Related news

• EBA publishes results of the first post-implementation impact assessment of IFRS 9

• 22 Dec, 2018

• Following the first period of application of IFRS 9 'Finacial Instruments' in the European Union, the European Banking Authority (EBA) is scrutinising the effective implementation of the standard by EU institutions and its impact as initially observed. In this context, the EBA has conducted a new exercise on the standard’s impact on EU institutions and has now published a first report that is meant to provide preliminary observations on the first stages of implementation while a deeper analysis is still ongoing.

• European Commission approves ESEF Regulation

• 20 Dec, 2018

• The European Commission has adopted the ESMA draft for a single European electronic reporting format (ESEF) as Delegated Regulation. This regulation is to be applied to annual financial reports containing financial statements for financial years beginning on or after 1 January 2020.

• IFRS Foundation Trustees Chair delivers speech on the EU fitness check

• 30 Nov, 2018

• On 30 November 2018, the Chair of the IFRS Foundation Trustees, Erkki Liikanen delivered the keynote speech at the EU Conference in Brussels, discussing the results of the EU fitness check.

• EFRAG publishes technical advice on IFRS 9 to the European Commission

• 30 Nov, 2018

• In response to a European Commission request, the European Financial Reporting Advisory Group (EFRAG) has investigated the potential effects on long-term investments in equity instruments of the requirements of IFRS 9 'Financial Instruments'.

• Responses to the EC fitness check on public reporting by companies

• 18 Nov, 2018

• In March 2018, the European Commission (EC) published a consultation document 'Fitness Check on the EU Framework for Public Reporting by Companies'. While the document itself seemed oddly against the use of IFRSs as issued by the IASB, responses reveal that the majority of stakeholders are strictly against "EU carve-ins" that could lead to "EU-IFRSs".

• EFRAG announces European Lab Steering Group membership

• 16 Nov, 2018

• The European Financial Reporting Advisory Group (EFRAG) has announced the members to the European Lab Steering Group which will focus on non-financial reporting, including sustainability reporting.

• ESMA announces enforcement priorities for 2018 financial statements

• 27 Oct, 2018

• The European Securities and Markets Authority (ESMA) has announced the priority issues that the assessment of listed companies' 2018 financial statements will focus on.

• EFRAG reacts to ESA's comment on IFRS 17 endorsement process in the EU

• 26 Oct, 2018

• On 18 October, the European Supervisory Authorities (ESAs) had jointly written to the European Financial Reporting Advisory Group (EFRAG) to express concerns on the endorsement process for IFRS 17 'Insurance Contracts'. The EFRAG President has now publicly reacted to that letter.

• European Union formally adopts IFRIC 23

• 24 Oct, 2018

• The European Union has published a Commission Regulation endorsing IFRIC 23 'Uncertainty over Income Tax Treatments'.

• ESAs comment on IFRS 17 endorsement process in the EU

• 19 Oct, 2018

• The European Supervisory Authorities (ESAs) have jointly written to the European Financial Reporting Advisory Group (EFRAG) to express concerns on the endorsement process for IFRS 17 'Insurance Contracts'.

• European Parliament adopts resolution on IFRS 17

• 04 Oct, 2018

• At its current sitting in Strasbourg, the European Parliament (EP) adopted a resolution on IFRS 17 'Insurance Contracts' introduced by the Committee on Economic and Monetary Affairs (ECON).

• IFASS meeting with exchange of views on EU fitness check

• 03 Oct, 2018

• The meeting of the International Forum of Accounting Standard Setters (IFASS) currently held in London saw a lively discussion on the European Commission (EC) consultation document 'Fitness Check on the EU Framework for Public Reporting by Companies'.

• EC stakeholder event on non-financial disclosures

• 24 Sep, 2018

• On 18 Ocotober 2018, the European Commission (EC) is organising an open stakeholder meeting on non-financial disclosures in Brussels.

• EC high-level conference on the future of corporate reporting

• 21 Sep, 2018

• On 30 November 2018, the European Commission (EC) is organising a high-level conference on "The Future of Corporate Reporting in a digital and sustainable economy" in Brussels.

