Europe set to vote on exempting micros from financial reporting
The European Parliament will vote on 25 February to decide whether member states should be allowed to exempt micro businesses from the EU financial reporting regime.
EU financial reporting requirements are laid out in the Fourth Company Law Directive. The European Commission is currently working to simplify and modernise the directive. A major part of this project is the proposal to exempt businesses with less than 10 employees from mandatory reporting requirements.
The Institute of Chartered Accountants in England and Wales supports the European-level exemption, saying the debate and decision over micros’ reporting requirements should take place at a national level.
Two financial executives appointed to the IASB
Elke König from Germany and Darrel Scott from South Africa have been appointed to the International Accounting Standards Board (IASB) to replace Robert Garnet and Gilbert Gélard.
Scott is CFO of South Africa’s FirstRand Banking Group. He is also a member of the IASB’s International Financial Reporting Interpretations Committee, a position he will leave when he becomes an IASB member. Scott was also formerly a member of the IASC Foundation’s Standards Advisory Council.
König is a former member of the executive board and CFO of international reinsurance company Hannover Re Group. She also spent 12 years in senior management at Munich Re, with specific responsibility for the group’s accounting and controlling activities.
König has been a member of the CFO Forum of European insurers, where she was engaged in the IASB’s project on insurance contracts.
IPSASB releases intangibles standard
The International Public Sector Accounting Standards Board (IPSASB) has published a new standard, IPSAS 31 Intangible Assets.
IPSAS 31 covers accounting for, and disclosure of, intangible assets.
The new standard is primarily based on the International Accounting Standards Board’s (IASB) IAS 39 Intangible Assets. It also contains extracts from the IASB Standing Interpretations Committee’s Interpretation 32 Intangible Assets – Web Site Costs.