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Recent FEE Publications
Reform of the EU Statutory Audit Market %26ndash; National implementation%26nbsp;
FEE has updated its web page featuring more than 50 FEE Frequently Asked Questions on audit policy. more...%26nbsp;In addition, FEE has issued a Factsheet on cross-border audit oversight, more..., and two briefing papers on topics directly relevant to this new audit legislation. more...
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%26nbsp;Upcoming Events
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FEE Public Sector Roundtable, 17 July 2014, Brussels %26ndash; Shaping European public sector accounting: A conceptual framework %26ndash; an imperative?
A unique opportunity to contribute to a potential conceptual framework for European public sector accounting standards in a debate with European and national policymakers, representatives from the public sector, accountants and auditors. more...%26nbsp;
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VAT place of supply of services / Mini One Stop Shop (MOSS) conference, 9 September, Warsaw, Poland
To inform businesses of the 2015 VAT rule changes that will affect business to consumer supplies of broadcasting, telecommunications and electronic services, the European Commission, in co-operation with the Polish Ministry of Finance, is organising a conference in Warsaw on 9 September 2014. more...
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IAS Conference 2014 %26ndash; Adding Value through Internal Audit, 23 September 2014, Brussels
The Internal Audit Service of the European Commission is organising a conference on internal audit. The conference will be opened by Commissioner %26Scaron;emeta. At least 400 participants from the European Institutions, EU Members States, international organisations and third countries, a large number of whom will be non-auditors, is expected to participate. more...
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World Congress of Accountants, 10 %26ndash; 13 November 2014, Rome, Italy
The 2014 World Congress of Accountants (WCOA) will be hosted by the Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili (CNDCEC) under the theme %26lsquo;2020 Vision: Learning from the Past, Building the Future%26rsquo;. Join more than 150 institutes and organisations from across the world to discover the latest thinking and the liveliest debates, and become part of an unforgettable professional experience. more...
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 %26nbsp;In the spotlight
%26nbsp;EU Policy Developments
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Reform of the EU Statutory Audit Market %26ndash; National implementation
The publication of the amending%26nbsp;Directive%26nbsp;and the new%26nbsp;Regulation%26nbsp;on Statutory Audit in the Official Journal of the EU took place on Tuesday 27 May 2014, a corrigendum of a typo in the Regulation was published on 11 June 2014.%26nbsp;more...%26nbsp;The two texts entered into force on Monday 16 June 2014, 20 days after their publication in the Official Journal.%26nbsp;more...%26nbsp;The European Commission has also published an updated version of the%26nbsp;FAQs.%26nbsp;
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FEE has updated its web page featuring more than 50 FEE Frequently Asked Questions on audit policy.%26nbsp;more...
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In addition, FEE has issued:%26nbsp;
- a Factsheet on cross-border audit oversight
- two briefing papers on topics directly relevant to this new audit legislation
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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. 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 July 2014.
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Italy will take over EU presidency
On 1 July, Italy will take over the EU presidency from Greece, which will run until 31 December 2014. The news, updates and the calendar of the semester will be soon on-line.%26nbsp;more...
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REFIT %26ndash; making EU law lighter, simpler and less costly
The European Commission reported on the state of play of the Regulatory Fitness and Performance Programme (REFIT) and proposed a number of new initiatives for simplification and burden reduction, repeals of existing legislation and withdrawals of proposals pending in legislative procedure. more...
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Risk assessment of the European banking sector
The European Banking Authority (EBA) published its fifth semi-annual report on risks and vulnerabilities of the EU banking sector. more... The report shows improvements in market sentiment and confidence, cautions about ongoing uncertainties on asset valuations and future profitability and draws attention to looming redress costs related to conduct issues as well as to geo-political concerns in emerging markets.
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ECB and EBA update the classification system for their reporting frameworks
The European Central Bank (ECB) and the European Banking Authority (EBA) have jointly published a third version of the classification system that links their respective reporting frameworks. more... This common system, which will support EU banks in their reporting exercise to both the EBA and the ECB provides a methodological bridge between statistical and supervisory reporting. more...
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2013 ESMA annual report
The European Securities and Markets Authority (ESMA) has published its annual report for 2013, providing an overview of ESMA%26rsquo;s activities in 2013, focusing on its tasks and achievements and setting out the work programme for 2014. more...
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IFRS 3: ESMA calls for improvements in disclosures related to business combinations
The European Securities and Markets Authority (ESMA) has published a report on the application of accounting requirements for business combinations in IFRS financial statements (IFRS 3). more... The report, based on a review of the annual IFRS financial statements of 56 issuers in the European Union (EU), examines the consistency of how key requirements of IFRS 3 %26ndash; Business Combinations are applied. It highlights that some good business combination disclosures were provided and identifies certain areas where improvements are warranted in order to enhance the usefulness of the information. more...
