Taux d’actualisation : Historique
En normes internationales (IFRS) comme en normes françaises ou US (et dans la plupart des référentiels comptables), le taux d’actualisation pour le calcul des engagements sociaux doit être défini par référence au taux d’émission des obligations, en euros, du secteur privé de grande qualité (sous-entendu d’entreprises cotées AA et AAA) pour une durée équivalente à celle des engagements.
Nous indiquons, dans le tableau ci-dessous, des fourchettes de taux qui nous semblent acceptables en fonction de la maturité des engagements (à titre d’exemple, la maturité des engagements relatifs aux indemnités de départ à la retraite est souvent comprise entre 10 et 15 ans ; pour les médailles / Gratifications d’ancienneté, la maturité est plus souvent aux alentours de 10 ans, voire moins).
ATTENTION : le taux d’actualisation est un taux « spot » (instantané) qui doit être défini en fonction des marchés financiers à la date de la clôture. La plupart du temps, les Sociétés / Groupes arrêtent leur taux d’actualisation largement en amont de la date de clôture, sur la base des marchés financiers à cette date bien évidemment différente de la clôture. Dans ce cas, nous vous conseillons de définir, en même temps que la détermination du taux d’actualisation et en accord avec vos CAC, une fourchette de variation admissible de ce taux, à l’intérieur de laquelle la variation des engagements n’est pas comptablement significative et n’engendrera pas de mise à jour des évaluations à la clôture. Nous voyons souvent des fourchettes de +/- 0,25% mais cela dépend bien entendu du seuil de significativité du Groupe et de la sensibilité des engagements à la variation du taux d’actualisation.
| Date |
Maturité des engagements | |||||||
| 5 ans | 10 ans | 15 ans | 20 ans | |||||
| Bas | Haut | Bas | Haut | Bas | Haut | Bas | Haut | |
| 2024 |
||||||||
| 31/10/2024 |
2,90% |
3,10% |
3,20% |
3,40% |
3,35% |
3,55% |
3,40% |
3,60% |
| 30/09/2024 |
2,65% |
2,85% |
3,00% |
3,20% |
3,20% |
3,40% |
3,30% |
3,50% |
| 31/08/2024 |
2,90% |
3,10% |
3,20% |
3,40% |
3.35% |
3.55% |
3.40% |
3.60% |
| 31/07/2024 |
2.95% |
3.15% |
3.15% |
3.35% |
3.30% |
3.50% |
3.40% |
3.60% |
| 30/06/2024 |
3.25% |
3.45% |
3.40% |
3.60% |
3.50% |
3.70% |
3.60% |
3.80% |
| 31/05/2024 |
3.35% |
3.55% |
3.50% |
3.70% |
3.60% |
3.80% |
3.55% |
3.75% |
| 30/04/2024 |
3.30% |
3.50% |
3.45% |
3.65% |
3.50% |
3.70% |
3.50% |
3.70% |
| 31/3/2024 |
3.05% |
3.25% |
3.20% |
3.40% |
3.25% |
3.45% |
3.30% |
3.50% |
| 29/02/2024 | 3.30% |
3.50% |
3.35% |
3.55% |
3.40% |
3.60% |
3.45% |
3.65% |
| 31/01/2024 | 2.95% |
3.15% |
3.10% |
3.30% |
3.20% |
3.40% |
3.25% |
3.45% |
| 2023 |
||||||||
| 31/12/2023 | 2.90% |
3.10% |
3.00% |
3.20% |
3.10% |
3.30% |
3.15% |
3.35% |
| 30/11/2023 |
3.40% | 3.60% | 3.50% | 3.70% | 3.55% | 3.75% | 3.65% | 3.85% |
| 31/10/2023 |
3.75% | 3.95% | 3.90% | 4.10% | 4.00% | 4.20% | 4.10% | 4.30% |
| 30/09/2023 |
3,80% | 4,00% | 3,90% | 4,10% | 4,00% | 4,20% | 4,00% | 4,20% |
| 31/08/2023 |
