FEE provides comments to IESBA on proposed changes to the Code of Ethics for Professional Accountants related to Provisions Addressing a Breach of a Requirement of the Code: FEE is fully supportive of the IESBA initiative to enhance the provisions to address the consequences of a breach of a requirement. FEE believes this is particularly important to address real life issues. Regarding the specific approach proposed to require the communication of all breaches, FEE would be concerned that where the IESBA Code does not reflect the materiality concept within the appropriate individual provisions, this may result in addressing immaterial matters. FEE believes that it would be appropriate to differentiate between significant breaches and those that are clearly trivial. View

 

CP 008/2011 Solvency II: Consultation Paper on the Proposal for Guidelines on Own Risk and Solvency Assessment: This Consultation Paper was issued in the frame of the development by EIOPA of the measures which should facilitate the convergent implementation of Solvency II. The proposed guidelines covered general issues such as the principle of proportionality, the role of the administrative, management or supervisory body and documentation of the ORSA.

 

CP 009/2011 - Draft proposal on Quantitative Reporting Templates and Draft proposal for Guidelines on Narrative Public Disclosure & Supervisory Reporting, Predefined Events and Processes for Reporting & Disclosure: The proposals consisted of two sets of documents:

 

1. Draft proposal on Quantitative Reporting Templates, that define the fully harmonised content of these templates;

 

2. Draft Guidelines on Narrative Public Disclosure & Supervisory Reporting, Predefined Events and Reporting & Disclosure Processes, that further specify elements from the Solvency II Directive (“Level 1”) and draft delegated act (“Level 2”) on these issues, in order to foster convergence at the European level.

 

Please note that the FEE responses to the consultations were included in the Word templates provided by EIOPA. FEE commented only when there was an issue/additional matter to raise. If we agreed with the proposals no comments were included. In case of questions, we responded when they were of interest/significance to the profession. View

 

ESMA publishes a speech by Verena Ross: This speech, entitled Credit Rating Agencies: what are the next steps?, was delivered at the ECON hearing in the European Parliament on 24 January 2012. View

 

Responses to two EBA consultations published (CP48 and CP49): The EBA published the responses to two consultation papers (view):

 

- CP49: consultation paper on guidelines to the Incremental Default and Migration Risk Charge (IRC).

 

- CP48: consultation paper on guidelines to the Stressed Value At Risk (Stressed VaR).

 

IFAC publishes a Guide to Practice Management for SMPs: The Companion Manual provides member bodies and other professional accountancy organizations with guidance on how they can make the best use of the SMP Committee's 'Guide to Practice Management for Small- and Medium-Sized Practices, 2e', including adapting, translating, or incorporating the Guide into CPD courses and/or training programs. View

 

IFAC invites nominations for IFAC International Gold Service Award in 2012: The IFAC International Gold Service Award was established in 2010 to recognize outstanding individual contributions to the accountancy profession, including protecting the public interest; exemplifying professional conduct and ethics; exceptional quality of work; and/or, contributions to a particular project or initiative. Candidates may or may not be members of the accountancy profession, and contributions may or may not be made through IFAC. Nominations from IFAC member bodies must be submitted to the CEO of IFAC by 15 March 2012. View

 

 

Joining forces to better fight money laundering: Recognising the public interest, FEE and the accountancy profession have always been particularly committed to supporting the fight against money laundering. In the context of the ongoing reviews of the Third EU Anti-Money Laundering Directive and the FATF Standards, FEE's next step is to organise a Round Table on 18 April, 2012, creating a forum for genuine dialogue between relevant stakeholders. Participation is by invitation only – for expressions of interest, please contact petra.weymuller@fee.be.

 

The Brussels Tax Forum 5-6 March, 2012: The EC’s Brussels Tax Forum will take place in Brussels on 5 and 6 March, 2012. The topic chosen for 2012 is 'Tax Policy under a Common Currency'. The conference will focus on the tax policy challenges that the need for fiscal consolidation and growth-enhancing reforms poses to countries belonging to a monetary union. For registration and detailed information, please view.

 

IFAC Seminar “The Sovereign Debt Crisis, a Matter of Urgency - from Lessons to Reform” 19-20 March, 2012: IFAC’s global seminar will bring together accounting leaders from around the world to discuss public sector financial reporting and the current crisis—which represents the greatest current threat to global economic stability. Reducing economic uncertainty and the fallout of unmanageable debt must be prioritised by all governments, national leaders and public officials; it is critical that necessary steps are taken now towards establishing significant reform. View