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.
In February 2012, the Statistical Office of the European Union (Eurostat) issued a public consultation on the assessment of suitability of the International Public Sector Accounting Standards (IPSAS) for the Member States of the EU. The results of the survey show mixed views.
The Federation of European Accountants (Fédération des Experts-comptables Européens, FEE) has announced a roundtable to further discuss improvements to the functioning of audit committees, which are considered essential for the quality of financial information provided by companies. The roundtable follows the publication of a discussion paper on the same topic in June 2012. It will be held in Brussels on 5 February 2013.
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.
The European Securities and Markets Authority (ESMA) has released the text of a speech given by Steven Maijoor (ESMA Chair) to a recent Audit Quality Symposium held by the Canadian Public Accountability Board. In the speech, Mr Maijoor reiterated many of his previous comments, including disappointment at a lack of a decision on IFRS in the United States, and consistency in application of IFRS on a global basis.
In a speech recently posted to the European Securities and Markets Authority's (ESMA's) website, Mr Steven Maijoor (ESMA Chair) has outlined his views on a number of topics, including consistent application of IFRS and the possible adoption of IFRS in the United States. On the latter point, Mr Maijoor lamented he is "personally disappointed with the lack of ambition regarding IFRS on the other side of the Atlantic".
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 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.
EFRAG outreach events on the EFRAG/ANC/FRC discussion paper on disclosures are currently being offered throughout Europe. Details for the event in Rome have now been announced.
EFRAG outreach events on the IASB post–implementation review (PIR) of IFRS 8 'Operating Segments' and the EFRAG/ANC/FRC discussion paper on disclosures will be offered throughout Europe in October and November. Details for the event in Stockholm have now been announced. This outreach event is by invitation only and will focus on the disclosure discussion paper only.
EFRAG outreach events on the IASB post–implementation review (PIR) of IFRS 8 'Operating Segments' and the EFRAG/ANC/FRC discussion paper on disclosures will be offered throughout Europe in October and November. Details for the event in London have now been announced. This outreach event will focus on the disclosure discussion paper only.
At a recent joint conference held by the EFRAG and the Trustees of the IFRS Foundation, prominent European speakers held a roundtable discussion on the European Union’s perspective on the move towards global accounting standards.
The United Kingdom Financial Reporting Council (FRC) has published a discussion paper on enhancing disclosure in financial reporting. The paper states that one of its aims is to influence the IASB before it commences its disclosure framework project, and it identifies a number of action points for the IASB.
EFRAG and the Polish Accounting Standards Committee (KSR) in association with the National Chamber of Statutory Auditors (KiBR) and the Association of Accountants in Poland (SKwP), will be hosting an outreach event on the EFRAG/ANC/FRC discussion paper on disclosures on 8 November 2012.
The European Securities and Markets Authority (ESMA) has published another batch of extracts from its confidential database of enforcement decisions taken by European national enforcers. This batch deals with decisions in relation to IAS 38, IAS 27, IAS 40/IAS 1, IAS 18, IFRS 8, and IAS 36.
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.
EFRAG outreach events on the IASB post–implementation review (PIR) of IFRS 8 'Operating Segments' and the EFRAG/ANC/FRC discussion paper on disclosures will be offered throughout Europe in October and November. Details for the event in Vilnius have now been announced. This outreach event will focus on the disclosure discussion paper only.
The United Kingdom Financial Reporting Council (FRC) has issued an exposure draft of limited scope amendments to Financial Reporting Exposure Draft (FRED) 48: Draft FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.' The limited scope amendments relate to 1) multi-employer defined benefit pension plans and 2) grantors of service concession arrangements.
EFRAG outreach events on the IASB post–implementation review (PIR) of IFRS 8 'Operating Segments' and the EFRAG/ANC/FRC discussion paper on disclosures will be offered throughout Europe in October and November. Details for the event in Amsterdam have now been announced. This outreach event will focus on the disclosure discussion paper only.
EFRAG outreach events on the IASB post–implementation review (PIR) of IFRS 8 'Operating Segments' and the EFRAG/ANC/FRC discussion paper on disclosures will be offered throughout Europe in October and November. Details for the events in Copenhagen and Frankfurt have now been announced.
The European Financial Reporting Advisory Group (EFRAG) offers an outreach event on the IASB post–implementation review (PIR) of IFRS 8 'Operating Segments' and the EFRAG/ANC/FRC discussion paper on disclosures on Thursday 11 October 2012 in Brussels.
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.