Upcoming Events

EU Tax Policy – Evolution or Revolution?

The Institute of Chartered Accountants in England and Wales (ICAEW) will hold their next seminar in the series on EU tax policy on 9 December 2015 in Brussels.

OECD BEPS 2015 Action Plan

The Academy of European Law (ERA) organises a conference on the latest development and implications for the EU of the OECD/G20 Base Erosion and Profit Shifting (BEPS). The event will take place on 10 December in Brussels.

5th Symposium on Accounting Research

On 11 December 2015, the Autorité des Normes Comptables (ANC) is hosting its symposium The general principles of accounting, European criteria and IASB’s Conceptual Framework in Paris, France.

17th European Corporate Governance Conference

The 17th European Corporate Governance conference is organised on 15 December 2015 in Luxembourg.

Accounting for the Future

You can watch the sessions on how the working life of finance professionals will change and the big trends affecting the accountancy profession held at this virtual ACCA conference on 24-26 November.

Issue n° 29 - 7 December 2015

FEE News

Developments in policy and regulation

In the spotlight

Save the Date - next FEE Future of VAT Roundtable

On 18 February 2016 the next edition of our series of Future of VAT Roundtables will take place in Brussels. Check for regular updates on Twitter: #FEEfutureVAT.

FEE forges common position with other EU associations strongly involved with SMEs

This joint statement, by FEE, the savings and retail banking association ESBG and SME advocacy body UEAPME, provides solutions to improve access to finance for small- and medium-sized companies (SMEs) under the Capital Markets Union (CMU).

FEE shows significant differences in developments on audit quality

FEE’s new overview sets out what audit quality indicators (AQIs) have been developed by nine different organisations worldwide and it provides insight into key differences between these AQIs.

FEE News

Press release - TAXE Committee drives the debate forward

FEE has welcomed the European Parliament’s adoption of the Parliament's Special Committee on Tax Rulings (TAXE) report that promotes a more coordinated, cooperative, and transparent approach to taxation in the EU. FEE is committed to addressing public concerns on tax issues, see here.

FEE comments on the review of structure and effectiveness of the IASB

In the response to the Trustees of the International Financial Reporting Standards (IFRS) Foundation, FEE encourages the International Accounting Standards Board (IASB) to take a more active role in driving the broader corporate reporting agenda and debate the ideas put forward in FEE’s recent paper on the Future of Corporate Reporting.

FEE calls for an international solution for aligning the effective dates for IFRS 9 and IFRS 4

In its input to the European Financial Reporting Advisory Group (EFRAG) and the European Commission on the endorsement of IFRS 9 Financial Instruments, FEE emphasised the need for an international solution for the issues insurance companies will face in this regard. See our full comment letter and this article on IASplus.

FEE comments on the IASB Conceptual Framework for Financial Reporting

In its comment letter, FEE supports the IASB’s efforts to revise and update this set of concepts to use for developing future IFRSs. For more in-depth FEE views, see our letters to the IASB and EFRAG.

From the FEE agenda

FEE President Petr Kriz and Deputy CEO Hilde Blomme presented the FEE Cogito paper on the Future of Corporate Reporting to at the Corporate Reporting Standing Committee of the European Securities and Markets Authority (ESMA) on 16 November in Paris, France. The President also joined a panel at the ACCA's International Assembly on 20 November in London, UK.

FEE CEO Olivier Boutellis-Taft spoke at the Norwegian Institute of Public Accountants (DnR) Board strategy meeting on digitalisation and the accountancy profession on 3 November in Bergen, Norway. He also addressed the importance of innovating for the profession in his speech at the International Federation of Accountants (IFAC) Council meeting on 10-13 November in Singapore.

FEE Deputy CEO Hilde Blomme presented on enhancing the credibility of financial statements at the Chamber of Financial Auditors of Romania (CAFR) conference on 11 November in Bucharest, Romania.

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Developments in policy and regulation

New European Commission strategy to improve Single Market, also for accountancy services

This Single Market Strategy aims to create new cross-border opportunities for professionals and businesses. It includes actions to remove administrative and regulatory barriers to providing cross-border accounting services, such as by introducing a services passport.

European Commission calls for evidence on EU regulatory framework for financial services

The Commission is looking for concrete feedback on the effects of the financial legislation adopted in response to the financial crisis. FEE will respond to this consultation, primarily regarding the audit reform legislation and different initiatives on country-by-country reporting.

Global accountancy bodies call upon world leaders for climate action

A global coalition of leading accounting bodies urged political leaders to achieve a low carbon, sustainable future at the COP 21 Climate Change meeting in Paris. They also presented the accounting community’s own principles for addressing climate change. See the full letter.

IFAC Gateway article: What Big Data Is Doing to Accounting

Big data is already driving change. Is your organization keeping pace or getting left behind? See this IFAC Gateway article by Brian Sommer, TechVentive Founder and Technology Industry Expert.

Coporate Reporting

European Commission proposes to change the Prospectus Directive

The proposed changes aim to make it easier for (small) companies to raise money on EU public markets. FEE previously commented on reviewing the Prospectus Directive as part of the CMU action plan and continues to work on this matter.

IFAC issues paper on creating value with Integrated Thinking

This thought paper sets out a vision for integrated thinking and explores what professional accountants working in the public and private sectors can do in practical terms to facilitate it in their organizations.

Tax

FEE Tax Policy Updates

Check the latest European developments on tax policy in these periodic updates prepared by the FEE team.

Banks

ESMA consultation paper on the European Single Electronic Format (ESEF)

ESMA’s consults on its regulatory technical standards for ESEF, a format that publicly listed companies will need to use for preparing their annual financial reports starting 1 January 2020. FEE will respond to this consultation.

Anti-money Laundering

Commission issues Proposal for a Directive on combatting terrorism

The proposal seeks to update existing criminal law in order to combat terrorism, including its funding. It complements the measures already included in the 4th Anti-Money Laundering Directive, but focusses even more on prevention, such as criminalising financing of travelling abroad for terrorism purposes. The proposal also aims at implementing into EU law a number of international standards, including the the Financial Action Task Force (FATF) Recommendations on terrorist financing.

FATF reviews anti-terrorism finance measures in 194 Jurisdictions

FATF, the global standard-setter for measures to combat money laundering and terrorist financing, presented this overview of the global implementation of its key counter-terrorist financing measures to the G20 leaders.

Transparency International surveys G20 efforts to stop corruption

Transparency International launched a new report on the efforts G20 governments have made to deliver on their promise to fight corruption by adopting laws to prevent hiding company ownership.

Small- and Medium-sized Practices (SMPs) and Enterprises (SMEs)

Norway proposes to adopt standards based on IFRS for SMEs

The Norwegian Ministry of Finance issued for comment an exposure draft proposing to require companies whose securities do not trade in a regulated market to use new national standards based on the IFRS for SMEs in their consolidated financial statements.

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