80 - Fax : 01 43 21 56 84 - email :
ecopar@paris.ensmp.fr - http://www.ecole.org}\par\pard\li5253\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li5253\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100
{13}\par\pard\sect\sectd\sbkpage\pgwsxn11893\pghsxn16840\marglsxn666\margrsxn133\ma
rgtsxn666\margbsxn160\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\i
{sophistication de la ma�trise des param�tres de l\uc1\u8217Xassurance par ses
actuaires est, � ma}\i0 \par\pard\li773\ri0\sl-253\slmult0
\fs24\cf0\f0\charscalex100\i {connaissance, ce qu\uc1\u8217Xon fait de mieux dans
l\uc1\u8217X�conomie.}\i0 \par\pard\li773\ri0\sl-466\slmult0
\fs24\cf0\f0\charscalex100\b {G. G. :}\b0 { }\fs24\cf0\f0\charscalex100 {Pourquoi
cette sophistication ne se traduit-elle pas dans les comptes des
assureurs ?}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {Pourquoi
ont-ils le syst�me le plus primaire qui soit pour reconna�tre leurs r�sultats et
mesurer}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {leur
passif ? Pour des raisons fiscales peut-�tre ? Je ne sais
pas.}\par\pard\li1133\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {Cela dit,
notre principe est de ne pas avoir de normes sp�cifiques, mais nous savons
qu\uc1\u8217Xil y}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {a
des sp�cificit�s. Il est clair que la norme IAS 39 sert beaucoup plus aux
assurances qu\uc1\u8217Xaux}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {autres secteurs, et que les banques se servent de la
norme IFRS 7 beaucoup plus que les}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {entreprises industrielles et commerciales. Si
l\uc1\u8217Xindustrie de l\uc1\u8217Xassurance dans son ensemble
ne}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {fera pas
l\uc1\u8217Xobjet de normes sp�cifiques, il en existera cependant une sur les
cons�quences}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{comptables d\uc1\u8217Xun contrat sign� entre un souscripteur et sa compagnie
d\uc1\u8217Xassurance.}\par\pard\li3440\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100\b {Valeur et prix : des concepts distincts}\b0
\par\pard\li773\ri0\sl-466\slmult0 \fs24\cf0\f0\charscalex100\b {Int. :}\b0
{ }\fs24\cf0\f0\charscalex100\i {Ce qui me choque le plus c\uc1\u8217Xest
qu\uc1\u8217Xon appelle juste valeur ce qui en fait est un prix. Or un}\i0
\par\pard\li773\ri0\sl-253\slmult0 \fs24\cf0\f0\charscalex100\i {prix rend compte
d\uc1\u8217X�motions et n\uc1\u8217Xa rien � voir avec une valeur
�conomique.}\i0 \par\pard\li773\ri0\sl-466\slmult0 \fs24\cf0\f0\charscalex100\b {G.
G. :}\b0 { }\fs24\cf0\f0\charscalex100
{La juste valeur est d�finie comme un prix auquel deux parties
ind�pendantes}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{contracteraient sur un march� actif. Peut-�tre ne devrait-on pas
l\uc1\u8217Xappeler juste valeur, mais}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {c\uc1\u8217Xest bien un prix. Ce terme de juste valeur
est surtout destin� � l\uc1\u8217Xopposer au co�t
historique}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {qui a �t�
un prix � une date donn�e.}\par\pard\li773\ri0\sl-386\slmult0
\fs24\cf0\f0\charscalex100\b {Int. :}\b0 { }\fs24\cf0\f0\charscalex100\i
{C\uc1\u8217Xest quand m�me dommage d\uc1\u8217Xintroduire un terme pouvant �tre
mal interpr�t� et de}\i0 \par\pard\li773\ri0\sl-253\slmult0
\fs24\cf0\f0\charscalex100\i {l\uc1\u8217Xappliquer tout d\uc1\u8217Xun coup,
mondialement, avec toutes les cons�quences qui peuvent en}\i0
\par\pard\li773\ri0\sl-253\slmult0 \fs24\cf0\f0\charscalex100\i {r�sulter par
ricochet.}\i0 \par\pard\li773\ri0\sl-466\slmult0 \fs24\cf0\f0\charscalex100\b {N.
