Issue n° 34 - 3 May 2016

FEE News

 Developments in policy and regulation  

In the spotlight

FEE-CCAB-CFA Institute Roundtable on the Future of Corporate Reporting

Register here for our joint event with the Consultative Committee of Accountancy Bodies (CCAB) and CFA Institute, 16 May in London. See our related paper here: http://bit.ly/15futurecorprep, join the dedicated LinkedIn group and follow the dicussion #FutureCorporateReporting.

5^th FEE Public Sector Roundtable

Register here to join our 5^th Public Sector Roundtable on 15 June in Brussels with the theme Sovereign debt crisis: How can accounting be (part of) the solution?. See our related paper that highlights the key benefits of adopting accrual accounting and its contribution to governments’ financial decision-making.

FEE News

The Federation welcomes plans to simplify VAT and tackle fraud in the EU

In our press release to welcome the European Commission’s VAT Action Plan we offer the Commission our expertise in reforming the European VAT system. Accountants play a vital role in supporting businesses to fulfil their VAT obligations and the Federation will keep informing this debate independently.

The Federation supports effective corporate tax transparency

Our next press release supports the European Commission starting the debate by proposing for companies to publish tax information on a country-by-country basis. We keep contributing to such policy initiatives that promote transparency and integrity, as we are committed to the public interest and to the legitimacy and robustness of our tax systems.

The Federation responds to the European Commission’s consultation on  non-financial information (NFI) reporting guidelines

This response is part of our contribution in developing the non-binding guidelines required by the EU Directive on disclosure of non-financial and diversity information. In our comments, we emphasise that these should address materiality to help reduce the administrative burden of preparation, and enhance the relevance of the information disclosed.

The Federation responds to European Commission’s consultation on improving double taxation dispute resolution mechanisms

In our response, we state that current dispute resolution mechanisms available in the EU are not sufficient. Double taxation can create barriers for cross-border business, drive away external investment, and have a long term detrimental effect on economic growth.

The Federation responds to EIOPA’s consultation on guidelines improving the dialogue between competent supervising authorities and auditors

We consider that the European Insurance and Occupational Pensions Authority (EIOPA) and the European Banking Authority (EBA) should ensure that their final guidelines are closely aligned to achieve a consistent, effective, and efficient implementation across Europe and across industries. We also suggest that the Federation can serve as a discussion platform on European matters relevant to insurance supervisors and auditors.

The Federation responds to IPSASB proposed amendments to IPSAS 25 on employee benefits

We have welcomed the approach taken in this exposure draft that aligns, as far as possible, International Public Sector Accounting Standards (IPSAS) 25 with International Accounting Standard (IAS) 19. Read the full comment letter here.

The Federation responds to IESBA's proposed revisions to safeguards in the Code – Phase 1

The Federation believes that the International Ethics Standards Board for Accountants (IESBA) is proposing a very strict concept of safeguard, disregarding important practical implications. Read the full comment letter here.

The Federation responds to IESBA's proposed revisions to the structure of the Code – Phase 1

We welcome the IESBA’s initiative on restructuring the Code. The proposed revisions are key to the objective of enhancing its understandability and usability and therefore contributing to widespread application by professional accountants. Read the full comment letter here.

Stay up-to-date on Tax Policy and the Capital Markets Union 

Check our Tax Policy Updates (every 2 weeks) and Capital Markets Union Updates (every month) prepared by the FEE Team.

FEE in the media

Interview with Hilde Blomme on how FEE works towards European consensus-building

FEE Member Body Association of Chartered Certified Accountants (ACCA) published an interview with our Deputy Chief Executive, Hilde Blomme, for their monthly magazine Accounting and Business. This article highlights how FEE and its members work together on European consensus-building regarding policies and standards affecting the accountancy profession. 

From the FEE agenda

FEE President Petr Kriz intervened at the World Bank’s Ministerial Conference Gearing up for growth: Financial information for sound business decisions on 27 April in Vienna.

FEE CEO Olivier Boutellis-Taft presented key concepts of the Future of Corporate Reporting paper at a conference held by Deloitte and IIRC on 5 April in Brussels. He also shared the Federation’s views on innovation and the profession at the Audit Conference of the Institute of State Authorized Public Accountants in Iceland (FLE) on 15 April in Reykjavik. Olivier spoke on the panel New Business Planning Logic for SMEs. New Sources of Financing the Growth and Current needs of the SMEs at the at the European Parliament on 21 April in Brussels.

Developments in policy and regulation

Folow @FEE_Brussels on Twitter (twice a day) for all developments on policy and regulation

Follow @FEE_SMP (twice a week) for SME specific developments and check the SMP Highlights we prepare with IFAC (twice a year)

Follow us on LinkedIn

If you are a professional accountant registered with one of our 50 Member Bodies join our FEE LinkedIn group Connect With European Professional Accountants