1. No category

EU Observatory
Estratti delle evoluzioni nello scenario corporate
governance a livello europeo in base alle notizie
diffuse dalle varie associazioni e enti di riferimento
Maggio 2014
Documento prodotto con il supporto di
Tutti i diritti riservati
Index
European Authorities
1. European Commission
2. European Parliament / Council of the EU
3. EBA - European Banking Auth. / EIOPA - European Insurance and Occupational Pensions Auth.
4. ESMA - European Securities and Markets Authority
5. ECB – European Central Bank
Associations/Institutes
6. Basel Committee / FSI / IOSCO / IMF
7. European Issuers
8. ECGI - European Corporate Governance Institute
9. FEE - Federation of European Accountants
10. IFAC - International Federation of Accountants
11. IASB – International Accounting Standards Board
12. Surveys & Insights
2
1) European Commission
European Commission
Issuer
Title
Description
Link to document
http://ec.europa.eu/internal_ma
rket/ratingagencies/docs/20140505report_en.pdf
European
Commission
Report from the Commission to the
Council and the European
Parliament on the feasibility of a
network of smaller credit rating
agencies.
The Commission has today adopted a report addressed to the European Parliament and the Council on
the feasibility of a network of smaller credit rating agencies (CRAs) in the EU. The report assesses how
the establishment of such a network could contribute to the strengthening of smaller CRAs, facilitating
their growth to become more competitive market players. The report proposes the establishment of a
regulatory dialogue with smaller CRAs. It also recommends that a full assessment of the feasibility to
establish a more integrated network of smaller CRAs be carried out within the medium to long term when
the overall impact of the recently enacted legislation ( Regulation 462/2013 and Directive 2013/14/EU)
can be effectively analyzed.
European
Commission
Press release 26 May 2014.
Fighting Fraud: Hercule III Work
Programme adopted.
Today the European Commission adopted the first annual work programme for the new anti-fraud
http://ec.europa.eu/anti_fraud/d
programme Hercule III. In 2014, € 13.7 million will be made available to support Member States in
ocuments/headlines/ip_14_600
fighting fraud, corruption and other illegal activities. The Programme will also help finance specific
_hercule_iii_en.pdf
projects x-ray scanners and other technical equipment bought by national authorities to stamp out
smuggling and other criminal activities affecting the EU’s financial interests (omissis).
A major novelty under the new Hercule III Programme is that Member States can apply for more funding.
Potential beneficiaries are now allowed to submit an application for funding even when only minimal
national co-funding can be made available.
3
2) EU Parliament / Council of the EU
Issuer
EUROPEAN
PARLIAMENT
and COUNCIL
OF THE
EUROPEAN
UNION
Title
Description
Directive 2014/51/EU of the
Please note that the Official Journal of European Union on the 22nd of May 2014 has been updated with the
European Parliament and of the "Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014 amending Directives
Council of 16 April 2014
2003/71/EC and 2009/138/EC and Regulations (EC) No 1060/2009, (EU) No 1094/2010 and (EU) No
amending Directives 2003/71/EC 1095/2010 in respect of the powers of the European Supervisory Authority (European Insurance and
and 2009/138/EC and
Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets
Regulations (EC) No 1060/2009, Authority)".
(EU) No 1094/2010 and (EU) No "This Directive shall enter into force on the day following that of its publication in the Official Journal of the
1095/2010 in respect of the
European Union".
powers of the European
Supervisory Authority (European
Insurance and Occupational
Pensions Authority) and the
European Supervisory Authority
(European Securities and
Markets Authority).
Link to document
http://eurlex.europa.eu/legalcontent/EN/TXT/HTML/?uri=
OJ:JOL_2014_153_R_0001
&from=EN
COUNCIL OF Press release 13th of May 2014. The Council today adopted new rules on the provision of services for investments in financial instruments and http://www.consilium.europa.
THE
Markets in financial instruments: on the operation of regulated financial markets.
eu/uedocs/cms_data/docs/pr
EUROPEAN Council adopts new rules.
The rules are aimed at promoting the integration, competitiveness, and efficiency of EU financial markets,
essdata/en/ecofin/142575.pd
UNION
amending and replacing the existing "MIFID" text2 that regulates markets in financial instruments.
f
They consist of two new legislative instruments:
-a regulation (“MIFIR”) improving transparency and competition of trading activities by limiting the use of
waivers3 on disclosure requirements and by providing for nondiscriminatory access to trading venues and
central counterparties (CCPs) for all financial instruments, and requiring derivatives to be traded on organised
venues (9343/14 + 9343/14 ADD 1 REV 1 + PE-CO S 22/14);
-a directive (“MIFID”) amending rules on the authorisation and organizational requirements for providers of
investment services and on investor protection. The directive also introduces a new type of trading venue, the
organised trading facility (OTF). Standardised derivatives contracts are increasingly traded on these
platforms, which are currently not regulated (9344/14 + 9344/14 ADD 1 REV 1 + PE-CO S 23/14).
