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FEE Weekly EU Regulatory update
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Green Paper on Audit Policy in the European Parliament: The Committee on Economic and Monetary Affairs (ECON) will vote on its opinion on the Green Paper on 5 May. ECON documents, including the draft report of MEP Kay Swinburne and proposed amendments to this report, are available in different languages on the Parliament’s website. This opinion will be attached to the Report of the lead Committee (Legal Affairs) which is scheduled for adoption in Committee on 23 May. View
FEE comments on financial reporting issues: FEE addressed a letter to the Presidency of the EU Council concerning the proposed amendments to the Fourth Directive on Micro Entities. This letter, argues that the proposal to allow the use of cash accounting would be detrimental to micro-entities. View FEE also responded to the IASB Exposure Draft Offsetting Financial Assets and Financial Liabilities. View
OECD demands stronger enforcement in fight against corruption: OECD Secretary-General Angel Gurría urges ministers and business leaders attending an OECD/G20 anti-corruption conference in Paris on 27 April to step up enforcement and compliance with the landmark treaty. The conference discussed the Anti-Corruption Action Plan for “combating corruption, promoting market integrity and supporting a clean business environment” adopted by G20 countries at their Seoul Summit in November 2010. View
European Event on Considering the Effects of Accounting Standards: As a follow up to the Discussion Paper Considering the Effects of Accounting Standards, EFRAG and the UK Accounting Standards Board would like to invite you to an event in Brussels on Monday 16 May from 2.30 pm to 5.00 pm. The event will be hosted by the European Commission at their offices. View
Joint Statement by the Monitoring Board and the Trustees of the IFRS Foundation: The Monitoring Board is conducting a review of the Foundation’s governance, while the Trustees are undertaking a strategy review. The primary focus of the Monitoring Board Governance Review is the composition and respective responsibilities and roles of the Monitoring Board, Trustees and IASB. The Trustees’ Strategy Review sets out a series of recommendations in four areas – the IFRS Foundation’s mission, governance, the standard-setting process, and financing of the IFRS Foundation – including operational aspects of due process and standard-setting oversight. After their joint meeting in April, both Boards reaffirmed their commitment to seeking close co-ordination in taking forward their respective efforts in reviewing the Foundation’s governance and strategy. View
IASB and FASB report substantial progress towards completion of convergence programme: Both boards published a progress report on their joint work to improve IFRSs and US-GAAPs and to bring about their convergence. The deadline of the convergence projects is slightly delayed. They are now targeted for completion in the second half of 2011. View
2011 IFAC Small and Medium Practices Forum: IFAC published the speeches and presentations from the 2011 IFAC Small and Medium Practices (SMP) Forum held in Istanbul, Turkey, in March 2011. View
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