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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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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).
The European Commission is conducting a public consultation in order to gather stakeholders' views on country-by-country reporting by multinational companies. Country-by-country reporting is a concept that would require multinational companies to disclose financial information on their operations in third countries in their annual financial statements.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please seedeloitte.com/aboutfor a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.