FEE comments on PCAOB Rulemaking Docket Matter No. 030 on Proposed Auditing Standard related to Communications with Audit Committees, Related Amendments to PCAOB Standards and Transitional Amendments to AU Sec. 380: FEE commends the PCAOB for giving its stakeholders the opportunity to consider the new proposed requirements in relation to auditor’s communication with audit committees. In relation to the first exposure of this PCAOB standard, FEE welcomes the initiative to set a standard for auditors’ communication with audit committees. A fruitful two-way dialogue with the entity’s audit committee is an important part of the work of an auditor of public interest entities, and any initiative to strengthen this cooperation is beneficial to both parties. The re-exposed standard introduces enhancements that better enable the audit committee to carry out its monitoring role based on the information received from the auditor. View

 

FEE comments on the EC Communication on the future of VAT: FEE commends the EC’s efforts to create a simpler, more efficient and more robust VAT system in the EU. The EC’s Communication has set out the fundamental characteristics that must underpin the future EU VAT regime. FEE supports many of the suggested priority actions and calls for urgent action. View

 

Walk the Line: Discussions and insights with leading audit committee members: The Institute of Chartered Accountants in Scotland, the Institute of Chartered Accountants in Australia and the Financial Reporting Council in the UK have collaborated to present an international view on the role of audit committees in helping their boards discharge their financial and fiduciary responsibilities to shareholders. View

 

Two years of tackling the economic crisis: 10 February marked two years of Commissioner Barnier's mandate as European Commissioner responsible for Internal market and Services. The diagnosis drawn up at the beginning of last year still holds true: Europe cannot simply take defensive measures in response to the crises, however important these may be, it must also give Europeans the opportunity for new growth. View

 

ESMA extends the deadline for the consultation on the considerations of materiality in financial reporting: In order to allow all interested stakeholders to respond to this consultation, the deadline has been extended to 30 March 2012. Responses should be submitted online in the section Consultations. View

 

ESMA launches a consultation on short selling and credit default swaps (CDS), and announces an open hearing on 29 February: The purpose of this consultation is to seek comments on the technical advice that ESMA proposes to give to the EC on a number of possible delegated acts concerning the Regulation as listed in the Commission request for advice.  Responses to the consultation should be submitted online, by 9 March. View

 

Publication of the responses received to the consultation on short selling and CDS: ESMA will consider the feedback it received to this consultation in February/March 2012 and expects to publish a final report and submission of the draft technical standards to the EC by 31 March 2012 for endorsement. View

 

GRI G4 Development - Full Survey Report of First Public Comment Period: GRI has published a summary report of the feedback collected in the first public comment period regarding the development of G4. View

 

Conclusions of Governance and Strategy Reviews of the IFRS Foundation: The Monitoring Board and the Trustees of the IFRS Foundation jointly announced the conclusions of their separate reviews of the governance and strategy of the IFRS Foundation. Together, the reviews propose a clear strategy and sound governance platform on which the IFRS Foundation and the International Accounting Standards Board (IASB) can continue to work towards their goal of becoming the global accounting standard-setter. View

 

IASB Agenda consultation round table meetings: In March 2012 the IASB will hold round-table discussions on their agenda consultation document. Round-tables will be held in Norwalk, Toronto and London. View

 

Vacancy: Members, IFRS Interpretations Committee: The Trustees of the IFRS Foundation invite applications from suitable candidates to fill up to four vacancies on the IFRS Interpretations Committee. Applications are expected by 10 March 2012. View