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European Perspective on the integration of accounting Federico Diomeda – EFAA CEO

European Perspective on the integration of accounting Federico Diomeda – EFAA CEO. European Federation of Accountants & Auditors for SMEs. SKwP Conference The Role of Accounting in EU integration Warsaw 29 November 2011. EFAA: who we are – what we do. 14 Members throughout Europe

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European Perspective on the integration of accounting Federico Diomeda – EFAA CEO

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  1. European Perspective on the integration of accounting Federico Diomeda – EFAA CEO European Federation of Accountants & Auditors for SMEs SKwP Conference The Role of Accounting in EU integration Warsaw 29 November 2011

  2. EFAA: who we are – what we do • 14 Members throughout Europe • Members of the members: SMPs for SMEs • Precise focus on SMPs/SME issues • All inclusive and accessible structure made up of SMPs • Represent SMPs for SMEs worldwide interests (legislators, standard-setters and stakeholders) • Promote the SMP for SME profile as a tool for business development

  3. What I will touch on today Accounting in Europe • Short historical background • Update on recent accounting initiatives • EFAA vision

  4. Accounting in Europe: short historical background From Genesis to Revolution and key questions • Current legislative position in Europe • Why accounting developments? • Are developments too many to manage safely? • Why is “simplification” a potential bias for good reforms?

  5. Update on accounting recent initiatives and the EFAA vision Accounting in Europe after the IASB IFRS for SMEs publication • Sceptical appreciation of IFRS for SMEs in many countries • Call for the Directives still encompassing Member State limited options to improve harmonisation • Discussion on fundamental principles for good accounting • Effects of “simplification” still impacting on the reform process

  6. Update on accounting recent initiatives and the EFAA vision The Commission’s ideas about a new Directive on accounting and the Micro Entities proposal • Slight change in focus in the preambles • Splitting the Companies by size and leaving the Micros under a special regime under autonomous definition • Revised fundamental principles with introduction of materiality and “substance over form” • Bottom up approach for disclosure (small – medium – large) • Abridged accounts still allowed • Limited Member State options to enable harmonisation • Absence of a general framework

  7. Update on accounting recent initiatives and the EFAA vision The EFAA vision and position • New proposals and accompanying impact assessment still to be fully studied • EFAA position statement May 2011 not conflicting • EFAA stress importance of good accounting for stewardship • EFAA calling for relevance of information delivered rather than “simplification” • EFAA believing that the minimum content of the reports should include a cash flow statement • EFAA considers that fair value accounting should be limited to instances where a current market exists

  8. THANK YOU Any questions? EFAA: THE BIG VOICE FOR SMALL BUSINESS www.efaa.com

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