On March 4, 2014, the FEE Corporate Reporting Working Party held a conference-call that was also attended by C.E.C.C.A.R. representative in this group. The conference call agenda covered the following topics: implementation of the Maystadt Report recommendations concerning EFRAG restructuring, ESMA consultation on Guidelines on Alternative Performance Measures, FEE comments on country-by-country reporting requirements under Article 89 of the Capital Requirements Directive IV (2013/36/EU) on June 26, 2013, concerning the access to credit institutions and prudential oversight of credit institutions as well as other relevant elements for the audit and corporate reporting area, at the European and international level.
In March 2013, the Commissioner for Internal Market and Services Michel Barnier commissioned Philippe Maystadt to identify and analyse the possible means of consolidating the EU contribution to the development of IFRSs as well as the way in which we could be improve the governance system of the European bodies approving these standards. Mr Philippe Maystadt performed a series of consultations and submitted his report, “SHOULD IFRS STANDARDS BE MORE “EUROPEAN?” to the Finance Ministers of the ECOFIN Council, on November 12, 2013. Following this report, EFRAG initiated a restructuring process that would be monitored by Mr Maystadt on behalf of the Commission.
In order to ensure comparability and transparency when disclosing indicators determined based on the information disclosed in the financial statements, ESMA has launched a public consultation, Guidelines on Alternative Performance Measures. FEE Corporate Reporting Working Party shall prepare a comment letter on this Guidance. Additionally, the issue was analysed, on 26 February, by the IFAC Professional Accountants in Business (PAIB) Committee that proposed an International Good Practice Guidance, Developing and Reporting Supplementary Financial Measures.
In March 2014, the European Commission plans to make public a series of measures that aim at encouraging long-term financing that shall materialize into legislative initiatives that have the purpose of amending the 41/2003 Directive on the activities and supervision of institutions for occupational retirement provision, a proposed Directive for facilitating SMEs international operations, the revision of 36/2007 Directive on the exercise of certain rights of shareholders in listed companies, preparing a recommendation for improving the quality of reports on corporate governance and a release on “crowd-funding” financing.
All these measures aim at gathering private, long-term financing resources, at employing more efficiently public funds, at developing capital markets, at improving SMEs access to financing and at attracting private financing for infrastructure systems. FEE Corporate Reporting Working Party shall monitor the Commission activities that involve corporate reporting, in order to contribute to the related public debates.
