Audit Policy: The European Parliament (EP) Economic and Monetary Affairs Committee (ECON) has released its Draft Reports on the European Commission Proposed Directive, view, and Regulation, view, on Statutory Audit. These Draft Reports are expected to be discussed in the meeting of the EP ECON Committee on 8 and 9 October 2012. FEE will discuss the further steps to be taken to advance its work on these matters.

 

Small- and Medium-sized Enterprises (SMEs): The European Commission has launched a consultation for SMEs and their representative organisations, in order to identify the top ten EU legislative acts considered most burdensome by micro-companies and SMEs. It will run until 21 December 2012, and once complete, the Commission will analyse the results and consider how situation for SMEs could be improved. View The Commission has also issued Questions and answers on support for SMEs in Horizon 2020 - The EU Framework Programme for Research and Innovation. View

 

FEE in EC VAT Groups: In June and July 2012, the European Commission has issued a call for applications for the selection of the members of the VAT Expert Group, view, and EU VAT Forum, view, that are being set up. The VAT Expert Group will assist and advise the European Commission on VAT matters while the EU VAT Forum is a structured dialogue platform to improve the relationship between the Business and tax authorities. Further to the European Commission's decision in September, FEE has been selected as a member for both groups. 

 

International Auditing and Assurance Standards Board (IAASB): In support of its commitment to explore standards for services that meet the unique needs of small- and medium-sized entities (SMEs), the IAASB has released a International Standard on Review Engagements (ISRE) 2400 (Revised): Engagements to Review Historical Financial Statements. View ISRE 2400 (Revised) follows the release earlier in 2012 of International Standard on Related Services (ISRS) 4410 (Revised), Compilation Engagements, a standard also addressing services of particular relevance to SMEs.

 

IFRS for SMEs: The International Accounting Standards Board (IASB) is developing a Guide to help micro-sized entities to apply the IFRS for SMEs. The Guide is intended to be a self-contained document for a typical micro-sized entity. View

 

AML: The Financial Action Task Force (FATF) issued its Annual Report 2011-2012, view, highlighting two major milestones: The revised FATF Recommendations, view, and the new mandate for the FATF for a further eight years, until 2020. View

 

Transfer Pricing: The OECD has published the comments on its Discussion Draft of proposed revisions to Chapter VI of the Transfer Pricing Guidelines (Aspects of Intangibles). View FEE had contributed to the debate. View

 

 

First meeting of the OECD Global Forum on VAT, Paris, France on 7-8 November 2012: The OECD launches its Global Forum on VAT as a unique platform for a worldwide dialogue on the design and operation of VAT, notably addressing issues of double taxation and unintended non taxation. This first meeting of the OECD Global Forum on VAT is aimed at senior tax officials and representatives of international organisations and participation is upon invitation only. Academics and business representatives will also be invited to participate. For more information and contact, please view.

 

European outreach event on the post-implementation review of IFRS 8, Frankfurt/Main, Germany on 13 November 2012: EFRAG and the German Accounting Standards Committee Das Deutsche Rechnungslegungs Standards Committee organise a European outreach event on the post-implementation review of IFRS 8 Operating Segments and the discussion paper 'Towards a Disclosure Framework for the Notes'. For detailed information, please view.