V. :}\b0 { }\fs24\cf0\f0\charscalex100 {Dans ces d�bats il faut prendre garde � ne
pas se perdre dans des questions de}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {vocabulaire. Dans une ambition de produire des normes
mondiales, nous devons parvenir �}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {discuter des concepts sans �tre arr�t�s par ce genre de
questions qui ne peuvent que nous}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {ramener en arri�re.}\par\pard\li3306\ri0\sl-386\slmult0
\fs24\cf0\f0\charscalex100\b {Valeur de march� et valeur �conomique}\b0
\par\pard\li773\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex100\b {Int. :}\b0
{ }\fs24\cf0\f0\charscalex100\i {Olivier Poupart-Lafarge a fait la distinction
entre valeur de march� et valeur}\i0 \par\pard\li773\ri0\sl-253\slmult0
\fs24\cf0\f0\charscalex100\i {�conomique. La valeur �conomique est �videmment plus
convaincante, mais � condition de}\i0 \par\pard\li773\ri0\sl-253\slmult0
\fs24\cf0\f0\charscalex100\i {faire confiance au management parce qu\uc1\u8217Xil
est le mieux � m�me de l\uc1\u8217X�valuer et c\uc1\u8217Xest cela qui}\i0
\par\pard\li773\ri0\sl-253\slmult0 \fs24\cf0\f0\charscalex100\i {pose probl�me �
l\uc1\u8217XIASB. En tout cas, le fait d\uc1\u8217X�valuer au cours de Bourse de la
veille le paquet}\i0 \par\pard\li773\ri0\sl-253\slmult0
\fs24\cf0\f0\charscalex100\i {d\uc1\u8217Xactions que l\uc1\u8217Xon d�tient, peut
quand m�me para�tre surprenant puisqu\uc1\u8217Xon �value un stock �}\i0
\par\pard\li773\ri0\sl-253\slmult0 \fs24\cf0\f0\charscalex100\i {partir des prix de
transactions marginales\uc1\u8230X}\i0 \par\pard\li773\ri0\sl-413\slmult0
\fs24\cf0\f0\charscalex100\b {G. G. :}\b0 { }\fs24\cf0\f0\charscalex100 {Nous avons
attaqu� plusieurs fois ce probl�me de la valorisation d\uc1\u8217Xun
ensemble}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{d\uc1\u8217Xactions important, et nous sommes arriv�s � deux conclusions
contradictoires : pour certains}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {cela vaut plus cher qu\uc1\u8217Xune action isol�e
multipli�e par la quantit�, pour d\uc1\u8217Xautres au
contraire}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {cela vaut
moins cher dans certaines conditions. Faute d\uc1\u8217Xun consensus, nous nous
sommes}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {rabattus sur
l\uc1\u8217Xid�e de valoriser le stock d\uc1\u8217Xactions au cours de la
veille.}\par\pard\li773\ri0\sl-373\slmult0 \fs24\cf0\f0\charscalex100\b {N.