4
3) EBA / EIOPA
Issuer
Title
Description
EBA - European
Banking Authority
EBA - European
Banking Authority
Call for papers for the third The European Banking Authority (EBA) launches today a call for research papers in view of its
EBA policy research
third policy research workshop taking place on 25-26 November 2014 in London on the topic 'How
workshop. “How to measure to measure the riskiness of banks’.
the riskiness of banks?”
London, 25‐26 November
2014.
http://www.eba.europa.eu/docum
ents/10180/695081/Call+for+Pap
ers++3rd+EBA+Policy+Research+Wor
kshop.pdf
INTERVIEW: Has capital influx saturated the insurance-linked securities (ILS) market and what
Interview by Andrew
Mawdsley, Head of EIOPA should investors’ response be?
Financial Stability and
Information Unit, for the
Report “Insurance-linked
securities for institutional
investors 2014”
https://eiopa.europa.eu/fileadmin/
tx_dam/files/activities/financial_st
ability/Interview_by_Andrew_Ma
wdsley.pdf
EIOPA - EUROPEAN
INSURANCE AND
OCCUPATIONAL
PENSIONS
AUTHORITY
The European Banking Authority (EBA) published today the first risk dashboard for 2014
summarising the main risks and vulnerabilities in the banking sector in the European Union (EU),
based on the evolution of Key Risk Indicators (KRI) from 55 banks across the EU in the fourth
quarter of 2013. This release of the Dashboard includes a one-off annex on aggregate risk
parameters aimed at achieving transparency regarding EU banks' risk parameters, allowing
comparison across countries and geographical areas.
Link to document
Risk dashboard Q1 2014
(DATA AS OF Q4 2013).
5
http://www.eba.europa.eu/docum
ents/10180/679742/EBA+Dashbo
ard+-+Q1+2014.pdf
4) ESMA
Issuer
Title
Description
Link to document
SMSG position paper on
ESMA - EUROPEAN
SECURITY AND MARKETS Crowdfunding.
AUTHORITY
Please note that the European Security and Markets Authority’s website has http://www.esma.europa.eu/system/files/2014-smsgbeen updated on the 23th of April 2014. The Documents section now includes 010.pdf
the position paper "Position paper. Crowdfunding - ESMA/2014/SMSG/010".
ESMA Risk Dashboard
ESMA - EUROPEAN
No.2, 2014 SECURITY AND
MARKETS AUTHORITY ESMA/2014/0536.
Please note that the European Security and Markets Authority’s website has http://www.esma.europa.eu/system/files/2014-536.pdf
been updated on the 16th of May 2014. The Documents section now includes
the second 2014 Risk Dashboard "ESMA Risk Dashboard No.2, 2014 ESMA/2014/0536".
"The reporting period of this Report is 01 January 2014 to 31 March 2014,
unless indicated otherwise".
Please note that the European Security and Markets Authority’s website has http://www.esma.europa.eu/system/files/2014-550.pdf
been updated on the 21st of May 2014. The Documents section now includes
the 8th updated Q&A on EMIR implementation “Questions and Answers
Implementation of the Regulation (EU) No 648/2012 on OTC derivatives,
central counterparties and trade repositories (EMIR) -ESMA/2014/550".
Questions and Answers
ESMA - EUROPEAN
Implementation of the
SECURITY AND
MARKETS AUTHORITY Regulation (EU) No
648/2012 on OTC
derivatives, central
counterparties and trade
repositories (EMIR) ESMA/2014/550.
Summary of conclusions Please note that the European Security and Markets Authority’s website has http://www.esma.europa.eu/system/files/2014-bsESMA - EUROPEAN
BoS meeting- 19th March been updated on the 28th of May 2014. The Documents section now includes 60_SECURITY AND
MARKETS AUTHORITY 2014 - ESMA/2014/BS/60. the BoS document "Summary of conclusions BoS meeting - 19th March 2014. _summary_of_conclusions_19_march_meeting.pdf
- ESMA/2014/BS/60".
In detail, "5.MiFID II": The Executive Director presented the note, highlighting
the timing of the MiFID II activities, the ap-proach taken by ESMA and the
resource implications; the Board discussed about the "IPISC draft Discussion
Paper on MiFID II" and the "IPISC draft Consultation Paper on MiFID II/MiFIR".
