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The IFRS Foundation has posted to its website comments on the final report of the special advisor to EU Commissioner Michel Barnier, Mr Philippe Maystadt, setting out his preliminary recommendations for enhancing the EU’s role in promoting high quality accounting standards.
Trilogue agreement has been reached by the three parties involved (the European Parliament, the Council and the Commission) on the EU co-financing of the International Financial Reporting Standards (IFRS) Foundation, the European Financial Reporting Advisory Group (EFRAG), and the Public Interest Oversight Board (PIOB).
On 2 December 2013, the Federation of European Accountants (Fédération des Experts-comptables Européens, FEE) and the Association of Chartered Certified Accountants (ACCA) offered a joint roundtable to discuss the report on EU influence over global financial reporting standards with Philippe Maystadt. Deloitte observers at the conference have taken notes of the discussions.
The European Commission and its directorate-general Eurostat, have released a public consultation paper dealing with the possible future implementation of 'European Public Sector Accounting Standards' (EPSAS) in European Union (EU) member states. The report focuses on the issue of governance, and outlines views about the future governance arrangements and underlying key principles that might apply in the development of EPSAS.
In reaction to the Maystadt report released earlier this month, which received the unanimous support of the European Union's Economic and Financial Affairs Council (ECOFIN) to transform EFRAG, EFRAG is beginning to implement the changes concerning its own governance.
The 4th Symposium on Accounting Research organised by the French standard-setter Autorité des Normes Comptable (ANC) on 14 and 15 November 2013 saw a presentation of the Maystadt report by its author. A recording of his presentation has been made available on the ANC website.
Following the publication of the final Maystadt report, the European Banking Authority (EBA) has made available its response to the draft of the report. As with the ESMA response to the draft report published last week, the core points remain applicable even though the final Maystadt report has undergone some changes vis-à-vis the draft version.
Following the publication of the final Maystadt report, the European Securities and Markets Authority (ESMA) has made available its response to the draft of the report. The final report has undergone some changes vis-à-vis the draft version but the main recommendations remained the same so ESMA's core points remain applicable.
The new European Transparency Directive has been published in the Official Journal and enters into force on the twentieth day following its publication. Additionally, a draft report on the proposal for disclosure of non-financial and diversity information by certain large companies and groups was presented to the European Parliament committee on legal affairs (JURI).
EU Commissioner Michel Barnier has commented on the publication of the report regarding preliminary recommendations for enhancing the EU’s role in promoting high quality accounting standards that his special advisor, Mr Philippe Maystadt, compiled on his behalf.
In preparation for a meeting of the European Union's Economic and Financial Affairs Council (ECOFIN) next Friday where the special advisor to EU Commissioner Michel Barnier, Mr Philippe Maystadt, will present his report setting out his preliminary recommendations for enhancing the EU’s role in promoting high quality accounting standards, the report has been made available on the website of the Council of the European Union. The report is at a very high level, and many implementation issues will have to be resolved when and if the proposals are implemented.
The European Financial Reporting Advisory Group (EFRAG) has submitted a letter of comment to the European Commission (EC) concerning its Green Paper, ‘Long-term financing of the European economy’. EFRAG believes that the use of fair value may be necessary to achieve transparent and relevant financial reporting and should be required in these cases.
The French standard-setter Autorité des Normes Comptable (ANC) has issued the programme for its 4th Symposium on Accounting Research which will take place on 14 and 15 November 2013 in Paris. The agenda includes a discussion of two controversial reports about the future of European accounting.
At a stakeholder event sponsored by the DRSC (the German standard-setter) and the IFRS Foundation on the evening before the IFRS Foundation Trustees meeting in Frankfurt, Germany, Chairman Michel Prada gave a speech titled 'The bumpy path towards global accounting standards'. He noted that the IASB's work will always be controversial, but the gains of IFRS in Europe must be protected. He also emphasised the importance of collaboration for the IFRS Foundation and IASB.
On 5 September 2013, the special advisor to EU Commissioner Michel Barnier, Mr Philippe Maystadt, released a draft report setting out his preliminary recommendations for enhancing the EU’s role in promoting high quality accounting standards. Mr Maystadt consulted extensively with many European stakeholder groups before reaching his preliminary conclusions. These stakeholder groups now have until the end of the month to comment on the proposals.
A working group within two major industry representative organisations in France has issued a report ‘Strengthening the process for adopting International Accounting Standards: A strategic challenge for the European Union’ suggesting changes to the role of the conceptual framework in developing IFRSs and calling for some changes to the European regulation on IFRS as well as the European structures in place as a result of this regulation.
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 IAS 36 regarding recoverable amount disclosures for non-financial assets and the amendments to IAS 39 regarding novations of derivatives.
The IASB has submitted a response to the European Commission (EC) concerning the Green Paper, ‘Long-term financing of the European economy’. Focus of the letter is the EC's question regarding a possible relationship between the use of fair value accounting principles and short-termism in investor behavior.
The European Financial Reporting Advisory Group (EFRAG) has published draft endorsement advice on changes to IAS 36 and IAS 39. As a consequence of a request from the European Commission aimed at accelerating the endorsement process, the draft endorsement advice is only available for comment until 11 July 2013. EFRAG intends to deliberate on the final endorsement advice on 15 July 2013 and publish it as soon as possible.
The European Union has published the Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC in the Official Journal on 29 June 2013.
The European Federation of Accountants (Fédération des Experts Comptables Européens, FEE) has submitted a letter of comment to the European Commission (EC) concerning its Green Paper, ‘Long-term financing of the European economy’. One of the five topics addressed by FEE in its comment letter are accounting principles.
Deloitte Touche Tohmatsu Limited’s European Economic Area member firms have submitted a letter of comment to the European Commission (EC) concerning its Green Paper, ‘Long-term financing of the European economy’. The comment letter provides Deloitte’s perspective to questions concerning the role of banks, cumulative impacts of prudential reforms on long-term investments, fair value accounting principles, and the integration of financial and non-financial information.
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.
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 see deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.