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15th September 2011 FEE Weekly EU Regulatory update
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Weekly update of EU Regulatory news for FEE
Green Paper on Audit Policy: The Parliament’s resolution on the European Commission’s Green Paper on Audit Policy has been approved as expected with a large majority in the plenary session of 13 September. Commissioner Barnier confirmed that he intends to make legislative proposals in November 2011.
IIRC issues a discussion paper on integrated reporting: The International Integrated Reporting Committee (IIRC) discussion paper “Towards Integrated Reporting” offers initial proposals for the development of an international integrated reporting framework and outlines the next steps towards its creation and adoption. Its purpose is to prompt input from all those with a stake in better reporting, including producers and users of reports. The IIRC will also be commencing a pilot programme in October 2011 to road test this framework. The deadline for providing feedback on the discussion paper is Wednesday 14 December 2011. The Discussion Paper is available. View
The FEE Executive approved comment letters to international standard setters and to EFRAG: The Executive approved on 9 September the FEE responses on following consultations. These comment letters are available on the respective organisations’ website and on the FEE website. View
• IAASB’s Exposure Draft on ISAE 3000 on “Assurance Engagements Other Than Audits or Reviews of Historical Financial Information”
• IPSASB’s Exposure Draft “Key Characteristics of the Public Sector with Potential Implications for Financial Reporting”
• EFRAG’s Discussion Paper on Considering the Effects of Accounting Standards.
Small enterprises at the forefront in restoring growth: The SME Envoys met in Brussels on 14 September to shape a strategy aimed at freeing the growth potential and competitiveness of SMEs. Key elements agreed are: making it possible to start a company in 3 days for less than €100, increasing access to finance and public procurement and reducing bureaucracy, including by introducing an SME-friendly test for all new legislation at EU and Member State level. For this purpose, the European Commission and all Member States should introduce a specific SME test before any legislation is adopted. View
Alternative Investment Fund Managers Directive: ESMA published the responses received to the Consultation on ESMA's draft technical advice to the European Commission on possible implementing measures of the Alternative Investment Fund Managers Directive. View
GRI First Public Comment Period for G4 is now open: The first Public Comment Period for the development of G4 sustainability reporting guidelines is now open and it is in the form of an online survey. Public consultation closes on 24 November 2011. For further information visit
IFAC News: IFAC is calling on its European Member Bodies to nominate individuals to be considered for a vacancy on the Nominating Committee for a two-year term beginning 1 January 2012. Competent and Versatile: How Professional Accountants in Business Drive Sustainable Organizational Success was published by the PAIB Committee last month to support the global accountancy profession in responding to changing expectations of society, financial markets, and organizations, and promote the value of professional accountants in business to their organizations. View
To learn more about FEE, visit our online Review on www.feereview.eu
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