6
5) ECB
Issuer
Title
Description
ECB - EUROPEAN Working paper no. 1672: Please note that the European Central Bank’s website has been updated on the 7th of May 2014. The
CENTRAL BANK Wealth differences across Pubblication section now includes the "Working paper no. 1672: Wealth differences across borders and the
borders and the effect of effect of real estate price dynamics: evidence from two household surveys".
real estate price dynamics:
evidence from two
household surveys.
Link to document
http://www.ecb.europa.eu/pu
b/pdf/scpwps/ecbwp1672.pd
f
Please note that the European Central Bank’s website has been updated on the 12th of May 2014. The Press http://www.ecb.europa.eu/pr
ECB - EUROPEAN Toward the European
- Speeches section now includes the speech “Toward the European Banking Union: achievements and
ess/key/date/2014/html/sp14
CENTRAL BANK Banking Union:
achievements and
challenges. Speech by Danièle Nouy, Chair of the Supervisory Board of the Single Supervisory Mechanism”, 0512_1.en.html
challenges. Speech by
delivered at the OeNB Economics Conference, Vienna, 12 May 2014.
Danièle Nouy, Chair of the
Supervisory Board of the
Single Supervisory
Mechanism.
ECB - EUROPEAN Public consultation on a At the conclusion of the consultation, the Regulation on supervisory fees to set out how the ECB recovers its http://www.ecb.europa.eu/ss
expenditures for supervising the euro area banking sector will be issued. "The ECB will take over as
m/consultations/shared/pdf/f
CENTRAL BANK draft Regulation of the
European Central Bank on supervisor of euro area banks in November 2014 as part of the Single Supervisory Mechanism (SSM). The ees/draft-ssm-feessupervisory fees - May
SSM will directly supervise up to 130 institutions and work with national competent authorities to oversee
regulation201405.it.pdf
2014
smaller banks".
The draft regulation sets out the arrangements under which the ECB will levy an annual supervisory fee for
the expenditures incurred in relation to its new role, from November 2014 onwards. It establishes the
methodology for: 1. determining the total amount of the annual supervisory fee; 2. calculating the amount to
be paid by each supervised bank or banking group; 3. collecting the annual supervisory fee.
Those interested can make their comments on Part III of " Draft ECB regulation on supervisory fees". Purpose
of the document is to assist those interested in understanding and evaluating the draft ECB regulation on
supervisory fees (that can be consulted in Part III).
The consultation opens today for a seven-week period, until 11 July 2014.
The consultation documents, comprising the draft ECB Regulation on supervisory fees, an explanatory report,
and a Q&A note, are published in the “Banking Supervision” section of the ECB’s website.
The ECB will hold a public hearing on the consultation documents on 24 June 2014, at its premises in
Frankfurt. A webcast of the hearing will be made available on the ECB’s website. Information on registering
for the public hearing and on how to submit a comment on the consultation documents can also be found in
the “Banking Supervision” section of the website.
Following the public consultation, the ECB will publish the comments received along with an evaluation and
its responses. The ECB Regulation on supervisory fees will enter into force before the ECB assumes its
supervisory tasks on 4 November 2014.
7
6) Basel Committee / FSI / IOSCO / IMF
Issuer
Title
BASEL COMMITTEE Global liquidity
regulation,
supervision and risk
management.
Keynote address by
Mr. Stefan Ingves,
Chairman of the
Basel Committee
on Banking
Supervision.
FINANCIAL STABILITY Final Report.
Thematic Review of
BOARD
the FSB Principles
for Reducing
Reliance on CRA
Ratings.
Report IOSCO-BIS.
IOSCO
Implementation
monitoring of
PFMIs: First update
to Level 1
assessment report.
Description
Please note that the Basel Committee on Banking Supervision’s website has been updated on the 15th of May
2014. The Monetary & financial stability - Basel Committee on Banking Supervision - Speeches section now
includes the speech "Global liquidity regulation, supervision and risk management. Keynote address by Mr.
Stefan Ingves, Chairman of the Basel Committee on Banking Supervision", delivered to the DNB seminar
"Liquidity risk management - the LCR and beyond", Amsterdam, the Netherlands, 15 May 2014.
Link to document
http://www.bis.org/speeches/sp
140515.pdf
Please note that the Financial Stability Board’s website has been updated on the 12th of May 2014. The
http://www.financialstabilityboar
Publications section now includes the final report “Thematic Review of the FSB Principles for Reducing Reliance d.org/publications/r_140512.pdf
on CRA Ratings”.
