Related news

• Summary of the December 2016 ASAF meeting now available

• 24 Jan 2017

• The staff of the International Accounting Standards Board (IASB) have made available a summary of the discussions of the Accounting Standards Advisory Forum (ASAF) meeting held in London on 8–9 December 2016.

• Two AASB papers for the upcoming ASAF meeting

• 25 Nov 2016

• The Australian Accounting Standards Board (AASB) has published two papers that will be discussed by members during the upcoming meeting of the Accounting Standards Advisory Forum (ASAF) at the IASB's offices in London on 8 and 9 December 2016: one on digital currency and one on country-by-country reporting.

• FEE responds to European Commission proposal on public country-by-country reporting

• 17 Nov 2016

• In April 2016, the European Commission adopted a proposal for a Directive which imposes on EU and non-EU multinational groups the publication of a yearly report on the profit and tax paid and other information. The Federation of European Accountants (Fédération des Experts-comptables Européens, FEE) has commented and believes that a European solution can only be a pragmatic first step.

• FEE roundtable on public country-by-country reporting of tax information

• 18 Jul 2016

• Since currently there are many European and international initiatives that propose public country-by-country reporting of tax relevant information for multinational companies, the Federation of European Accountants (Fédération des Experts-comptables Européens, FEE) offers a roundtable on that topic on 20 October 2016.

• FEE proposal for public country-by-country reporting on disclosing tax information

• 12 Jul 2016

• Since currently there are many European and international initiatives that propose public country-by-country reporting of tax relevant information for multinational companies, the Federation of European Accountants (Fédération des Experts-comptables Européens, FEE) has created a template that outlines the basic information for such companies to disclose when issuing a public country-by-country report.

• European Commission proposes changes to the Accounting Directive to increase corporate tax transparency

• 14 Apr 2016

• The Commission has adopted a proposal for a Directive which imposes on EU and non-EU multinational groups the publication of a yearly report on the profit and tax paid and other information.

• Responses to the European Commission's consultation on corporate tax transparency

• 28 Sep 2015

• The European Commission (EC) has made available the responses to its public consultation on corporate tax transparency in the EU. The consultation aimed to find out whether requiring companies to disclose more information about the taxes they pay could help tackle tax avoidance and aggressive tax practices in the EU.

• European Commission consults on corporate tax transparency

• 18 Jun 2015

• The European Commission has launched a public consultation on corporate tax transparency in the EU. This consultation aims to find out whether requiring companies to disclose more information about the taxes they pay could help tackle tax avoidance and aggressive tax practices in the EU.

• OECD discussion draft considers country-by-country reporting

• 14 Feb 2014

• The Organisation for Economic Co-operation and Development (OECD) has released a discussion draft of revised guidance on transfer pricing documentation and country-by-country reporting. The discussion draft is part of the process in responding to the OECD 'Action Plan on Base Erosion and Profit Shifting' (BEPS), a tax transparency initiative which is aimed to be implemented by the end of 2015.

• EU Transparency Directive published, disclosure on non-financial information moving along

• 13 Nov 2013

• 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).

• Council of the European Union approves transparency requirements for issuers of securities

• 18 Oct 2013

• The Council of the European Union has adopted a directive updating transparency requirements for issuers of securities on regulated markets which are set out in the so-called Transparency Directive.

• OECD considers country-by-country reporting as part of tax transparency initiative

• 17 Oct 2013

• The Organisation for Economic Co-operation and Development (OECD) has released a summary of issues associated with country-by-country reporting by taxpayers responding to a particular aspect of a joint G20/OCED project investigating the fairness and integrity of global tax systems. The report follows the endorsement by the G20 of the OECD 'Action Plan on Base Erosion and Profit Shifting' (BEPS), the outcomes of which are aimed to be implemented by the end of 2015. The summary of issues explores various considerations arising in developing an internationally accepted and applied 'template' for country-by-country reporting as a part of transfer pricing documentation, and considers accounting requirements and other information as the base for the information which might be included in the template.

• G20 continues calls for convergence

• 09 Sep 2013

• The Group of 20 (G20) has released its G20 Leaders' Declaration and accompanying documents from the G20 Leaders' summit held in St. Petersburg on 5-6 September 2013. Focused on the theme of "cooperation, coordination and confidence", which aims for a stronger and sustainable growth to end the global financial crisis, the Declaration also discusses again the need for convergence of accounting standards.

