european perspective on the integration of accounting federico diomeda – efaa ceo
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European Perspective on the integration of accounting
Federico Diomeda – EFAA CEO
SKwP Conference
The Role of Accounting in EU integration
Warsaw 29 November 2011
European Federation of Accountants & Auditors for SMEs
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
Accounting in Europe
Short historical background Update on recent accounting initiatives EFAA vision
From Genesis to Revolution and key questions
Current legislative position in EuropeWhy accounting developments?Are developments too many to manage safely?Why is “simplification” a potential bias for
good reforms?
Accounting in Europe after the IASB IFRS for SMEs publicationSceptical appreciation of IFRS for SMEs in many
countriesCall 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
The Commission’s ideas about a new Directive on accounting and the Micro Entities proposalSlight change in focus in the preamblesSplitting the Companies by size and leaving the Micros
under a special regime under autonomous definitionRevised fundamental principles with introduction of
materiality and “substance over form”Bottom up approach for disclosure (small – medium –
large) Abridged accounts still allowedLimited Member State options to enable harmonisationAbsence of a general framework
The EFAA vision and positionNew proposals and accompanying impact
assessment still to be fully studied EFAA position statement May 2011 not conflicting EFAA stress importance of good accounting for
stewardshipEFAA calling for relevance of information delivered
rather than “simplification”EFAA believing that the minimum content of the
reports should include a cash flow statementEFAA considers that fair value accounting should be
limited to instances where a current market exists
THANK YOUAny questions?
EFAA: THE BIG VOICE FOR SMALL BUSINESS
www.efaa.com
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