The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities
http://www.iosco.org/library/pub
Commissions (IOSCO) have published the first update to the Level 1 assessments of implementation monitoring docs/pdf/IOSCOPD440.pdf
for the Principles for financial market infrastructures (PFMIs).
IMF - INTERNATIONAL Research
Please note that the International Monetary Fund’s website has been updated on the 28th of May 2014. The
MONETARY FUND Conference.
Publication section now includes the news about the "Research Conference. Financial Networks Key to
Financial Networks Understanding Systemic Risk".
Key to
Understanding
Systemic Risk.
8
http://www.imf.org/external/pub
s/ft/survey/so/2014/res052314a
.htm
7) European Issuers
Issuer
Title
Description
Link to document
European Issuers
Shareholder rights directive
Shareholder identification
(article 3a)
Summary Position
http://www.europeanissuers.eu/_mdb/positio
“European Issuers fully shares the objective of improving shareholder identification.
n/276_20140527_EI_One_Pager_SH_ID.pd
However, we consider that the proposal falls short of that objective. An efficient
f
shareholder identification system should be based on these principles:
1. The shareholder identification system is a right for companies and should be
initiated by the company
2. The shareholder identification procedure must allow companies to obtain from any
intermediary at any point along the chain the identity of their clients, who hold the
relevant shares. Companies should be able to bypass the investment chain and go
direct to the investor where possible.
3. Failing an efficient sanction system, the shareholder identification system will remain
theoretical. Only sanctions can render the proposed right effective.”
European Issuers
Shareholder rights directive
Remuneration
“The main concerns on remuneration are:
http://www.europeanissuers.eu/_mdb/positio
1. The remuneration report should be mainly about disclosure, while Member States
n/274_EuropeanIssuers_Comments_SHRD
should have the freedom to choose between an ex ante or an ex post vote.
_Remuneration.pdf
Disclosure of financial and non-financial remuneration components should respect
confidential information;
2. Shareholders may not have the resources to decide on the details of remuneration;
if they are asked to vote, then advisory votes may bring better results than binding
ones;
3. There are practical difficulties in the calculation and interpretation of a pay ratio, so
the provision to disclose this ratio should be deleted.”
European Issuers
Shareholder rights directive
Related party transaction
“The main concerns are:
http://www.europeanissuers.eu/_mdb/positio
1. Corporate governance systems in Europe are very different. No single model should n/275_EuropeanIssuers_Comments_SHRD
be imposed on others. In this respect, the proposal may transfer too many powers _Related_Party_Transactions.pdf
from boards to shareholders;
2. Transactions within groups of companies should be exempted (not just 100%
subsidiaries);
3. Involvement of shareholders should be on an exceptional basis only, in the case of a
prior negative opinion by a committee of non-executive directors;
4. Requirement for independent valuation by an independent third party should be
removed;
5. Market-equivalent or standard terms should be exempted;
6. "Significant impact" is unclear and could generate uncertainty.”
9
8) European Corporate Governance Institute (ECGI)
Issuer
Title
European Corporate Does Mandatory
Governance Institute Shareholder Voting
(ECGI)
Prevent Bad
Acquisitions?
Marco Becht
Andrea Polo
Stefano Rossi
Description
Link to document
“Corporate acquisitions can be ruinous for acquirer shareholders. Can shareholder voting prevent such
http://papers.ssrn.com/sol
corporate disasters? Previous empirical studies based on U.S. data are inconclusive because shareholder
3/papers.cfm?abstract_id
approval is discretionary. We study the U.K. setting where bids for relatively large targets are subject to
=2443792
mandatory shareholder approval. Our findings suggest that under the U.K. listing rules shareholder voting can
deter bad acquisitions. We find that shareholders gain 8 cents per dollar at the announcement of a Class 1 deal
or $13.6 billion over 1992-2010 in aggregate. In the United States acquirers lost $214 billion in matched deals
during the same period. In the U.K. relatively smaller Class 2 transactions do not require a vote and
shareholders lost $3 billion. Our results are robust to confounding effects and other controls. A Multidimensional
Regression Discontinuity Design (MRDD) inspired test supports a causal interpretation of our findings. Class 1
deals just above the assignment threshold perform better than Class 2 deals just below. Our evidence suggests
that mandatory voting makes boards more likely to refrain from overpaying or from proposing deals that are not
in the interest of shareholders.”
