Audit Policy

On 2 April 2014 the European Parliament will vote on the proposed Statutory Audit Directive and Regulation. 

The Council is expected to vote subsequently. FEE is working on a number of projects linked to this upcoming new legislation to inform its members and the public at large.

A European framework on non-financial reporting

Further to the agreement reached in the trilogue on the proposed directive on the disclosure of non-financial and diversity information by certain large companies, the European Parliament’s Committee on Legal Affairs (JURI) has backed this deal. more... It is expected that the European Parliament will vote this legislation in plenary in April, while the Council will formally adopt it subsequently. 

Integrated reporting: accelerating change

The International Integrated Reporting Framework, published in December, signalled the start of what the International Integrated Reporting Council (IIRC) hopes is a new era for corporate reporting, as companies around the world begin to adopt its principles. But does internal audit hold the key to its success? Read the full article

European Commission launches communication on long-term financing of the European economy

The European Commission has adopted a package of measures to stimulate new and different ways of unlocking long-term financing and support Europe's return to sustainable economic growth. more... The communication on long-term financingpresents a set of specific actions which the Commission will take to improve long-term financing of the European economy. Particular attention is given to small and medium-sized entities’ (SMEs) financing needs, for example crowdfunding. more...

Fourth EU Anti-money Laundering Directive on the way

The European Parliament voted in favour of the joint committee report of the Economic and Monetary Affairs (ECON) and the Committee on Civil Liberties, Justice and Home Affairs (LIBE), adopting the text with a significant number of amendments. more...

The Parliament voted its first reading of this draft legislation, in order to consolidate the work done so far and hand it over to the new elected Parliament. This ensures that the MEPs newly elected in May 2014 can decide not to start from scratch, but instead build on work done during the current term. more...

Anti-money laundering: FATF in dialogue with the private sector

The Financial Action Task Force (FATF) organised a meeting of the Private Sector Consultative Forum to discuss implementation of the anti-money laundering and counter-terrorist financing (AML/CFT) measures set out in the ‘FATF Recommendations’, seek input and feedback into ongoing FATF work, and hear about issues of concern or interest to the private sector. FEE was represented. more...

Revised Savings Tax Directive adopted

The Council of the EU adopted the directive strengthening EU rules on the exchange of information on savings incomes, aimed at enabling the Member States to better clamp down on tax fraud and tax evasion. The Member States will have until 1 January 2016 to adopt the national legislation necessary to comply with the directive. more...

OECD commentary on new global tax transparency standard expected

G20 governments have mandated the OECD-hosted Global Forum on Transparency and Exchange of Information for Tax Purposes to monitor and review implementation of the new global tax transparency standard. more... The OECD is expected to deliver a detailed Commentary on the new standard for automatic exchange of financial account information, as well as technical solutions to implement the actual information exchanges, during a meeting of G20 finance ministers in September 2014. more...

OECD releases discussion drafts on Actions 1, 2 and 6 of the BEPS Action Plan

In July 2013, the OECD published its Action Plan on Base Erosion and Profit Shifting (BEPS). As part of that consultation process, interested parties are invited to send comments on the discussion drafts, which include the preliminary results of the work carried out in the areas identified in Action 1 (Tax Challenges of the Digital Economy), Action 2 (Neutralise the effects of hybrid mismatch arrangements) and Action 6 (Prevent Treaty Abuse).

EIB continues support for European SMEs - Strong focus on innovation

The European Investment Bank (EIB) continues its strong support for small and medium sized businesses (SMEs) and mid-cap companies in the European Union. EIB President Werner Hoyer stated: 'SMEs are the backbone of the European economy and the main provider of jobs. They will remain a top priority for the EIB Group this year.' more...

Transatlantic Trade and Investment Partnership (TTIP)

During the fourth round of talks, EU-US trade negotiators were committed to exploring how to make it easier for smaller firms to take advantage of the gains from the TTIP and have published a brochure how they could benefit from the agreement, and how the two sides plan to help those firms do so. They also agreed to hold a further round of talks in Washington before the summer. more...

ECB publishes manual for asset quality review

The European Central Bank (ECB) issued a manual on the methodology for Phase 2 of the Asset Quality Review (AQR). moe... FEE will continue to closely monitor the developments and will react where necessary. more...

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IFAC launches Global Knowledge Gateway

The International Federation of Accountants (IFAC) has launched the Global Knowledge Gateway, a platform designed to bring together news, views, resources, and thought leadership for the worldwide accountancy profession. The Gateway showcases key accountancy materials and provides a forum to explore thought-provoking issues, participate in discussions, and be part of the global community of accountants that IFAC represents. more...

IASB issues Exposure Draft on IAS 1 Presentation of Financial Statements

The International Accounting Standards Board (IASB) published for public comment an Exposure Draft outlining proposed amendments to IAS 1 Presentation of Financial Statements. It aims at addressing concerns about existing presentation and disclosure requirements and to ensure entities are able to use judgement when preparing their financial statements. Deadline for comments: 23 July 2014. more...

XBRL: IFRS Foundation publishes the 2014 annual version of the IFRS Taxonomy

The IFRS Foundation has published the IFRS Taxonomy 2014. The IFRS Taxonomy is a translation of International Financial Reporting Standards (IFRS) into eXtensible Business Reporting Language (XBRL). The IFRS Taxonomy 2014 is consistent with IFRS as issued by the International Accounting Standards Board (IASB) at 1 January 2014, including Standards published but not yet effective at that date. more...

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The FEE Board met from 18 - 19 March for a strategic retreat. The first day was mainly dedicated to discussions on the preliminary findings of the FEE stakeholder consultation and on next steps to be taken regarding FEE’s strategic review. On the second day, Board members debated the ongoing EFRAG review process, discussed governance and working parties matters and approved a number of projects. Comment letters which have been approved are featured under FEE Publications.

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FEE President André Kilesse held a presentation entitled “Taking stock of progress and preparing for the challenges ahead” at the Transeo European SME Transfer Summit on 26 March 2014 in Brussels.

FEE CEO Olivier Boutellis-Taft attended the EFRAG Member Organisations meeting on 19 March 2014.

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

Corporate Reporting Policy Group: Future of Corporate Reporting, EFRAG review and Maystadt recommendations

Accounting: EFRAG consultation papers and IASB exposure drafts

Audit and Assurance Policy Group: Audit policy and related FEE projects, IAASB matters

Tax Working Parties: Tax Good Governance project, FEE Tax Day conference 2015, VAT matters

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