FEE Comment Letter on EFRAG’s Discussion Paper Improving the Financial Reporting of Income Tax: FEE welcomes the work that EFRAG has done to date in attempting to assess the needs of the users and preparers. However, we do not believe that a final conclusion can be drawn at this stage based on the analysis and findings included in the Discussion Paper regarding the most appropriate method for accounting for income tax. FEE encourages EFRAG to continue with its efforts and undertake more extensive field testing. View

 

Vote on MiFID and MiFIR: On 26 September, the ECON committee adopted the draft reports by Rapporteur M. Ferber (EPP/DE), view, on the European Commission proposals for a Directive and a Regulation on Markets in Financial Instruments (MIFID and MiFIR), view, which contains a number of amendments on both proposals. For further information see the press release. View

 

Banking Union: The European Commission tabled this month proposals for a common bank supervision in Europe, a first step towards a banking union, an idea Parliament has advocated since 2010. View The issue is seen as an essential anti-crisis measure. On 26 September the EP's ECON committee has scrutinised the plans.  MEPs stressed the urgent need for it and pledged to strive to meet their tight deadline, whilst at the same time addressing the major hurdles in the way of strong EU bank supervision. For detailed information see the press release. View

 

Access to Finance for SMEs: In the draft report on Improving access to finance for SMEs, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) welcomes the European Commission's action plan to improve access to finance for SMEs, view, but stresses that venture capital is only an adequate mode of growth funding for a small number of SMEs and asks the Commission to also support alternative funding mechanisms. View

 

Consultation on benchmarks and market indices launched following LIBOR manipulation: Following the recent manipulation of LIBOR, the European Commission has launched a consultation, view, inviting stakeholders to comment on possible new rules for the production and use of indices serving as benchmarks in financial and other contracts.The consultation will run until 15 November 2012. For more information see also the press release. View

 

EU Joint Transfer Pricing Forum: On 19 September 2012 the Commission adopted a communication on the work of the EU Joint Transfer Pricing Forum in the period July 2010 to June 2012 and related proposals, view, of the Report on Small and Medium Enterprises and Transfer Pricing, view, and of the Report on Cost Contribution Arrangements on services not creating Intangible Property (IP). View

 

IAASB debates auditor’s report: The question of appropriate content and structure for the auditor’s report was the subject of an International Auditing and Assurance Standards Board (IAASB) round-table meeting in New York on 10 September 2012. To read the full article, please view.

 

Integrated Reporting: Paul Druckman, CEO of the International Integrated Reporting Council (IIRC) explains to Environmental Finance how Integrated Reporting will make a crucial contribution to improving the sustainability of business and the IIRC’s vision for Integrated Reporting to become the corporate reporting norm. To read the full article, please view.

 

 

2nd UEAPME European SME Convention on 1 October 2012: With the support of the European Commission, UEAPME will organise its 2nd “European SME Convention” in Brussels on 1 October 2012. View The aim is to take stock of the financial proposals of the European Commission for the 2014-2020 programming period on cohesion policy, on the “Horizon 2020” programme for R&D and innovation and on the “COSME” programme for the competitiveness of SMEs. For more information and contact, please view.

 

5th International Conference on Corporate Social Responsibility, 4 – 6 October 2012, Berlin: The Conference will focus on the future of CSR by exploring whether more collaboration between relevant global entities can bring more consistency across different institutions. About 100 international representatives from science, business, politics and governmental as well as non-governmental organisations will gather in Berlin to discuss the role and impact of CSR on corporate, manager and stakeholder behaviour. View

 

First meeting of the OECD Global Forum on VAT, Paris, France on 7-8 November 2012: The OECD launches its Global Forum on VAT as a unique platform for a worldwide dialogue on the design and operation of VAT, notably addressing issues of double taxation and unintended non taxation. This first meeting of the OECD Global Forum on VAT is aimed at senior tax officials and representatives of international organisations and participation is upon invitation only. Academics and business representatives will also be invited to participate. For more information and contact, please view.

 

European outreach event on the post-implementation review of IFRS 8, Frankfurt/Main, Germany on 13 November 2012: EFRAG and the German Accounting Standards Committee Das Deutsche Rechnungslegungs Standards Committee organise a European outreach event on the post-implementation review of IFRS 8 Operating Segments and the discussion paper 'Towards a Disclosure Framework for the Notes'. For detailed information, please view.