Weekly update of EU Regulatory news for FEE Members
FEE updates its Factsheet on Integrated Reporting: Integrated Reporting is seen as a major development in corporate reporting. FEE released a factsheet explaining how integrated reporting differs from traditional reporting and highlighting some of the steps taken by the International Integrated Reporting Council (IIRC). Planned actions from the IIRC include publishing an analysis of the responses received on the Discussion Paper in March 2012.
View For the FEE letter to the IIRC on the Discussion Paper “Towards Integrated Reporting” – Communicating Value in the 21st Century.
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IPSASB publishes International Public Sector Conceptual Framework Consultation Paper for comment: The IPSASB released for comment a consultation paper as part of its project to develop a conceptual framework for the general purpose financial reporting of public sector entities. The Conceptual Framework is the IPSASB’s key strategic objective from 2010 through 2012, and is of fundamental importance to the future of global public sector standard setting for at least the next 10 to 15 years. Comments on the Consultation Paper are requested by 31 May 2012.
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IASB and FASB seek to reduce differences in classification and measurement models for financial instruments: The discussions will form part of the FASB’s ongoing re-deliberation of a proposed Accounting Standards Update on financial instruments, which was originally issued in May 2010. The IASB will consider these discussions as part of its project to undertake limited-scope changes to IFRS 9, Financial Instruments.
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Supporting European businesses in global markets: Expanding beyond EU borders still presents obstacles for small and medium-sized enterprises (SMEs), but the potential rewards of internationalisation for their growth are significant. The European Commission has therefore put forward a strategy to help European SMEs seize global opportunities by streamlining and strengthening support available for them.
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ESMA outlines future regulatory framework for ETFs and other UCITS issues: ESMA published a
consultation paper(ESMA/2012/44) setting out future guidelines on UCITS Exchange-Traded Funds (UCITS ETFs) and other UCITS-related issues. The proposals cover both synthetic and physical UCITS ETFs and detail the obligations to come for UCITS ETFs, index-tracking UCITS, efficient portfolio management techniques, total return swaps and strategy indices for UCITS.
EVENTS:
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.
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