EFRAG has updated its Endorsement Status Report to reflect the fact that draft endorsement advice has been published on 'Defined Benefit Plans: Employee Contributions' (Amendments to IAS 19 'Employee Benefits').
The European Financial Reporting Advisory Group (EFRAG) has updated its endorsement status report to reflect the endorsement by the European Commission of the amendments to IAS 36 (Recoverable Amount Disclosures for Non-Financial Assets) and to IAS 39 (Novation of Derivatives and Continuation of Hedge Accounting).
The European Union has published Commission Regulations endorsing 'Novation of Derivatives and Continuation of Hedge Accounting (Amendments to IAS 39)' and 'Recoverable Amount Disclosures for Non-Financial Assets (Amendments to IAS 36)'.
The European Financial Reporting Advisory Group (EFRAG) has updated its endorsement status report to reflect the release by the IASB of annual improvements to IFRSs for the 2010–2012 and 2011–2013 cycles.
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 Financial Reporting Advisory Group (EFRAG) has updated its endorsement status report to reflect the release by the IASB of amendments to IAS 19, the general hedge accounting amendments to IFRS 9, and to reflect changes in the expected timing of the Accounting Regulatory Committee’s opinion on IFRIC 21.
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 European Financial Reporting Advisory Group has released an updated endorsement status report to reflect the recent issue by the International Accounting Standards Board (IASB) of amendments to IAS 19 'Employee Benefits'.
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.
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 latest report reflects the European Commission endorsement of 'Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27)'.
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.
The European Securities and Markets Authority (ESMA) has issued a report, “Review of Accounting Practices: Comparability of IFRS Financial Statements of Financial Institutions in Europe”, which provides an overview of financial institutions’ accounting practices in selected areas of financial instruments. In particular, it assessed the comparability and quality of the disclosures in 2012 IFRS financial statements from 39 major European financial institutions. The report also provides recommendations to enhance transparency of financial information.
The Federation of European Accountants (Fédération des Experts-comptables Européens — FEE) will be hosting a roundtable on 22 January 2014 in Brussels on EU standard-setting in the public sector.
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 European Financial Reporting Advisory Group (EFRAG) has issued a feedback statement to summarise the comments received by the EFRAG on its draft comment letter on bearer plants.
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.
On 15 November 2013, the special advisor to EU Commissioner Michel Barnier, Mr Philippe Maystadt, is expected to present his final recommendations for enhancing the EU’s role in promoting high quality accounting standards at the Economic and Financial Affairs Council (ECOFIN) of the European Union. On 2 December 2013, the Federation of European Accountants (Fédération des Experts-comptables Européens, FEE) and the Association of Chartered Certified Accountants (ACCA) offer a joint roundtable to discuss the findings of the review with Mr Maystadt.
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 IAS 39, IFRS 7, IAS 7, IAS 1, IAS 27, IFRS 3/IAS 38, IAS 32, IAS 12, IFRS 8, and IAS 8.
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.