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FEE ‘Future of VAT’ Roundtable 18 November 2014

The FEE ‘Future of VAT’ Roundtable was a great success, with around 70 participants from 20 European countries and speakers representing the accounting profession, businesses, tax authorities, finance ministries and academia. A high-level summary and the speakers’ presentations are available here.

Vacancy at FEE

FEE is seeking a Junior Finance Professional with a university degree in business or law with practical experience in accounting and/or tax as well as an interest in European Affairs. For more details and application, click here!

Juncker presented € 315 billion Investment Plan 

On 26 November 2014, the European Commission President presented a plan to unlock public and private investments in the real economy of at least € 315 billion over the next three years (2015-2017).

See the dedicated website here.

Juncker announced EC campaign against tax evasion and avoidance

On 12 November 2014, EC President Juncker announced a draft directive imposing the automatic exchange of information by member states on tax rulings for multinationals issued by their tax administrations. Taxation Commissioner Pierre Moscovici is in charge of drafting such a proposal.

Read the Europolitics article here.

Juncker reinforced his stance on combatting tax evasion and tax fraud at the G20 in Brisbane on 15 November. more... 

The G20, see its Conclusions below, calls for greater tax transparency. This includes a statement on sharing tax rulings that some have criticized for being too vague. more... 

Commissioner Jonathan Hill welcomes the ECB as Single Supervisor in the Banking Union

The Commissioner for Financial Stability, Financial Services and Capital Markets referred to the European Central Bank (ECB) new responsibilities as ‘the next step towards a fully operational banking union’. Since 1 November 2014 the ECB has been responsible for ensuring the day-to-day surveillance of banks in the Eurozone. more...

The European Commission acts upon its vows for greater transparency

The Commission has started its Transparency Initiative (see political guidelines) by expecting all Commissioners to make public all contacts and meetings held with stakeholders and lobbyists starting 1 December 2014. more... 

The EC also discusses ways to make more and better information available to citizens on the Transatlantic Trade and Investment Partnership (TTIP) negotiations between the EU and US. more... 

ECB issues results of survey on the access to finance of SMEs in Eurozone

The ECB has published its 11th report on the results of the ‘Survey on the access to finance of enterprises’ (SAFE). The report mainly provides evidence on changes in the financial situation, financing needs and access to financing of SMEs in the Euro area from April to September 2014, as well as comparing the situation of SMEs with that of large enterprises. more...

ESMA publishes extracts of enforcement decisions on financial statements

The European Securities and Markets Authority (ESMA) published extracts from its confidential database of enforcement decisions on financial statements, with the aim of providing issuers and users of financial statements with relevant information on the appropriate application of the International Financial Reporting Standards (IFRS). more... 

European Court of Auditors says EU must focus on getting better results from its spending

In its annual report on the EU budget, the European Court of Auditors (ECA) warns that the budget system is too focused on just getting funds spent and needs to place more emphasis on achieving results. As independent auditor, the ECA signed off the 2013 accounts of the European Union, but stresses that the management of EU spending is not yet good enough overall - either at EU level or in the Member States. more...

ECOFIN Council discusses proposals to prevent tax avoidance and for a financial transaction tax

The Economic and Financial Affairs Council (ECOFIN), agreed in principle to amend EU tax rules to stop tax avoidance and aggressive tax planning by corporate groups. This proposal concerns introducing a common anti-abuse clause in the EU's 2011 parent-subsidiary directive. Further discussions are scheduled for the ECOFIN meeting on 9 December 2015.

ECOFIN also discussed a proposal aimed at introducing a financial transaction tax (FTT) in the 11 member states participating in an ‘enhanced cooperation’ procedure (Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain). Enhanced cooperation was authorised in January 2013 after a September 2011 proposal for an EU-wide FTT failed to obtain unanimous support. The participating member states agree that the FTT should concern transactions in shares of listed companies, but that further work is required on derivatives to be subject to the FTT. Read the press release here.

ECOFIN Council discusses amendment to the parent-subsidiary directive. more...

Read the opening remarks by Commissioner Moscovici at the ECOFIN press conference.  

OECD consults on transfer pricing guidelines relating to low value-adding intra-group services

As part of the Action Plan on Base Erosion and Profit Shifting (BEPS), the Organization for Economic Co-operation and Development’s (OECD) discussion draft reduces the scope for erosion of the tax base through excessive management fees and head office expenses. Written comments need to be submitted by 14 January 2015. more... 

Financial Services in EU Trade Agreements

The European Parliament’s Committee on Economic and Monetary Affairs (ECON) received an analysis of the trade rules in financial services in preferential trade agreements (PTA). The EU has established several of these PTAs, particularly in emerging Asian markets. The financial services sector is of strategic importance in trade policy and therefore also in the current TTIP negotiations with the USA. The EU has obtained considerable concessions in the financial sector in its PTAs which go beyond those agreed multilaterally in the World Trade Organization. more... 

Turkey joins COSME, the EU’s programme for SME financing

Turkey and the European Commission signed an agreement for Turkey to join the EU's Competitiveness of Enterprises and Small and Medium-Sized Enterprises Programme (COSME). Turkey's participation in COSME will help extend the EU's policy environment for SME success and growth to a wider area and hence help the EU and its neighbours combine forces to compete more effectively with other economic blocs. more...

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IIRC releases first Creating Value report ‘Value to the Board’

The IIRC has released the first in its Creating Value series, bringing together trends, research, market views and case studies on Integrated Reporting. The first one considers value to the board and provides a rich resource for organizations adopting , with views from those already on the journey, and evidence of the practical value of in today’s fast moving markets. more...