V. :}\b0 { }\fs24\cf0\f0\charscalex100 {Le prix de march� est �videmment tr�s
imparfait comme d�terminant de la valeur}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {�conomique, mais nous n\uc1\u8217Xavons effectivement
rien trouv� d\uc1\u8217Xautre permettant de donner lieu �}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {une meilleure norme
comptable.}\par\pard\li4413\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100\b {Le
trou et la corde}\b0 \par\pard\li773\ri0\sl-493\slmult0
\fs24\cf0\f0\charscalex100\b {Michel Rouger}\b0 { }\fs24\cf0\f0\charscalex100
{(Institut PRESAJE)}{ }\fs24\cf0\f0\charscalex100\b {:}\b0
{ }\fs24\cf0\f0\charscalex100\i {Quand j\uc1\u8217Xai cr�� le CDR sur le trou de 30
milliards}\i0 \par\pard\li773\ri0\sl-253\slmult0 \fs24\cf0\f0\charscalex100\i
{d\uc1\u8217Xeuros du Cr�dit Lyonnais, j\uc1\u8217Xai fait venir les cabinets
d\uc1\u8217Xaudit qui en avaient toujours certifi�}\i0 \par\pard\li773\ri0\sl-
253\slmult0 \fs24\cf0\f0\charscalex100\i {les comptes. Je leur ai demand� de
m\uc1\u8217Xexpliquer ce qui s\uc1\u8217X�tait pass�. Ils m\uc1\u8217Xont dit
qu\uc1\u8217Xils}\i0 \par\pard\li773\ri0\sl-253\slmult0
\fs24\cf0\f0\charscalex100\i {descendaient dans un trou, et que, ne voyant pas le
fond, ils avaient demand� qu\uc1\u8217Xon leur envoie}\i0 \par\pard\li773\ri0\sl-
253\slmult0 \fs24\cf0\f0\charscalex100\i {de la corde. Il leur a �t� r�pondu
qu\uc1\u8217Xil n\uc1\u8217Xy en avait plus, qu\uc1\u8217Xils devaient remonter. Il
s\uc1\u8217Xagissait}\i0 \par\pard\li773\ri0\sl-253\slmult0
\fs24\cf0\f0\charscalex100\i {d\uc1\u8217Xauditeurs ayant une place �minente dans
le monde de la normalisation.}\i0 \par\pard\li2453\ri0\sl-386\slmult0
\fs20\cf0\f0\charscalex100 {� �cole de Paris du management - 94 bd du Montparnasse
- 75014 Paris}\par\pard\li1400\ri0\sl-213\slmult0 \fs20\cf0\f0\charscalex100 {T�l :
01 42 79 40 80 - Fax : 01 43 21 56 84 - email : ecopar@paris.ensmp.fr -
http://www.ecole.org}\par\pard\li5253\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li5253\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100
{14}\par\pard\sect\sectd\sbkpage\pgwsxn11893\pghsxn16840\marglsxn666\margrsxn133\ma
rgtsxn666\margbsxn160\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
306\slmult0 \fs24\cf0\f0\charscalex100\b {N. V. :}\b0 { }\fs24\cf0\f0\charscalex100
{Je crois que cette histoire de trou et de cordes est effectivement ce qui est en
train de se}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {passer
pour certaines banques.}\par\pard\li3960\ri0\sl-440\slmult0
\fs24\cf0\f0\charscalex100\b {L\uc1\u8217Xinsolvabilit� des banques}\b0
\par\pard\li773\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex100\b {Int. :}\b0
{ }\fs24\cf0\f0\charscalex100\i {Vous avez d�clar� prioritaire de
s\uc1\u8217Xint�resser � la situation du secteur bancaire et}\i0
\par\pard\li773\ri0\sl-253\slmult0 \fs24\cf0\f0\charscalex100\i {notamment � son
insolvabilit�, au moins partielle. Pouvez-vous nous en dire plus ?}\i0
\par\pard\li773\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex100\b {N. V. :}\b0
{ }\fs24\cf0\f0\charscalex100 {Je crois que les banques d�fendent l\uc1\u8217Xid�e
selon laquelle le probl�me actuel est un}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {probl�me d\uc1\u8217Xactifs toxiques, qui mineraient la
confiance et qu\uc1\u8217Xil serait urgent d\uc1\u8217Xenlever de
leurs}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {bilans � un
prix si possible assez �lev�, pour qu\uc1\u8217Xelles puissent continuer � apporter
du cr�dit �}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100
{l\uc1\u8217X�conomie. Il me semble que cette description ne refl�te pas
enti�rement la situation actuelle}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {pour les raisons que Michel Rouger a rappel�es dans sa
m�taphore du trou et de la corde. Il faut}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {en effet craindre qu\uc1\u8217Xun certain nombre de
prix de march� dits non repr�sentatifs parce}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {qu\uc1\u8217Ximput�s � l\uc1\u8217Xilliquidit� du
march� et des ventes forc�es, repr�sentent en fait une
r�alit�}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {�conomique
bien r�elle. � cet �gard, une �tude, sortie le 30 mars et r�alis�e par
des}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {�conomistes
