Audit: The European Parliament’s Economic and Monetary Affairs (ECON) Committee has released two additional sets of final amendments to the Draft Opinion of Kay Swinburne on the Proposed Statutory Audit Regulation, view (1), view (2), as well as amendments to the Draft Opinion on the Proposed Statutory Audit Directive. View

 

IAASB: The International Auditing and Assurance Standards Board (IAASB) released, for public comment by 14 March 2013, the proposed International Standard on Auditing (ISA) 720 (Revised), The Auditor’s Responsibilities Relating to Other Information in Documents Containing or Accompanying Audited Financial Statements and the Auditor’s Report Thereon. View

 

IFRS: The Accounting Regulatory Committee (ARC) has voted in favour of the adoption of the Amendments to IFRS 10, IFRS 11 and IFRS 12 Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (issued by the IASB on 28 June 2012). In addition, the International Accounting Standards Board (IASB) issued, on 31 October 2012, the Amendments to IFRS 10, IFRS 12 and IAS 27 Investment Entities. Accordingly, EFRAG has updated the EFRAG Endorsement Status Report. View

 

IPSASB: The International Public Sector Accounting Standards Board (IPSASB) has released for comment two Exposure Drafts: Conceptual Framework Exposure Draft (ED) 2, Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities - Elements and Recognition in Financial Statements, view, and Conceptual Framework Exposure Draft (ED) 3, Measurement of Assets and Liabilities in Financial Statements. View Comments are welcome by 30 April 2013.

 

Financial Transaction Tax: The Economic and Financial Affairs Council (ECOFIN) discussed on 13 November 2012 the European Commission's proposal for a Council Decision authorising enhanced cooperation in the area of financial transaction tax. View Some Member States called for a more detailed assessment of its impact on the internal market. A final decision by the Council is expected for December 2012. For further information see the ECOFIN press release (page 11), view, and Commissioner Šemeta’s statement. View

 

VAT (EU): On 12 November 2012, the European Parliament’s Economic and Monetary Affairs (ECON) Committee has published a draft report, view, proposing amendments on the European Commission’s proposal for a quick reaction mechanism against VAT fraud. View The vote on the proposed directive in ECON has been scheduled for 22 January 2013.

 

VAT (OECD): The key focus of the debate at the first meeting of the OECD’s Global Forum on VAT on 7-8 November 2012 in Paris was on the issue of double taxation and double non-taxation that results from the uncoordinated interaction of national VATs at international level view. The conclusion was that there is a strong need for internationally agreed principles and guidelines on which the OECD will continue to work.

 

 

Unleashing entrepreneurial potential in Europe, 22 January 2013: UEAPME and ACCA (the Association of Chartered Certified Accountants) organise a roundtable aiming to discuss and exchange best practices on how to identify and remove key obstacles to entrepreneurial activities, support entrepreneurs in starting up businesses and help them to face challenges. View