3,50% | 3,70% | 3,60% | 3;80% | 3,60% | 3,80% | 3,60% | 3,80% |
| 31/07/2023 |
3.50% | 3.70% | 3.50% | 3.70% | 3.55% | 3.75% | 3.55% | 3.75% |
| 30/06/2023 |
3.60% | 3.80% | 3.55% | 3.75% | 3.50% | 3.70% | 3.50% | 3.70% |
| 31/05/2023 |
3.40% | 3.60% | 3.45% | 3.65% | 3.50% | 3.70% | 3.55% | 3.75% |
| 30/04/2023 |
3,35% | 3,55% | 3,40% | 3,60% | 3,45% | 3,65% | 3,45% | 3,65% |
| 31/03/2023 |
3,40% | 3,60% | 3,40% | 3,60% | 3,50% | 3,70% | 3,50% | 3,70% |
| 28/02/2023 |
3,65% | 3,85% | 3,65% | 3,85% | 3,75% | 3,95% | 3,70% | 3,90% |
| 31/01/2023 |
3,20% | 3,40% | 3,30% | 3,50% | 3,40% | 3,60% | 3,35% | 3,55% |
| 2022 | ||||||||
| 31/12/2022 |
3,45% | 3,65% | 3,55% | 3,75% | 3,65% | 3,85% | 3,55% | 3,75% |
| 30/11/2022 |
3,00% | 3,20% | 3,00% | 3,20% | 3,10% | 3,30% | 3,05% | 3,25% |
| 31/10/2022 |
3.30% | 3.50% | 3.40% | 3.60% | 3.55% | 3.75% | 3.55% | 3.75% |
| 30/09/2022 |
3.30% | 3.50% | 3.50% | 3.70% | 3.60% | 3.80% | 3.65% | 3.85% |
| 31/08/2022 |
2,40% | 2,60% | 2,90% | 3,10% | 3,20% | 3,40% | 3,25% | 3,45% |
| 31/07/2022 |
1.50% | 1.70% | 1.90% | 2.10% | 2.20% | 2.40% | 2.30% | 2.50% |
| 30/06/2022 |
2.35% | 2.55% | 2.75% | 2.95% | 3.10% | 3.30% | 3.20% | 3.40% |
| 31/05/2022 |
1.80% | 2.00% | 2.20% | 2.40% | 2.50% | 2.70% | 2.55% | 2.75% |
| 30/04/2022 |
1.55% | 1.75% | 1.90% | 2.10% | 2.15% | 2.35% | 2.20% | 2.40% |
| 31/03/2022 |
1.10% | 1.30% | 1.35% | 1.55% | 1.60% | 1.80% | 1.65% | 1.85% |
| 28/02/2022 |
0.75% | 0.95% | 1.15% | 1.35% | 1.45% | 1.65% | 1.55% | 1.75% |
| 31/01/2022 |
0.35% | 0.55% | 0.70% | 0.90% | 1.00% | 1.20% | 1.15% | 1.35% |
| 2021 | ||||||||
| 31/12/2021 |
0.10% | 0.30% | 0.45% | 0.65% | 0.80% | 1.00% | 0.95% | 1.15% |
| 30/11/2021 |
0.05% | 0.25% | 0.40% | 0.60% | 0.75% | 0.95% | 0.85% | 1.05% |
| 31/10/2021 |
0.10% | 0.30% | 0.40% | 0.60% | 0.80% | 1.00% | 0.85% | 1.05% |
| 30/09/2021 |
-0.10% | 0.10% | 0.30% | 0.50% | 0.75% | 0.95% | 0.90% | 1.10% |
| 31/08/2021 |
-0.20% | 0.00% | 0.15% | 0.35% | 0.55% | 0.75% | 0.70% | 0.90% |
| 31/07/2021 |
-0.30% | -0.10% | 0.05% | 0.25% | 0.45% | 0.65% | 0.60% | 0.80% |
| 30/06/2021 |
-0.10% | 0.10% | 0.30% | 0.50% | 0.70% | 0.90% | 0.85% | 1.05% |
| 31/05/2021 |
-0.10% | 0.10% | 0.35% | 0.55% | 0.80% | 1.00% | 0.95% | 1.15% |
| 30/04/2021 |
-0.10% | 0.10% | 0.30% | 0.50% | 0.70% | 0.90% | 0.85% | 1.05% |
| 31/03/2021 |
-0.15% | 0.05% | 0.25% | 0.45% | 0.65% | 0.85% | 0.80% | 1.00% |
| 28/02/2021 |
-0.10% | 0.10% | 0.25% | 0.45% | 0.60% | 0.80% | 0.75% | 0.95% |
| 31/01/2021 |
-0.20% | 0.00% | 0.05% | 0.25% | 0.35% | 0.55% | 0.50% | 0.70% |
| 2020 | ||||||||
| 31/12/2020 |
-0,25% | -0,05% | 0,00% | 0,20% | 0,30% | 0,50% | 0,40% | 0,60% |
| 30/11/2020 |
-0.25% | -0.05% | 0.00% | 0.20% | 0.30% | 0.50% | 0.40% | 0.60% |
| 31/10/2020 |
-0.20% | 0.00% | 0.05% | 0.25% | 0.40% | 0.60% | 0.50% | 0.70% |
| 30/09/2020 |
-0.15% | 0.05% | 0.20% | 0.40% | 0.55% | 0.75% | 0.65% | 0.85% |
| 31/08/2020 |
-0.10% | 0.10% | 0.25% | 0.45% | 0.60% | 0.80% | 0.75% | 0.95% |
| 31/07/2020 |
-0.10% | 0.10% | 0.20% | 0.40% | 0.55% | 0.75% | 0.65% | 0.85% |
