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• European Parliament approves new Accounting and Transparency Directives

• Jun 13, 2013

• The European Parliament has voted to approve the new Accounting and Transparency Directives. The reform of these Directives was predominently aimed at reducing the administrative burden on small companies, enhancing the transparency of payments to governments by the extractive industry and loggers of primary forest, and creating a mandatory country-by-country reporting requirement.

• Non-financial reporting will actively contribute to a new, more responsible corporate world, says Barnier

• May 24, 2013

• The European Commissioner for Internal Market and Services, Michel Barnier, spoke at the Global conference on sustainability and reporting in Amsterdam which also saw the launch of the new G4 guidelines developed by the Global Reporting Initiative (GRI). Barnier highlighted the measures taken by the Commission to promote long-termism in the corporate sector which also include a recent proposal on non-financial reporting.

• Full text of the final compromise on the Accounting Directive available

• Apr 22, 2013

• On 9 April 2013, the European Council, Parliament and Commission informally agreed on the finalisation of a new Accounting Directive that aims at reducing the administrative burden of accounting and at enhanced transparency in the extractive industry. The full text of the final compromise on the Accounting Directive has now been made available.

• Agreement on the revision of the EU Accounting Directives

• Apr 12, 2013

• On 9 April 2013, the European Council, Parliament and Commission informally agreed on the finalisation of a new Accounting Directive that aims at reducing the administrative burden of accounting and at enhanced transparency in the extractive industry. Detailed information on the content of the new Directive is not available yet.

• FEE comments on the EC proposals for the recast of the 4th and 7th Accounting Directives

• Apr 09, 2013

• The Federation of European Accountants (FEE) has issued a letter to Mr. Klaus-Heiner Lehne, Chair of the Committee on Legal Affairs (JURI) of the European Parliament on the recast of the 4th and 7th Accounting Directives. The European Commission published proposals for revising the Accounting Directives in October 2011 and JURI, representing the European Parliament, subsequently analysed the proposals. Currently, European Council, Parliament and Commission seem to be locked in their trilogue. FEE has been trying to further inform the debate and help close the gaps by publishing various comment letters and a policy statement on the topic.

• European Union formally adopts amended IFRS 10 transition guidance

• Apr 05, 2013

• The European Union has published a Commission Regulation endorsing ‘Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance’ (Amendments to IFRS 10, IFRS 11 and IFRS 12).

• European Union formally adopts Annual Improvements 2009-2011

• Mar 28, 2013

• The European Union has published a Commission Regulation endorsing the amendments made by the International Accounting Standards Board (IASB) 'Annual Improvements 2009-2011 Cycle'.

• Philippe Maystadt appointed as Special Advisor to enhance EU’s role in promoting accounting standards

• Mar 19, 2013

• European Commissioner for Internal Market and Services Michel Barnier has appointed Philippe Maystadt as Special Advisor. The primary role as Special Adviser will be to enhance the EU’s part in promoting high-quality accounting standards.

• EU formally adopts amendments to IFRS 1

• Mar 05, 2013

• The European Union has published a Commission Regulation endorsing the amendments to IFRS 1 regarding government loans published by the IASB on 13 March 2012.

• EU formally adopts various new or amended IFRSs and IFRIC 20

• Dec 29, 2012

• The European Union has published Commissions Regulations endorsing the "package of five" standards on consolidation (IFRS 10, IFRS 11, IFRS 12, IAS 27 (2011) and IAS 28 (2011)), IFRS 13, IFRIC 20, and amendments to IFRS 1 (hyperinflation and fixed dates), IAS 12 (recovery of underlying assets) and IFRS 7/IAS 32 (offsetting). The "package of five" standards come with a European effective date of 1 January 2014. However, early application is permitted.

