FEE Policy Statement Enhancing Transparency and Confidence: As the end of the year approaches, when many entities in the private and the public sector will have to prepare financial reports, FEE emphasises challenges facing both private and public sector management, accountants preparing financial statements, as well as auditors, in these difficult economic circumstances. View

 

FEE approves comments to IIRC on Discussion Paper “Towards Integrated Reporting” – Communicating Value in the 21st Century: FEE agrees that the time has come to streamline and improve corporate information based on what is needed to provide a balanced, complete and reliable view of performance as well as of organisations’ impacts and interdependencies. Integrated reporting should also be designed to simplify and harmonise the current reporting regime.

 

The accountancy profession can be instrumental in contributing to the reliability of the information reported. FEE looks forward to contributing to further consultations, including on the governance of the IIRC as an important element in the development process and in the next steps towards the creation of a framework and its adoption. View

 

Proposal for modernising the Professional Qualifications Directive: The EC has adopted a legislative proposal for modernising Directive 2005/36/EC on the recognition of professional qualifications. This modernisation is one of the twelve levers for growth set out in the Single Market Act and aims at further facilitating mobility of professionals across the EU. View

 

Modernising European public procurement to support growth and employment: The efficiency of public tendering has become a priority for all Member States, in view of the current budgetary constraints. The revision of the public procurement Directives announced by the Commission is part of an overall programme to thoroughly modernise public tendering in the European Union. This programme also includes a Directive on concessions, which until now have been only partially regulated at European level. View  

 

EBA consultation paper on draft ITS on supervisory reporting requirements: The EBA published a consultation paper on draft Implementing Technical Standards (ITS) on supervisory reporting requirements for institutions (CP50). The public consultation starts today and runs until 20 March 2012. View 

 

IESBA proposes changes to the Code of Ethics for Professional Accountants to address conflicts of interest: IESBA is proposing to change the Code of Ethics for Professional Accountants to provide additional guidance to professional accountants in business and in public practice concerning conflicts of interest, and to make revisions to provide more comprehensive guidance in identifying, evaluating, and managing conflicts of interest. View

 

IAASB Focuses on Capital Markets: New Assurance Standard on Pro Forma Financial Information: Recognising the need for reliable information in domestic and cross-border securities offerings and other fundraising activities, the IAASB released new International Standard on Assurance Engagements (ISAE) 3420, Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus. View

 

Consultative paper on Principles for the supervision of financial conglomerates: The proposed principles, which revise the Joint Forum’s 1999 principles, provide national authorities, standard setters and supervisors with a set of internationally agreed principles that support consistent and effective supervision of financial conglomerates and in particular those financial conglomerates that are active across borders. View

 

New EFRAG TEG Composition as of April 2012: EFRAG’s Supervisory Board appoints Joanna Frykowska from Ernst & Young Poland and Serge Pattyn from Emerio Belgium as new EFRAG TEG members, and reappoints Mike Ashley as EFRAG TEG Vice-Chairman and Nicklas Grip, Nicolas de Paillerets, Hans Schoen , and Andrea Toselli as EFRAG TEG members. View