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IFRS 3: Summary of joint user outreach event now available
On 1 April 2014, the European Financial Reporting Advisory Group (EFRAG), the European Federation of Financial Analysts Societies (EFFAS) and the Association Belge des Analystes Financiers (ABAF), hosted a joint event as part of the Post-implementation Review of IFRS 3 Business Combinations. Purpose of the event was gathering views from users on the decision usefulness of the information resulting from the current accounting and disclosure requirements for business combinations, as well as what improvements, if any, are needed, and why. The summary is now available. more...
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FRC promotes clear and concise reporting
As part of its work programme to promote clear and concise reporting from which investors can, with justifiable confidence, draw conclusions about a company%26rsquo;s performance, position and prospects, the UK Financial Reporting Council (FRC) has published its Guidance on the Strategic Report; the new reporting requirement designed to give investors an insight into the way the business is run and its strategic direction. It gives an overview of the various components of an annual report and considers where information should best be placed. It aims to help companies think innovatively about communication. more...
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Fourth EU Anti-money Laundering Directive on the way %26ndash; progress in Council
Ambassadors of the 28 EU member states (Permanent Representatives Committee %26ndash; Coreper) agreed on a general approach on the Anti-Money Laundering (AML) legislative package, comprising the 4th AML Directive and the new Fund Transfer Regulation. This agreement constitutes the negotiating mandate for the incoming Italian Presidency to conduct trilogues with the European Parliament. more... Internal Market Commissioner Michel Barnier welcomed the agreement as an important step towards the adoption of stronger rules to combat money laundering and terrorist financing. more... FEE contributed its views to the review of the AML Directive. more...
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Council conclusions on the EU Anti-Corruption Report
In its conclusions on the EU anti-corruption report, the Council of the EU invited Member States to make further efforts to encourage anti-corruption prevention. more... The EU anti-corruption report issued by the European Commission in February 2014 provides a picture of the situation in each Member State: measures in place, outstanding issues, policies that are working and areas that could be improved. more...
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Labour taxes remain the major source of tax revenue in the EU
The 2014 edition of the European Commission%26rsquo;s analysis of %26ldquo;Taxation Trends in the European Union%26rdquo; shows that the largest source of tax revenue in the EU28 is labour taxes, representing more than half of total tax receipts in 2012 (51.0%), followed by consumption taxes (28.5%) and taxes on capital (20.8%). more... Commenting on the report, European Commissioner %26Scaron;emeta pointed out that labour taxation is still too high, while growth-friendly bases, such as environmental taxes, are under-used in many countries. more...
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Digitalised economy does not require a separate tax system
The European Commission%26rsquo;s high-level expert group on taxation of the digital economy, which was asked to examine key issues related to taxing the digital economy in the EU, and to present their ideas on the best approach to various challenges and opportunities in this field, concluded in their final report to the European Commission that the digital economy does not require a separate tax regime. Current rules may need to be adapted to respond to the digitisation of our economy. more... This conclusion is in line with the outcome of an OECD consultation on the same subject earlier this year. more... The Commission will now consider the report and decide on policy orientations in due course. more...
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Revised Parent-Subsidiary Directive: EU Council reached political agreement
Trying to prevent the double non-taxation of corporate groups deriving from hybrid loan arrangements, the Council of the EU has reached a political agreement on the revised EU Parent-Subsidiary Directive. The revised Directive aims at boosting member states' tax revenues and help creating a level playing field between groups with parent companies and subsidiaries located in different countries and those that have all entities based in a single member state. Formal adoption in the EU Council is expected to take place in one of the next meetings, member states will then have until 31 December 2015 to transpose the revised Directive into national law. more...
FEE had commented on some of the amendments proposed by the European Parliament. more... Commissioner %26Scaron;emeta welcomed the Council agreement and sees the revised Parent-Subsidiary Directive as an important tool in creating a business-friendly environment in the EU, without giving unintended opportunities to tax evaders. more...
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EC communication on the work of the EU Joint Transfer Pricing Forum
The EU Joint Transfer Pricing Forum (JTPF) examines issues which constitute obstacles to cross-border business activities and tries to find pragmatic solutions to problems arising from the application of the arm's length principle within the EU. more... Reporting on the work of the EU JTPF, the European Commission concluded that it has been an important resource for the Commission%26rsquo;s work on improving the practices of transfer pricing administration and functioning in the EU and that it can also serve as a useful source of input to the G20 sponsored OECD BEPS project. more...
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What needs to be done in tax policy to complete Economic and Monetary Union
%26ldquo;The Role of Tax Policy in a functioning Economic and Monetary Union%26rdquo; was debated in a hearing organised by the European Economic and Social Committee (EESC). Related documents are available on the dedicated webpage.