• G8 stress the need for transparency in the use of natural resources

• 19 Jun 2013

• Meeting in Lough Erne in Northern Ireland on 17-18 June 2013, the Group of Eight (G8) finance ministers discussed the themes of 'Tax, Trade and Transparency' and agreed to make sure the world’s poorest people benefit from the natural resources of their various countries by improving the transparency of their extractive industries and land rights.

• European Parliament approves new Accounting and Transparency Directives

• 13 Jun 2013

• 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.

• Non-financial reporting will actively contribute to a new, more responsible corporate world, says Barnier

• 24 May 2013

• The European Commissioner for Internal Market and Services, Michel Barnier, spoke at the Global conference on sustainability and reporting in Amsterdam which also saw the launch of the new G4 guidelines developed by the Global Reporting Initiative (GRI). Barnier highlighted the measures taken by the Commission to promote long-termism in the corporate sector which also include a recent proposal on non-financial reporting.

• Full text of the final compromise on the Accounting Directive available

• 22 Apr 2013

• On 9 April 2013, the European Council, Parliament and Commission informally agreed on the finalisation of a new Accounting Directive that aims at reducing the administrative burden of accounting and at enhanced transparency in the extractive industry. The full text of the final compromise on the Accounting Directive has now been made available.

• Agreement on the revision of the EU Accounting Directives

• 12 Apr 2013

• On 9 April 2013, the European Council, Parliament and Commission informally agreed on the finalisation of a new Accounting Directive that aims at reducing the administrative burden of accounting and at enhanced transparency in the extractive industry. Detailed information on the content of the new Directive is not available yet.

• FEE comments on the EC proposals for the recast of the 4th and 7th Accounting Directives

• 09 Apr 2013

• The Federation of European Accountants (FEE) has issued a letter to Mr. Klaus-Heiner Lehne, Chair of the Committee on Legal Affairs (JURI) of the European Parliament on the recast of the 4th and 7th Accounting Directives. The European Commission published proposals for revising the Accounting Directives in October 2011 and JURI, representing the European Parliament, subsequently analysed the proposals. Currently, European Council, Parliament and Commission seem to be locked in their trilogue. FEE has been trying to further inform the debate and help close the gaps by publishing various comment letters and a policy statement on the topic.

• FEE publishes policy statement on the EC proposals for the recast of the 4th and 7th Accounting Directives

• 06 Dec 2012

• 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.

• Hoogervorst outlines thoughts on leases, US convergence and more

• 07 Nov 2012

• IASB Chairman Hans Hoogervorst has discussed a broad range of issues over recent days. Key themes emerging include challenges in some of the IASB projects such as leases with its lobbying efforts against the proposals, global adoption of IFRS including in the United States, accountability arrangements for standard setting and future priorities, including the possibility of revisiting the accounting for goodwill.

• European Parliament committee approves proposals on country-by-country reporting and on reducing bureaucracy for smaller EU firms

• 19 Sep 2012

• 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.

• US SEC finalises rules on disclosure of payments to governments

• 23 Aug 2012

• The United States Securities and Exchange Commission (SEC) has adopted rules, mandated by the Dodd-Frank Act, requiring resource companies to disclose certain payments made to the U.S. government or foreign governments (including subnational governments). The rules require 'resource extraction issuers' to disclose payments that are made to further the commercial development of oil, natural gas, or minerals, and are generally consistent with the types of payments that the Extractive Industries Transparency Initiative (EITI) suggests should be disclosed.

• EFRAG report regarding costs of implementing country-by-country reporting

• 03 Aug 2011

• In October 2010, the European Commission started a public consultation in order to gather stakeholders' views on country-by-country reporting by multinational companies. Country-by-country reporting is a concept that would require multinational companies to disclose financial information on their operations in third countries in their annual financial statements.The consultation mainly focused on companies active in an extractive industry in third countries.

• OECD guidance on minerals includes disclosure of amounts paid to governments

• 02 Jun 2011

• The Organisation for Economic Co-operation and Development (OECD) has published Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas (Guidance).