IPSASB publishes Public Sector Conceptual Framework

The International Public Sector Accounting Standards Board (IPSASB) has published its ‘Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities’. Using this Framework will help the IPSASB develop IPSASs and Recommended Practice Guidelines. It also aims to strengthen the linkage between IPSASs and enhances the IPSASB’s accountability.

FEE has contributed throughout the development of this Framework, see here and here.

G20 held in Brisbane, Australia on 15-16 November 2014

The Group of 20 (G20) summit adopted the Brisbane Action Plan on Growth and Jobs
and put strong emphasis on investment. The G20 has also reaffirmed its commitment to fairer taxation and to financial regulation, global climate action and open trade. In addition, the G20 has made progress on anti-corruption, energy and sustainability, development and reform of international economic institutions.

The European Commission has welcomed the results of the G20 summit. more...

OECD Secretary-General Angel Gurría says it’s time for fairer taxation

Guest entry on the OECD blog. Overhauling the global tax system and its practices is fundamental if we are to deliver stronger, cleaner and fairer growth for a post-Crisis world. What happens in the next 12 months, starting with the G20 Brisbane Summit, will be critical for the success or failure of this exercise. more...  

Switzerland takes important step to boost international cooperation against tax evasion

Switzerland has become the 52nd jurisdiction to sign the Multilateral Competent Authority Agreement, which will allow it to go forward with plans to activate automatic exchange of financial account information in tax matters with other countries beginning in 2018. The decision is still subject to Parliamentary approval, as well as the possibility that voters may be asked to approve the necessary laws and agreements. more...

Improving the Structure of the Code of Ethics for Professional Accountants

The IESBA is seeking input from stakeholders on approaches that could be taken to improve the clarity and usability of the Code, thereby facilitating its adoption, effective implementation, and consistent application. The consultation is open until 4 February 2015. more... 

IESBA proposes strengthened guidance for professional accountants in business

The IESBA asks for public comment on proposals that respond to the need for more robust and practical guidance to help professional accountants in business deal with their responsibility to produce financial reports that are faithful representations of the economics of transactions, and pressure to breach fundamental ethical principles. more... 

IESBA releases 2013 Annual Report ‘Reinforcing Trust in the Profession’

The report provides a summary of the Ethics Board’s 2013 achievements and includes developments on key projects and initiatives that have continued to progress throughout 2014. In particular, it highlights the board’s extensive efforts in reaching out to stakeholders, and the developments of the board that centered on building public trust in both the profession and the IESBA Code. more...

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The FEE Board met on 4 November. Approved comment letters are featured under the section FEE Publications.

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 FEE Vice President Florin Toma spoke at the IFAC SMP Committee on 14 November in Rome, providing an update on the activities of the FEE SMP Forum.

 FEE CEO Olivier Boutellis-Taft spoke at Transparency International event ‘Banking Transparency - Managing Risks, Maximizing Opportunities: The benefits of transparency’ on 6 November.

On 9 November he joined the Board of the Global Accounting Alliance for an informal exchange of information on recent European policy developments.

 FEE Deputy CEO Hilde Blomme presented EU developments at the EGIAN bi-annual meeting on 18 November. She also spoke at the KIBR Swiss Contribution Conference on Ethics in Warsaw on 24 November 2014, addressing the value of ethics in running a business from the perspective of the auditor and professional accountant.

 FEE Senior Manager Petra Weymüller participated in the panel discussion on ‘Future of Tax: EU tax policy and International tax reforms’ and FEE Audit and Assurance Policy Group Chairman Myles Thompson delivered a keynote speech on the audit policy reform at the 2014 MIA Conference on 6 November in Malta. more...

FEE at the 2014 WCOA in Rome, Italy 10-13 November 2014

 FEE President André Kilesse participated in the IFAC Council meeting together with FEE CEO Olivier Boutellis-Taft on 7 November in Rome.

FEE was well represented with several speakers and an exhibition booth welcoming attendees from all over the world.

Michael Gewehr chaired the session entitled ‘The New Audit Report’.

Mark Vaessen chaired the session addressing the ‘Convergence to IFRS and Global Consistency’.

Mark Gold chaired the session entitled ‘Accountants for Growth: Internationalization through SMPs’.

Thomas Mueller-Marqués Berger spoke at the plenary session ‘Enhancing government transparency and accountability: A way to economic growth’.

Hilde Blomme participated as a panellist in the session ‘Translating International Standards and Guidance: Best Practices and Tools to achieve Quality Translations’.

Friedrich Roedler chaired the session ‘Promoting Fairness and Growth Through Global Cooperation on Taxation’.

Olivier Boutellis-Taft chaired the session on ‘Fiscal sustainability and service reporting by public sectors entities’.

Petr Kriz chaired the session ‘Challenges in implementing the new European Accounting Directives of 2013’, which included Stig Enevoldsen and Florin Toma as panellists. 

On 20 November FEE hosted a group of students from Maastricht University. FEE provided insight into EU legislative policy and process and FEE’s role and work in this regard.

The following FEE Working Parties held meetings or conference calls in November proceeding with their projects, their major agenda items debated are highlighted below:

Auditing & Assurance: Audit reform implementation; Future of audit and assurance; IAASB projects; IIRC project on assurance

Tax Policy and VAT: FEE Tax Day 29 April 2015; FEE Compendium ‘Tax Policy: A Matter for Society as a whole’; OECD BEPS Consultations, EC paper on VAT Definitive Regime

Professional Ethics and Competences: Audit policy; IESBA consultation ‘Improving the Structure of the Code of Ethics for Professional Accountants’

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