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28th October 2011 FEE Weekly EU Regulatory update
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Weekly update of EU Regulatory news for FEE Members
Recast of the EC Accounting Directives: The European Commission proposed a new directive to replace and modernise the existing Accounting Directives. The proposal ambition to simplify the accounting requirements for small companies and improve the clarity and comparability of companies’ financial statements within the Union. This legislative proposal will be studied by FEE with a view to, if necessary, inform the legislative process that is now starting. View
EC Communication on Corporate Social responsibility: The European Commission issued a communication developing its new strategy for corporate social responsibility to generate a higher level of trust and consumer confidence and improve companies' contribution to society's well-being. View
Proposed amendments to the Transparency Directive : The European Commission proposed a directive modernising the existing Transparency Directive (2004/109/EC). Among the proposals made, the EC suggests dropping quarterly reporting requirements and improving disclosure of major holdings. For listed and large non-listed companies active in the extractive industries and the logging of primary forests, it also introduces a requirement to report all material payments to governments broken down by country and by project, as part of a responsible business initiative package of measures. View
Social Business Initiative: The new European Commission’s Social Business Initiative aims to facilitate social entrepreneurship. It proposes ways to improve social businesses' access to funding, measures to improve their visibility and a simplified regulatory environment. It should help companies that address social objectives as their corporate aim to fulfil their unexploited potential. View The EC organises on 18 November 2011 a conference on social economy and social business. View
Post-implementation review of clarified ISAs: IAASB released its plan for a post-implementation review of the clarified International Standards on Auditing (ISAs). The post-implementation review is the second phase of the IAASB’s efforts to monitor the implementation of these standards. The review is focused on whether the clarified ISAs are being consistently understood and implemented in a way that achieves the IAASB’s goals in revising and redrafting them. Stakeholders are invited to provide input on this plan no later than 31 October 2012. View
Proposed Changes to the Code of Ethics for Professional Accountants: The IESBA believes that any breach of a provision of the IESBA Code should be treated as a matter of utmost importance. Therefore, the IESBA has proposed changes that will provide guidance to a professional accountant on the action to be taken in such situations. Comments on this exposure draft are requested by 23 January 2012. View
European enforcers see good level of IFRS application in 2010: ESMA published its second annual activity report on the enforcement of IFRS. Since the first application of IFRS in Europe in 2005, issuers of financial information have developed significant experience in IFRS accounting which is reflected in the quality of their financial reporting which, generally, European enforcers have found to have improved year on year. Nevertheless, based on the number of actions taken during 2010, competent authorities consider there is still room for improvement in the quality of issuers’ financial reporting. View
Business Combinations under Common Control: EFRAG and the Organismo Italiano di Contabilità published a Discussion Paper ‘Accounting for Business Combinations under Common Control’.It is an area of financial reporting where opinions remain divided on what is the best approach to account for such transactions. At present, IFRS is silent on how to account for business combinations under common control and a number of different approaches are applied in practice. The Discussion Paper is open for comment until 30 April 2012. View
EFRAG Past-Present-Future: EFRAG published a summary of presentations made on the day of the celebration of their 10th anniversary including interesting material on the financial reporting infrastructure and strategy. View
Main results of yesterday Euro Summit: View In this context, the ECB issued an interesting occasional paper on the size and composition of government debt in the euro area: “The growing government debt ratios call for an implementation of credible fiscal consolidation strategies to keep government debt on a sustainable path.” (ECB Occasional Paper n°132/ October 2011). View
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