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European framework on non-financial reporting close to final

The European Parliament has adopted the proposed Directive on disclosure of non-financial and diversity information by large companies and groups. The European Council is expected to formally adopt the proposal in the coming weeks. Companies concerned will need to disclose information on policies, risks and results as regards environmental matters, social and employee-related aspects, respect for human rights, anti-corruption and bribery issues, and diversity on boards of directors. See Memo and Statement.%26nbsp;

European Commission adopts measures to improve the corporate governance of Europe%26rsquo;s largest companies

The European Commission has adopted measures to improve the corporate governance of around 10 000 companies listed on Europe%26rsquo;s stock exchanges and has presented a proposal for the revision of the Shareholder Rights Directive, a Recommendation on corporate governance reporting and a proposal for a Directive on single-member private limited liability companies. more...%26nbsp;

The initiative aims at contributing to the competitiveness and long-term sustainability of these companies. more...%26nbsp;The package of measures implements key actions identified in the Communication on the long-term financing of the European economy of 27 March 2014. more...

EC proposes Single Member Private Limited Liability Companies

The European Commission has proposed a Directive to introduce single member private limited liability companies in all Member States. %26nbsp;

It has also published Frequently Asked Questions in relation to this proposal. The proposal is that Member States amend their own legislation to permit the formation of Societas Unius Personae (SUP), which can be in addition to single member limited liability companies already existant in national legislation or replace existing entities. The new entity will have common characteristics across all Member States and must be capable of being formed online, albeit Member States have the option of requiring this to be conducted via a notary. FEE is analysing the proposal and will contribute where appropriate

New FEE Project %26ldquo;Tax Policy: A Matter for Society as a Whole%26rdquo; %26ndash; Compendium of Views

FEE has launched a new project, aiming to produce a publication collecting together a broad cross-section of opinions on the future of tax policy.

A number of individuals and organisations have already been approached to provide contributions, a process that we expect to continue throughout May. Should you be interested in submitting an article, please contact Paul Gisby (paul.gisby@fee.be) for further details. Contributions are welcome by end of June.

EU tax policy: achievements and way forward

In a speech to the European Parliament, Commissioner %26Scaron;emeta highlighted the progress achieved during his mandate. more...

Parliament votes on Parent-Subsidiary Directive

The European Parliament has adopted the proposed Parent-Subsidiary Directive with some amendments. more...%26nbsp;FEE had provided comments on some of the proposed amendments. Next step will be the adoption in the European Council.

Taxation: Reinforcing the Single Market for citizens

The European Commission has launched two public consultations on tax obstacles faced by EU citizens when active across borders and on inheritance taxation. In addition an expert group to gather ideas on how to tackle any tax obstacles that hinder the cross-border activity of individuals in the Single Market will be created. Further information is available on the dedicated webpage.

VAT Changes 2015: Commission publishes Explanatory Notes on the new rules

The European Commission has published Explanatory Notes to prepare businesses for the new VAT rules for telecom, broadcasting and electronic services, which will enter into force in 2015, see the European Commission%26rsquo;s website. more...

New OECD Guidelines on applying VAT across borders%26nbsp;

The OECD Global Forum VAT has endorsed a new set of OECD Guidelines for the application of VAT or GST (Goods and Services Tax) to international trade. more...

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IASB launches the IFRS Research Centre

The International Accounting Standards Board (IASB) has launched its web-based IFRS Research Centre to facilitate communication between the IASB and the broader research community.

Its main objectives are to increase awareness of the issues that the IASB will be considering in the coming two to three years, to encourage research professionals to undertake targeted research projects and to contribute to the IASB moving to more evidence-based standard-setting. more...

IASB publishes Discussion Paper on accounting for macro hedging

The International Accounting Standards Board (IASB) has published for public comment until 17 October 2014 a Discussion Paper exploring an approach to better reflect entities%26rsquo; dynamic risk management activities in their financial statements, otherwise known as macro hedging. more...

IAASB re-exposes ISA 720 (revised)

The International Auditing and Assurance Standards Board (IAASB) has released for re-exposure an enhanced International Standard on Auditing (ISA) 720 (Revised) %26lsquo;The Auditor%26rsquo;s Responsibilities Relating to Other Information%26rsquo;. Comments are welcomed by 18 July 2014. more...

The proposed standard clarifies and strengthens the scope and focus of auditor efforts on information included in entities%26rsquo; annual reports, other than the audited financial statements, and introduces new auditor reporting responsibilities. more...

IPSASB Consults On Strategy and Work Plan Priorities

The International Public Sector Accounting Standards Board (IPSASB) has published its Strategy Consultation, which includes a consultation on its work program for 2015-2019 and emphasizes the IPSASB%26rsquo;s commitment to serving the public interest by developing high-quality International Public Sector Accounting Standards (IPSASs) for global adoption. Deadline for comments: 31 July 2014. more...%26nbsp; FEE will contribute.

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During the FEE Board meeting on 15 April 2014, Board members exchanged information and discussed next steps in view of the current implementation of the recently adopted audit reform. Other main topics for discussion on the agenda were corporate reporting, professional ethics and competences, public sector and governance matters, in particular the FEE strategic review. Approved comment letters are featured under the section FEE Publications.

The FEE Members%26rsquo; Assembly took place on 30 April 2014. Members debated the future of audit and assurance and were updated on FEE%26rsquo;s activities in the areas of corporate reporting, public sector and tax policy. Key findings of the FEE consultation with internal and external stakeholders that was conducted as part of FEE%26rsquo;s strategic review were presented and discussed.

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FEE President Andr%26eacute; Kilesse presented FEE%26rsquo;s strategic priorities at the General Assembly of the Institut des Experts-comptables et des Conseils fiscaux (IEC) and the Institut des R%26eacute;viseurs d'Entreprises (IRE) on 26 April 2014 in Belgium.

FEE CEO Olivier Boutellis-Taft presented key elements of the audit reform at the Deloitte debrief session on upcoming EU legislation on audit and audit committees on 22 April 2014. On 24 April 2014 he talked on %26lsquo;Greece: Looking for prosperity at a time of austerity%26rsquo; at the ACCA President%26rsquo;s Debate in Athens, Greece.

FEE Deputy CEO Hilde Blomme represented FEE at the European Commission%26rsquo;s joint stakehoIder meeting on the implementation of the audit reform on 11 April 2014.

Debating EU matters and the related FEE activities with future business leaders, FEE hosted a group of MBA students from the IAE Paris, Sorbonne Graduate Business School.

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

%26bull; Corporate Reporting Policy Group: EFRAG and ARC Governance Review, Future of Corporate Reporting, ESMA consultation on Guidelines on Alternative Performance Measures, International Framework, ECB Comprehensive Assessment of large EU banks

%26bull; Professional Ethics and Competences: Audit Policy, provision of non-audit services, tax good governance

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