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The European Financial Reporting Advisory Group (EFRAG) has written to the IASB to request that the comment period on the Exposure Draft 'Revenue from Contracts with Customers' be extended by 60 days and that the comment period on the Review Draft on General Hedge Accounting is set such that constituents have three months, outside their year-end closing period, to respond and participate in field-testing activities.
The European Financial Reporting Advisory Group (EFRAG) has publicly released a letter it is has written to the IASB calling for the deferral of the effective date of the 'suite of standards' on consolidation, joint ventures and disclosures.
On 1-2 December 2011, the European Securities and Markets Authority (ESMA) hosted a meeting of accounting enforcers from around 30 countries to discuss International Financial Reporting Standards (IFRS), enforcement systems and enforcement decisions.
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 Financial Reporting Advisory Group (EFRAG) has submitted to the European Commission its Endorsement Advice Letters and Effects Study Reports on the amendments to IAS 1 and IAS 19 published in June 2011.
The European Financial Reporting Advisory Group (EFRAG) celebrated its 10th anniversary in 2011. On 13 October, a seminar was held reflecting on past milestones, achievements and signalling future challenges that EFRAG is likely to face.
In a speech entitled Market Transparency – Does it prevent crisis? given at the Austrian Financial Market Authority Supervision Conference in Vienna, Steven Maijoor, Chairman of the European Securities and Markets Authority (ESMA), spoke about similarities between the credit crunch and the current European sovereign debt crisis and how transparency can be an answer to the lack of trust in banks and markets.
The European Commission services have published a report on the responses received to the consultation of accounting regulatory committee members on the use of options within the European Accounting Directives.
The Financial Accounting Standards Board (FASB) and European Financial Reporting Advisory Group (EFRAG) have formally agreed to work together on their respective projects to develop a disclosure framework, with a view to creating a consistent framework for both United States and international GAAP.
The UK Department for Business, Innovation and Skills (BIS) and the Financial Reporting Council (FRC) have published a discussion paper with proposals to simplify the financial and corporate reporting requirements for the smallest businesses.
The European Securities and Markets Authority (ESMA) has published its eleventh batch of extracts from its confidential database of enforcement decisions taken by EU national enforcers of financial information.
In October 2010, the European Commission started 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.The consultation mainly focused on companies active in an extractive industry in third countries.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/about for a more detailed description of DTTL and its member firms.
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