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 27 that reinstate the equity method as an accounting option for investments in subsidiaries, joint ventures and associates in an entity's separate financial statements.
IASB Chairman, Hans Hoogervorst gave a speech today at the European Parliament Committee for Economic and Monetary Affairs in Brussels titled 'Building a credible Capital Markets Union'. He welcomed Europe's ambition, noted the importance of proper regulation, and emphasised the importance of IFRS in attracting capital from around the world. Mr Hoogervorst also discussed the European Commission's impending evaluation of IFRS in the EU.
The European Financial Reporting Advisory Group (EFRAG) will hold its first Board meeting, under its new governance structure, on 21 November 2014 in Brussels.
The Directive on disclosure of non-financial and diversity information by large companies and groups addressing environmental, social, and governance (ESG) issues has been published in the Official Journal of the EU on 15 November 2014.
The Financial Reporting Council (FRC) has published its response to the European Commission (EC) consultation on the impact of IFRS in the EU. The FRC welcomes the EC review of the IAS regulation and considers that the objectives of the IAS regulation have been broadly achieved.
The Financial Conduct Authority (FCA) has today published policy statement PS14/15, which removes the requirement for companies which are subject to the FCA's Disclosure and Transparency Rules (DTR) to publish interim management statements (IMSs). This change is effective from 7 November 2014.
The European Securities and Markets Authority (ESMA) has responded to the European Commission's questionnaire seeking respondents' views on the impact of International Financial Reporting Standards (IFRS) in the European Union. ESMA believes that the responsibility for advising the European Commission on endorsement should be given further consideration and also supports new endorsement criteria to be included in the IAS Regulation.
The Institute of Chartered Accountants in England and Wales (ICAEW) has responded to the European Commission's consultation on the impact of International Financial Reporting Standards (IFRSs) in the EU and has supplemented its response with a report reviewing 170 academic research papers that have looked at the impact of IFRS adoption both in the EU and in other countries.
The EFRAG General Assembly convened today, first in its old composition, then in its new composition thus rendering the new EFRAG structure effective. Part of the meeting of the new General Assembly was devoted to the appointment of EFRAG Board members (including an acting President).
The European Securities and Markets Authority (ESMA) has announced the priority issues that the assessment of listed companies' 2014 financial statements will focus on. At the same time, ESMA has made available the 'Guidelines on enforcement of financial information' in all official languages of the European Union.
In a response letter to the European Commission (EC), the IFRS Foundation (IFRSF) has provided its views on how the adoption of IFRS has brought positive effects to financial reporting in the EU and noted the importance IFRS in achieving the objectives of the new Commission.
The European Financial Reporting Advisory Group (EFRAG) has issued for comment its draft endorsement advice for the use of the Annual Improvements to IFRSs 2012-2014 Cycle in the European Union (EU). EFRAG has also issued its Effects Study Report.
The European Financial Reporting Advisory Group (EFRAG) has updated its Endorsement Status Report to include its draft endorsement advice letter on 'Annual Improvements to IFRSs 2012–2014 Cycle'.
The European Financial Reporting Advisory Group (EFRAG) has issued for comment its draft endorsement advice for the use of Equity Method in Separate Financial Statements (Amendments to IAS 27) in the European Union (EU). EFRAG has also issued its Effects Study Report.
The European Financial Reporting Advisory Group (EFRAG) has updated its Endorsement Status Report to include its draft endorsement advice letter on 'Equity Method in Separate Financial Statements (Amendments to IAS 27)'.
The European Financial Reporting Advisory Group (EFRAG) has issued for comment its draft endorsement advice for the use of IFRS 15 'Revenue from Contracts with Customers' in the European Union (EU). EFRAG has also issued its Effects Study Report.
In July and August 2014, EFRAG and the National Standard Setters from France, Germany, Italy and the UK performed additional public consultations on the two different approaches for lessees proposed by the IASB and FASB. The consultations were complemented by an outreach event in September 2015. Reports with the insights from the consultations and the outreach event are now available.
The European Financial Reporting Advisory Group (EFRAG) has updated its Endorsement Status Report to include its draft endorsement advice letter on IFRS 15 'Revenue from Contracts with Customers'.
The Federation of European Accountants (Fédération des Experts-comptables Européens, FEE) has conducted a survey on the definitions of Public Interest Entities (PIEs) applicable in Europe. The definitions have significant impact on the accounting and audit requirements for companies active in the European market.
The Federation of European Accountants (Fédération des Experts-comptables Européens, FEE) has responded to the European Commission's questionnaire seeking respondents' views on the impact of International Financial Reporting Standards (IFRS) in the European Union. FEE believes the use of IFRSs offers crucial benefits for the EU in remaining competitive, attracting foreign investment and restoring confidence in European financial markets. FEE even states that the scope of the IAS Regulation should be expanded.
The Council of the European Union (“the Council”) has adopted the Directive on disclosure of non-financial and diversity information by large companies and groups.
On 25 September, the Association of Chartered Certified Accountants (ACCA) organised a high level conference in order to both present and discuss the recently published consultation on the evaluation of the IAS Regulation and the potential ways forward. The event was hosted by Theodor Dumitru Stolojan, MEP, at the European Parliament.
The European Financial Reporting Advisory Group (EFRAG) has updated its Endorsement Status Report to include 'Annual Improvements to IFRSs 2012–2014 Cycle', published on 25 September 2014.