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FEE Weekly EU Regulatory update
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The EC releases a Green Paper on the EU corporate governance framework: The Green Paper aims to launch a general debate on a number of issues such as: effective functioning of board of directors; how to enhance shareholders' involvement on corporate governance issues and encourage more of them to take an interest in sustainable returns and longer term performance; how to improve monitoring and enforcement of the existing national corporate governance codes. The consultation is open until 22 July 2011. View
Analysis of Responses to FEE Discussion Paper on Integrity in Professional Ethics: Further to the publication in September 2009 of FEE Discussion Paper on Integrity in Professional Ethics, 30 responses were received from FEE Member Bodies, audit firms, other professional accounting bodies, other professional bodies, regulators and individuals. FEE is now pleased to issue the Analysis of Responses to this Discussion Paper. View
Combined Financial Statements – A Discussion Paper: FEE issues “Combined Financial Statements - A Discussion Paper”. The objective of this discussion paper is to enhance the public debate on the preparation of combined financial statements under IFRS and is a first step to collect views from all interested parties and stakeholders on that subject. For this purpose, the discussion paper describes briefly the key areas relevant for the preparation and understanding of combined financial statements and identifies questions. Responses are welcome by 30 September 2011. View
EC consultation on country-by-country reporting – Summary Report: The overall result of the consultation published by the European Commission shows a rather diverse pattern of opinions (especially on questions 1 to 3), reflecting the opinions of several categories of respondents: where preparers, accountants and auditors were in general opposed to requirements to report on a country-by-country basis, users and other respondents were in favour. View
European Court of Justice ruling on commercial communication by accountants: In a judgment of 5 April 2011, the ECJ ruled that “Article 24(1) of Directive 2006/123/EC of the European Parliament and of the Council of 12 December 2006 on services in the internal market must be interpreted as precluding national legislation which totally prohibits the members of a regulated profession, such as the profession of qualified accountant, from engaging in canvassing.” View
To know more about integrated reporting: Debates and developments around the concept of integrated reporting are growing in importance. FEE issued a factsheet explaining integrated reporting key principles and providing some information on International Integrated Reporting Committee (IIRC). View
FEE position on the IASB Supplementary Document Financial Instruments: Impairment: In general, FEE supports the expected loss approach for the impairment model for all financial assets measured at amortised cost. Such model is more relevant as it takes into account expected future developments that will impact credit losses. However, the expected loss approach is inherently more judgemental, which places more challenges on the standard setter to ensure consistent application by using clearly defined principles and terms. View
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