Weekly Update Regulatory news for FEE Members
Audit: The European Parliament’s Committee on Industry, Research and Energy (ITRE) published its final opinions on the European Commission’s proposed audit policy Directive,
view, and Regulation.
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IFRS: The IFRS Foundation announced that the Blue Book “2013 International Financial Reporting Standards Consolidated without early application” is now available. This edition includes the latest consolidated versions of all Standards (including IFRSs, IASs and Interpretations) as approved for issue up to 31 December 2012 and required to be applied on 1 January 2013.
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Financial Reporting: The Public Company Accounting Oversight Board released a report summarising inspection observations related to deficiencies in registered public accounting firms' audits of the internal control over financial reporting (ICFR) at public companies.
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AML: The Joint Committee of the European Supervisory Authorities (EBA, ESMA and EIOPA) has published a report on the application of AML/CTF for e-money in the EU.
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Bjørn S. Aamo, the President of the Financial Action Task Force (FATF), has outlined some key elements of the FATF programme for 2012-2013 in his speech at the 40th plenary meeting of the MONEYVAL Committee on 3 December 2012.
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The Global Financial Integrity organised its International Anti-Corruption Day on 9 December 2012,
view, highlighting that corruption is a complex social, political and economic phenomenon that affects all countries. Corruption undermines democratic institutions, slows economic development and contributes to governmental instability. For further information please visit the dedicated website.
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Tax issues: The European Commission presented an Action Plan,
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view, and the dedicated website.
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The European Commission issued two recommendations on 6 December 2012: A recommendation on aggressive tax planning,
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The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has issued amendments to the Draft Report of David Casa on a Common system of value added tax as regards a quick reaction mechanism against VAT fraud.
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Single Market Act II: The Council of the European Union has published its conclusions on the Single Market Act II – Together for New Growth.
View More information is available on the dedicated website. View
Events
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.
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Save the date: FEE Roundtable – “How to improve the functioning of Audit Committees further?”, Brussels, Tuesday 5 February 2013: This high level conference will bring European decision makers and relevant stakeholders including audit committee members, auditors, investors and regulators together to discuss further improvements of the functioning of audit committees. Stimulating closer cooperation throughout the audit engagement, especially the exchange of high quality information between audit committees and the external auditor, will be of great benefit to the company and to the external auditor. Further information and the detailed programme will be made available in due course.
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Access to finance for SMEs, 8 March 2013, Brussels: The European Economic and Social Committee (EESC), the International Confederation of Popular Banks (CIBP), the European Association of Co-operative Banks and UEAPME will be organising a conference on "Access to finance for SMEs" in Brussels on 08 March 2013
view. The aim of the conference is to bring to the forefront issues related to the financing of firms and to explore various institutional, legal and financial issues that affect SMEs creation and development.
Global Conference on Sustainability and Reporting, 22-24 May 2013, Amsterdam: Leaders and practitioners from business, finance, accountancy, consultancy, civil society, government, labour and academia will have the possibility to discuss the key challenges and opportunities on the path to a more sustainable future. For further details please visit the conference website.
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