View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
February 24, 2010

News Briefs

FINANCIAL REPORTING

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.

PEOPLE

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.

STANDARDS

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.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to International Accounting Bulletin