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EU and EIB launch a new generation of EU financial instruments and advisory services to help innovative firms access finance more easily
Over the next seven years, it is expected that the %26quot;InnovFin %26ndash; EU Finance for Innovators%26quot; products will make available more than %26euro;24 billion of financing for research and innovation by small, medium and large companies and the promoters of research infrastructures. InnovFin will consist of a range of tailored products %26ndash; from guarantees for intermediaries that lend to SMEs to direct loans to enterprises %26ndash; helping support the smallest to the largest research and innovation projects in the EU and countries associated to Horizon 2020, the new EU research programme for 2014-20. more...
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European Commission plan will seek to boost SME resource efficiency
A green action plan for small and medium-sized enterprises (SMEs), to be published soon by the European Commission, will set out a series of measures that are proposed to be taken at European level to encourage resource efficiency among SMEs, to promote %26ldquo;green entrepreneurship%26rdquo; and to make it easier for SMEs to access domestic and international markets for eco-innovative products and services. more...
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New Portal helps SMEs to go international
To help EU-based SMEs extend their business to markets beyond the EU, the European Commission launched the SME Internationalisation Portal. The portal aims to give SMEs clear and easy access to the broad range of existing public services. more...
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EESC in favour of TTIP
The European Economic and Social Committee welcomed the EU-US Transatlantic Trade and Investment Partnership (TTIP) project and believes that a balanced agreement could support growth and job creation in the EU. A condition of this endorsement is that the current level of social, environmental and consumer protection enjoyed by EU citizens should not be compromised. more...%26nbsp;
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IIRC launches Corporate Reporting Dialogue
The Corporate Reporting Dialogue (CRD), introduced by the International Integrated Reporting Council (IIRC), brings together organisations that have significant international influence on the corporate reporting landscape (CDP, CDSB, FASB, GRI, IASB, IIRC, IPSASB, ISO, SASB). By working together towards a common goal, participants aim to respond to market calls for better alignment and reduced burden in corporate reporting. more...
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Global Reporting Initiative (GRI) invites comments on governance changes
The planned governance changes of the Global Reporting Initiative (GRI) are designed to ensure that GRI is equipped to meet the particular requirements that regulators tend to have for public standard setters, while maintaining the core multi-stakeholder approach that is key to the legitimacy of GRI. GRI is inviting the general public to provide specific feedback on the intended new governance structure for GRI until 9 July 2014. more...
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2014 Handbook of International Public Sector Accounting Pronouncements
This Handbook contains the complete set of the International Public Sector Accounting Standards Board%26rsquo;s (IPSASB) pronouncements on International Public Sector Accounting Standards (IPSAS), including Recommended Practice Guidelines (RPG). more...
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IFRS online information on disclosure
The IFRS Foundation is undertaking a broad-based initiative to explore how disclosures in IFRS financial reporting can be improved and has launched a number of implementation and research projects in this regard. The Disclosure Initiative sections on the IFRS Foundation%26rsquo;s website contain more detailed information, including the agenda papers discussed by the IASB, recordings of IASB discussions and links to podcasts and other information. more... The latest online update covers principles of disclosure, targeted improvements to disclosure requirements and materiality. more...
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IASB and FASB announce the formation of Joint Transition Resource Group for Revenue Recognition
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) announced the formation of the Joint Transition Resource Group for Revenue Recognition (TRG). The TRG will inform the IASB and the FASB about potential implementation issues that could arise when companies and organisations implement the new Standard. It will also provide stakeholders with an opportunity to learn about the new Standard from others involved with implementation. more...
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IASB to establish transition resource group for impairment of financial instruments
The International Accounting Standards Board (IASB) announced its intention to create a transition resource group that will focus on the upcoming new requirements for impairment of financial instruments. The IASB is seeking suitable candidates for membership of the IFRS Transition Resource Group for Impairment of Financial Instruments (ITG), deadline for applications is 14 July 2014. more...
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IASB publishes Exposure Draft Investment Entities %26ndash; Applying the Consolidation Exception (Proposed amendments to IFRS 10 and IAS 28)
The International Accounting Standards Board (IASB) issued the Exposure Draft %26ldquo;Investment Entities %26ndash; Applying the Consolidation Exception%26rdquo;. The proposed amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures are designed to clarify three issues about the application of the requirement for investment entities to measure subsidiaries at fair value instead of consolidating them. Deadline for comments: 15 September 2014, more...
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2013 IAASB annual report
The 2013 Annual Report summarises the International Auditing and Assurance Standards Board%26rsquo;s (IAASB%26rsquo;s) work to develop in the public interest high-quality international auditing, review, other assurance, quality control, and related services standards. more...
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