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

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By GlobalData

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.