d\uc1\u8217Xexcellentes universit�s, conclut que les prix de march� extr�mement
d�prim�s}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {qui sont
actuellement observ�s pour tous ces actifs toxiques refl�teraient non pas des
ventes}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {forc�es mais
une d�gradation extr�me de la qualit� des sous-jacents. Si ceci est vrai, cela
veut}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {dire que
beaucoup de banques sont actuellement en faillite.}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100\b {Int. :}\b0
{ }\fs24\cf0\f0\charscalex100\i {Alors que sugg�rez-vous ?}\i0
\par\pard\li773\ri0\sl-386\slmult0 \fs24\cf0\f0\charscalex100\b {N. V. :}\b0
{ }\fs24\cf0\f0\charscalex100 {Si ce n\uc1\u8217Xest pas un probl�me
d\uc1\u8217Xactifs toxiques mais un probl�me d\uc1\u8217Xinsolvabilit�
des}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {banques, il
s\uc1\u8217Xagit de faire une proc�dure de quasi-faillite, c\uc1\u8217Xest-�-dire
de r�fl�chir � la fa�on}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {dont le fardeau de cette insolvabilit� peut �tre
r�parti entre les diff�rentes parties prenantes.}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {Traiter cette situation d�grad�e est dans ce cas un
�norme chantier � la fois l�gislatif et}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {ex�cutif. Il ne s\uc1\u8217Xagirait donc pas
d\uc1\u8217Xun probl�me de normes comptables, mais
d\uc1\u8217Xinsolvabilit�}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {bancaire et, � mon sens, la raison pour laquelle la
question des normes comptables est mont�e}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {aussi haut dans les sph�res politiques,
c\uc1\u8217Xest qu\uc1\u8217Xun certain nombre de banques et
de}\par\pard\li773\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {gouvernements
refusent de reconna�tre cette situation d\uc1\u8217Xinsolvabilit� parce
qu\uc1\u8217Xils ne savent pas}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {comment la traiter. Mais cela ne la fait pas
dispara�tre.}\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
293\slmult0 \fs24\cf0\f0\charscalex100 {Pr�sentation des
orateurs :}\par\pard\li773\ri0\sl-466\slmult0 \fs24\cf0\f0\charscalex100 {Gilbert
G�lard : HEC, dipl�m� d\uc1\u8217Xexpertise comptable, membre du}
{ }\fs24\cf0\f0\charscalex100\i {Board}\i0 { }\fs24\cf0\f0\charscalex100 {de
l\uc1\u8217XIASB ; il a �t�}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {membre du Conseil national de la comptabilit�,
directeur comptable dans deux groupes cot�s et}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {associ� de KPMG.}\par\pard\li773\ri0\sl-
426\slmult0 \fs22\cf0\f0\charscalex100 {Olivier Poupart-Lafarge : HEC, licenci� en
Droit, ancien directeur g�n�ral d�l�gu� de}\par\pard\li773\ri0\sl-266\slmult0
\fs22\cf0\f0\charscalex100 {Bouygues ; membre des coll�ges de l\uc1\u8217XAutorit�
des march�s financiers (AMF) et de l\uc1\u8217XAutorit�}\par\pard\li773\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100 {des normes comptables (ANC) ; pr�sident
d\uc1\u8217XOpalic.}\par\pard\li773\ri0\sl-426\slmult0 \fs22\cf0\f0\charscalex100
{Nicolas V�ron : ing�nieur des Mines, �conomiste au sein de BRUEGEL ;
pr�c�demment}\par\pard\li773\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100
{conseiller industriel au cabinet de la ministre de l\uc1\u8217XEmploi et de la
Solidarit� ; directeur}\par\pard\li773\ri0\sl-266\slmult0
\fs24\cf0\f0\charscalex100 {financier de MultiMania / Lycos France, et consultant
ind�pendant.}\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li773\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li773\ri0\sl-
373\slmult0 \fs24\cf0\f0\charscalex100 {Diffusion juillet
2009}\par\pard\li2453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-
213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li2453\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2453\ri0\sl-
320\slmult0 \fs20\cf0\f0\charscalex100 {� �cole de Paris du management - 94 bd du
Montparnasse - 75014 Paris}\par\pard\li1400\ri0\sl-213\slmult0
\fs20\cf0\f0\charscalex100 {T�l : 01 42 79 40 80 - Fax : 01 43 21 56 84 - email :
ecopar@paris.ensmp.fr - http://www.ecole.org}\par\pard\li5253\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li5253\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {15}\par}