• FEE publishes policy statement on the EC proposals for the recast of the 4th and 7th Accounting Directives

• Dec 06, 2012

• On 25 October 2011 the European Commission published proposals for revising the Accounting Directives and the Transparency Directive which have been discussed widely throughout Europe. The final report of the European Parliament Legal Affairs Committee (JURI) of 25 September 2012 however seems to indicate that there is a gap between the views in the European Parliament and the Council. The Federation of European Accountants (Fédération des Experts-comptables Européens, FEE) believes that some of the differences are due to misconceptions and has therefore published a Policy Statement that is intended to inform the debate and also to represent the accountants' view as a third major party involved in the discussions.

• European Parliament committee approves proposals on country-by-country reporting and on reducing bureaucracy for smaller EU firms

• Sep 19, 2012

• In its 18 September 2012 meeting, the European Parliament committee on legal affairs (JURI) approved a package of proposals imposing on large companies extracting oil, gas and minerals and loggers of primary forests a new obligation to provide full details on their payments to national governments. It also endorsed changes to existing EU accounting legislation aimed at reducing bureaucracy for smaller EU firms.

• EFRAG publishes endorsement advice and effects study report, updates endorsement status report

• Jun 06, 2012

• The European Financial Reporting Advisory Group (EFRAG) has submitted to the European Commission its endorsement advice letter and effects study report on the amendments to IFRS 1.

• EU formally adopts amendments to IAS 1 and IAS 19

• Jun 06, 2012

• The European Union has published a Commission Regulation endorsing the amendments to IAS 1 'Presentation of Financial Statements' and IAS 19 'Employee Benefits' published by the IASB on 16 June 2011.

• Deloitte member firms comment on European IPSAS proposal

• May 22, 2012

• The European Union member firms of Deloitte have submitted a comment letter to EuroStat on the public consultation paper about the suitability of accrual-accounting International Public Sector Accounting Standards (IPSAS) for European Union (EU) Member States. The comment letter concludes that IPSAS are suitable for implementation in the EU Member States.

• FEE comment letter on proposed European Commission Directive

• Mar 04, 2012

• The Federation of European Accountants (Fédération des Experts-comptables Européens, FEE) has publicly released its comment letter on the European Commission proposal for a Directive on the Annual Financial Statements, Consolidated Financial Statements and Related Reports of Certain Type of Undertakings, including comments on amended Transparency Directive, which were released by the Commission on 26 October 2011.

• Accounting rules for European micro entities eased

• Dec 16, 2011

• The European Parliament has voted to considerably simplify life for more than 5 million of the smallest companies in Europe.

• EU formally adopts IFRS 7 amendments

• Nov 28, 2011

• The European Union has published the Commission Regulation (EC) No 1205/2011 endorsing the amendments to IFRS 7 Financial Instruments: Disclosures published by the IASB on 7 October 2010.

• Updated EFRAG 'endorsement status report'

• Nov 28, 2011

• The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments.

• ESMA statement on sovereign debt in IFRS financial statements

• Nov 25, 2011

• The European Securities and Markets Authority (ESMA) has posted to its website a statement concerning the accounting treatment in relation with sovereign debt exposures in connection with current market developments. Special consideration is given to the accounting treatment of Greek sovereign debt.

• ESMA replies to IASB agenda consultation

• Nov 24, 2011

• The European Securities and Markets Authority (ESMA) has posted to its website a comment letter on the IASB's Agenda Consultation 2011.

• European Commission presents package of measures to support entrepreneurship and responsible business

• Oct 26, 2011

• A responsible approach to business means more, and more sustainable, economic growth.

• Minutes from the third meeting of the Experts Group on Non-Financial disclosure by Companies

• Oct 13, 2011

• The European Commission's Expert Group on disclosure of non-financial information by EU companies held its third meeting on 30 September 2011.

• Minutes from the kick-off meeting of the Experts Group on Non-Financial disclosure by Companies

• Aug 03, 2011

• The European Commission's Expert Group on disclosure of non-financial information by EU companies held its first meeting on 11 July 2011. Minutes from that meeting are now available on the EC's website.

• EC consultation on disclosure of non-financial information by companies

• Nov 22, 2010

• The Services of the Internal Market and Services Directorate General of the European Commission are conducting a public consultation in order to gather stakeholders' views on ways to improve the disclosure by enterprises of non-financial information (e.g. social and environmental).