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20th October 2011 FEE Weekly EU Regulatory update
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Weekly update of EU Regulatory news for FEE Members
Good governance in the Public Sector: On Wednesday 9 November 2011, FEE will organise a high level roundtable in Brussels to discuss what good governance means in the public sector and its implications for strong financial management. Attendance is free but places are limited; please express your interest to Sylvie.Romancide@fee.be. View
IFAC policy paper on International Standard Setting in the Public Interest: Current arrangements for international standard-setting, which encompass a combination of public and private sector roles, provide a structure and process that operate and are seen to operate in the public interest, in a context in which there are needs for legitimacy, independence, transparency, performance (encompassing technical competence, responsiveness and efficiency) and accountability. View
IPSASB consults on a Practice Guideline: Reporting on the Long-Term Sustainability of a Public Sector Entity’s Finances provides users with information on the impact of decisions made by the reporting date under current policy, but not fully reflected in the general purpose financial statements. The draft Guideline provides advice on the approach to reporting on the long-term sustainability of the finances of a public sector entity. The aim of such reporting is to provide an indication of the projected long-term fiscal sustainability of the reporting entity over a specified time horizon in accordance with transparent assumptions. Comments are requested by 29 February 2012. View
EBA publishes follow-up review of banks’ transparency in their 2010 Pillar 3 reports: The review welcomes the efforts made by banks to improve their disclosures and to convey their risk profile in a comprehensive way to market participants. However, the EBA calls for further improvements and the need for greater harmonisation of the disclosures provided. In all areas under review, best practice disclosures have been identified, and the EBA encourages credit institutions to follow them. View
Progress report on Basel III implementation: The report focuses on the status of domestic rule-making processes to ensure that the Committee's capital standards are transposed into national law or regulation according to the internationally agreed timeframes. The Committee believes that disclosure will provide additional incentive for members to fully comply with the international agreements. View
Guide to Corporate Sector Accounting and Auditing in the Acquis Communautaire: The World Bank’s Center for Financial Reporting Reform publishes a second edition of its guide outlining the European Union (EU) legislative framework governing corporate sector accounting and auditing. It is primarily intended for policymakers, regulators, and other stakeholders in countries with a “European vocation”. View
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