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21st April 2011 FEE Weekly EU Regulatory update
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EC releases a summary on responses to the consultation on non-financial information: The paper summarises the 259 responses received from stakeholders on existing policy on non-financial information disclosure and possible proposals for new initiatives and/or revised legislative measures. View
EC Communication on the Single Market Act: In 2011 the Commission will present the necessary legislative proposals to adopt a first series of priority measures to re-launch the single market by the end of 2012. Measures will be proposed in 12 areas including:
• SME financing will be the subject of an action plan. It will cover not only access to different financing sources but also SME financing tools directly and the creation of an environment that is conducive to development and growth for SMEs. The Transparency Directive, the Regulation implementing the Prospectus Directive and the Market Abuse Directive should be revised.
• The creation of a European professional card would particularly encourage the mobility of professionals, whilst boosting confidence between the competent authorities of the Member States and ultimately benefiting consumers and employers.
• Proposals will be made on simplification of the Accounting Directives as regards financial information obligations and reduction of the administrative burden, particularly for SMEs. View
IAESB proposes revised standard on professional values, ethics, and attitudes: The revised standard, part of the IAESB’s project to improve the clarity of its standards, proposes that the development of professional values, ethics and attitudes be addressed by learning and development activities that occur throughout the career of the professional accountant. IES 4 will be helpful to educational organisations, employers, regulators, government authorities, and other stakeholders who support the learning and development of professional accountants. Comments are requested by 15 July 2011. View
FEE comments on taxation issues: The FEE Executive approved FEE comments to the European Commission prepared by the Taxation Working Parties related to (1) Taxation problems that arise when dividends are distributed across borders to portfolio and individual investors and possible solutions; (2) Council Directive 2010/24/EU concerning mutual assistance for the recovery of claims relating taxes, duties and other measures and (3) Financial Sector Taxation. View
Three new draft Q&As on the IFRS for SMEs posted: One of the responsibilities of the SME Implementation Group (SMEIG) is to consider implementation questions raised by users of the IFRS for SMEs, decide which ones merit published implementation guidance. SMEIG has published for public comment three more questions and answers documents on the IFRS for SMEs:
• Captive insurance subsidiaries;
• Interpretation of ‘traded in a public market’;
• Investment funds with only a few participants.
The Q&As are intended to be non-mandatory guidance that will help those who use the IFRS for SMEs to think about specific accounting questions. View
IASB user survey on effective dates: In view of the limited numbers of responses received from stakeholders on the consultation about the time and effort that will be involved in adopting several new standards, the boards directed the staff to undertake further outreach activities from these groups. To help facilitate this outreach, the staff prepared a short, 5-10 minute survey. The staff requests that this survey be completed by Friday 6 May 2011. View
Financial Stability Board progress report to G20: The FSB published its report to G20 Finance Ministers and Central Bank Governors on implementation of regulatory reforms for strengthening financial stability. The report focuses on international policy development and implementation that has taken place since the G20 Finance Ministers and Central Bank Governors meeting in February 2011. View
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