• ​Call for members of the European Corporate Reporting Lab Steering Group reveals intended structure and remit

• 14 Sep, 2018

• In March 2018, the European Commission published an action plan on sustainable finance that included as one of the action points the creation of a European Corporate Reporting Lab as part of the European Financial Reporting Advisory Group (EFRAG). The idea was expected to result in something similar to the UK FRC Financial Reporting Lab, however, the solution found differs quite considerably as regards structure and remit.

• EFRAG agrees on IFRS 17 letter to IASB

• 04 Sep, 2018

• At its 3 September meeting, the Board of the European Financial Reporting Advisory Group (EFRAG) agreed on a letter to the IASB regarding IFRS 17 'Insurance Contracts'.

• EFRAG publishes a summary of responses to its DP on the impairment and recycling of equity instruments

• 30 Aug, 2018

• The European Financial Reporting Advisory Group (EFRAG) has published a summary of responses to its discussion paper 'Equity Instruments — Impairment and Recycling'.

• We comment on the EU fitness check

• 20 Jul, 2018

• Deloitte has responded to the European Commission’s consultation document 'Fitness check on the EU framework for public reporting by companies'. While we support the Commission’s efforts and progress towards coherence, we note that we consider that the overall corporate reporting framework is broadly working well. For IFRS reporting entities we suggest that changes are not currently required to the IAS Regulation and stress the importance of the EU remaining globally influential.

• ESMA believes EU should show leadership by reaffirming its commitment to IFRS

• 18 Jul, 2018

• The European Securities and Markets Authority (ESMA) has responded to the European Commission’s consultation document 'Fitness check on the EU framework for public reporting by companies'. ESMA, consistent with its prior positions, strongly disagrees with the introduction of the possibility to modify the content of IFRS as issued by the IASB.

• Accountancy Europe responds to the EU fitness check

• 17 Jul, 2018

• Accountancy Europe has responded to the European Commission’s consultation document 'Fitness check on the EU framework for public reporting by companies'. While the response fully recognises the legitimacy of the Commissions concerns regarding sustainability and long-term investments, Accountancy Europe is not convinced that additional chnages to IFRSs would address these concerns.

• ECON motion for resolution on IFRS 17

• 29 Jun, 2018

• At its meeting on 18-19 June 2018, the members of the Committee on Economic and Monetary Affairs (ECON) of the European Parliament adopted a motion for resolution on IFRS 17 'Insurance Contracts'. The final text has now become available.

• ECON draft resolution on IFRS 17

• 04 Jun, 2018

• At its meeting on 18-19 June 2018, the members of the Committee on Economic and Monetary Affairs (ECON) of the European Parliament will vote on a draft motion for resolution on IFRS 17 'Insurance Contracts'. The draft has now become available.

• EC follows up on action plan on sustainable finance with first legislative proposals

• 28 May, 2018

• In January 2018, the High-Level Expert Group (HLEG) on Sustainable Finance, established by the European Commission (EC), published its final report setting out strategic recommendations for a financial system that supports sustainable investments. The EC reacted to the recommendations by publishing an action plan on sustainable finance in March. They have now followed up by publishing legislative proposals that aim at identifying which investments are sustainable.

• ECON exchange of views with EFRAG dominated by IFRS 17 issues

• 17 May, 2018

• The Committee on Economic and Monetary Affairs (ECON) of the European Parliament welcomed representatives of the European Financial Reporting Advisory Group (EFRAG) today for a hearing, which took place while EFRAG is working on its draft endorsement advice on IFRS 17 'Insurance Contracts' and ECON is working on a draft motion for a resolution.

• ESMA publishes 22nd enforcement decisions report

• 20 Apr, 2018

• The European Securities and Markets Authority (ESMA) has published further extracts from its confidential database of enforcement decisions taken by European national enforcers. This batch deals with decisions in relation to IFRS 5, IAS 7, IAS 32, IAS1/IAS36, IFRS 3/IFRS 13/IAS 28, IFRIC 17, IAS 1, IFRS 10, IAS 8/IAS 21/IAS 29, and IAS 38.