| 30/06/2020 |
0,00% | 0,20% | 0,35% | 0,55% | 0,70% | 0,90% | 0,80% | 1,00% |
| 31/05/2020 |
0,20% | 0,40% | 0,50% | 0,70% | 0,80% | 1,00% | 0,90% | 1,10% |
| 30/04/2020 |
0,30% | 0,50% | 0,50% | 0,70% | 0,75% | 0,95% | 0,85% | 1,05% |
| 31/03/2020 (*) |
0,90% | 1,10% | 1,15% | 1,35% | 1,35% | 1,55% | 1,50% | 1,70% |
| 29/02/2020 |
-0,10% | 0,10% | 0,15% | 0,35% | 0,40% | 0,60% | 0,55% | 0,75% |
| 31/01/2020 | -0.20% | 0.00% | 0.15% | 0.35% | 0.40% | 0.60% | 0.55% | 0.75% |
| 2019 | ||||||||
| 31/12/2019 | 0.00% | 0.20% | 0.40% | 0.60% | 0.70% | 0.90% | 0.85% | 1.05% |
| 30/11/2019 |
0.00% | 0.20% | 0.30% | 0.50% | 0.55% | 0.75% | 0.70% | 0.90% |
| 31/10/2019 |
-0.10% | 0.10% | 0.20% | 0.40% | 0.50% | 0.70% | 0.65% | 0.85% |
| 30/09/2019 |
-0.10% | 0.10% | 0.15% | 0.35% | 0.45% | 0.65% | 0.55% | 0.75% |
| 31/08/2019 |
-0.30% | -0.10% | 0.00% | 0.20% | 0.25% | 0.45% | 0.40% | 0.60% |
| 31/07/2019 | -0,20% | 0,00% | 0,15% | 0,35% | 0,45% | 0,65% | 0,65% | 0,85% |
| 30/06/2019 | 0,00% | 0,20% | 0,40% | 0,60% | 0,70% | 0,90% | 0,90% | 1,10% |
| 31/05/2019 | 0,10% | 0,30% | 0,60% | 0,80% | 1,00% | 1,20% | 1,15% | 1,35% |
| 30/04/2019 | 0,10% | 0,30% | 0,65% | 0,85% | 1,00% | 1,20% | 1,20% | 1,40% |
| 31/03/2019 | 0,10% | 0,30% | 0,65% | 0,85% | 1,00% | 1,20% | 1,20% | 1,40% |
| 28/02/2019 | 0,30% | 0,50% | 0,90% | 1,10% | 1,30% | 1,50% | 1,50% | 1,70% |
| 31/01/2019 | 0,40% | 0,60% | 1,00% | 1,20% | 1,35% | 1,55% | 1,50% | 1,70% |
| 2018 | ||||||||
| 31/12/2018 | 0,40% | 0,60% | 1,10% | 1,30% | 1,45% | 1,65% | 1,70% | 1,90% |
| 30/11/2018 | 0,50% | 0,70% | 1,20% | 1,40% | 1,60% | 1,80% | 1,80% | 2,00% |
| 31/10/2018 | 0,45% | 0,65% | 1,10% | 1,30% | 1,50% | 1,70% | 1,70% | 1,90% |
| 30/09/2018 | 0,45% | 0,65% | 1,10% | 1,30% | 1,50% | 1,70% | 1,65% | 1,85% |
| 31/08/2018 | 0,40% | 0,60% | 1,05% | 1,25% | 1,40% | 1,60% | 1,60% | 1,80% |
| 31/07/2018 | 0,40% | 0,60% | 1,05% | 1,25% | 1,45% | 1,65% | 1,60% | 1,80% |
| 30/06/2018 | 0,35% | 0,55% | 1,05% | 1,25% | 1,45% | 1,65% | 1,65% | 1,85% |
| 31/05/2018 | 0,35% | 0,55% | 1,05% | 1,25% | 1,45% | 1,65% | 1,65% | 1,85% |
| 30/04/2018 | 0,40% | 0,60% | 1,10% | 1,30% | 1,45% | 1,65% | 1,65% | 1,85% |
| 31/03/2018 | 0,40% | 0,60% | 1,10% | 1,30% | 1,45% | 1,65% | 1,60% | 1,80% |
| 28/02/2018 | 0,35% | 0,55% | 1,05% | 1,25% | 1,40% | 1,60% | 1,60% | 1,80% |
| 31/01/2018 | 0,40% | 0,60% | 1,05% | 1,25% | 1,40% | 1,60% | 1,60% | 1,80% |
| Années antérieures | ||||||||
| 31/12/2017 | 0,30% | 0,50% | 0,90% | 1,10% | 1,35% | 1,55% | 1,60% | 1,80% |
| 31/12/2016 | 0,20% | 0,40% | 0,90% | 1,10% | 1,40% | 1,60% | 1,60% | 1,80% |
| 31/12/2015 | 0,70% | 0,90% | 1,55% | 1,75% | 2,10% | 2,30% | 2,35% | 2,55% |
| 31/12/2014 | 0,50% | 0,70% | 1,10% | 1,30% | 1,60% | 1,80% | 1,90% | 2,10% |
(*) En raison de la crise sanitaire, les taux d’intérêt on été très volatiles et très perturbés. Ils ont fortement augmenté en mars mais cette augmentation était purement conjoncturelle et s’est régularisée entre mars et juin.