Weekly update of EU Regulatory news for FEE Members
A successful round table on integrated reporting: IIRC and FEE organised on 17 June in FEE offices a round table on integrated reporting. The event was attended by representatives of the business community, standards setters, NGOs and European Institutions. View
The European Parliament recommends the adoption of IPSAS: The plenary meeting of the European Parliament approved today a report of the Economic and Monetary Affairs Committee recommending the adoption of International Public Sector Accounting Standards (IPSAS) adopted by the IPSAS Board functioning within the structure of IFAC. View
The European Commission seeks to modernise the Professional Qualifications Directive: The Green Paper outlines possible ways forward that build on past achievements while developing new approaches to enhance mobility. For instance, the introduction of a professional card closely linked to the Internal Market Information System (IMI) could make it considerably easier for professionals to have their qualifications recognised in another Member State. Stakeholders are also invited to give their input about the potential of new common platforms. View
IAESB releases an exposure draft to revise of IES 1: The International Accounting Education Standards Board (IAESB) released for public exposure a proposed revision of International Education Standard (IES) 1. This standard, originally approved in 2004, prescribes the principles to be used by professional accountancy organisations, including IFAC, when setting entry requirements for professional accounting education and practical experience. Comments on the Exposure Draft are requested by 21 September 2011. View
IASB improves its standards on post-retirement benefits and the presentation of items of other comprehensive income: The amended version of IAS 19 eliminating the “corridor approach” comes into effect for financial years beginning on or after 1 January 2013. Earlier application is permitted. The amendments to IAS 1 Presentation of Financial Statements require companies preparing financial statements in accordance with IFRSs to group together items within OCI that may be reclassified to the profit or loss section of the income statement. It maintains the option to present OCI as a separate statement. View The IASB also published for public comment an exposure draft of proposed amendments to five International Financial Reporting Standards (IFRSs) under its annual improvements project. The IASB requests comments on the exposure draft by 21 October 2011. View
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