European Corporate The Diffusion of
“This paper investigates whether foreign institutional investors in emerging markets can enhance shareholder
http://papers.ssrn.com/sol
Governance Institute Corporate Governance value. We pay special attention to two dimensions of investor heterogeneity: whether an investor declares itself 3/papers.cfm?abstract_id
(ECGI)
to Emerging Markets: as an activist, and whether an investor comes from a country with a strong tradition of investor activism. First, we =2439306
apply an event study approach to the announcements of block purchases by foreign institutional investors in
Evaluating Two
Dimensions of Investor Korea. We find that stock prices rise on average, but only when foreign institutional investors declare themselves
as activists. Source country identities also matter: The positive stock price reactions are more pronounced when
Heterogeneity
the activist investors come from source countries with a strong tradition of investor activism. Second, we
examine corporate financial policies and governance practices of target firms one to three years following block
Woochan Kim
purchases by foreign activist investors. We find that target firms are more likely to reduce cash holdings, raise
Taeyoon Sung
leverage ratios, and peg dividend payouts and stock repurchases more closely to changes in earnings, but only
Shang-Jin Wei
if foreign activists are from countries with a strong tradition of activism. We conclude that openness to foreign
activist investors, especially those from countries with a strong tradition of activism, can indeed put pressures on
firms in emerging markets to adopt corporate governance practices that enhance shareholder values.”
European Corporate Executive
“We analyze the payout channel choice of listed UK firms and examine whether the choice between dividends, http://papers.ssrn.com/sol
Governance Institute Remuneration and the share repurchases, a combination of payout channels, or complete earnings retention is affected by investor
3/papers.cfm?abstract_id
(ECGI)
sentiment, taxation, major shareholder ownership, and in particular the CEO’s compensation package. The
=2436343
Payout Decision
payout choice can have an immediate effect on the value of the CEO’s stock options and restricted stock,
whereby anticipated dividends drive down the value of her equity-based pay if it is not dividend-protected
Philipp Geiler
whereas share repurchases may have a positive impact. We use a quantile regression analysis to examine
Luc Renneboog
various payout scenarios as well as a nested logit model which studies payout choice conditional on changing
payout levels. We find that it is the CEO’s personal wealth as reflected by her compensation package rather than
shareholder preferences which has the strongest impact on the firm’s payout policy.”
10
9) Federation of European Accountants (FEE)
Issuer
Title
Description
Link to document
FEE : The
Federation of
European
Accountants Brussels
FEE comments on IASB Request for
Information - Post-implementation Review:
IFRS 3 Business Combinations
On 19 May 2014, FEE issued a comment letter to the IASB on the IASB Request http://www.fee.be/images/Hoogervor
st_140519_IFRS_3_PI_review.pdf
for Information - Post-implementation Review: IFRS 3 Business Combinations.
FEE : The
Federation of
European
Accountants Brussels
FEE comments on EFRAG Short Discussion
Series - The Equity Method: a measurement
basis or a one-line consolidation
On 13 May 2014, FEE issued a comment letter to EFRAG on EFRAG Short
Discussion Series - The Equity Method: a measurement basis or a one-line
consolidation.
http://www.fee.be/images/Flores_14
0513_Equity_Method.pdf
FEE : The
Federation of
European
Accountants Brussels
FEE comments on EFRAG Research Paper:
The Role of the Business Model in Financial
Statements
On 13 May 2014, FEE issued a comment letter to EFRAG on EFRAG Research
Paper: The Role of the Business Model in Financial Statements.
http://www.fee.be/images/Flores_14
0513_Role_of_Business_Model_in_
FS.pdf
FEE : The
Federation of
European
Accountants Brussels
FEE comments on ESMA consultation on
Alternative Performance Measures (APMs)
On 13 May 2014, FEE issued a comment letter to ESMA on the ESMA
consultation on Alternative Performance Measures (APMs).
http://www.fee.be/images/Maijoor_14
0513_ESMA_APMs.pdf
11
10) International Federation of Accountants (IFAC)
Issuer
Title
IFAC The International IAASB Proposes
Federation of
Enhancements to
Accountants
Auditing Standards
Focused on Financial
Statement Disclosures
Description
The International Auditing and Assurance Standards Board (IAASB) today released for public
comment proposed changes to the International Standards on Auditing (ISAs) to clarify
expectations of auditors when auditing financial statement disclosures.
The proposals include new guidance on considerations relevant to disclosures—from when the
auditor plans the audit and assesses the risks of material misstatement, to when the auditor
evaluates misstatements and forms an opinion on the financial statements.
Link to document
http://www.ifac.org/news-events/201405/iaasb-proposes-enhancementsauditing-standards-focused-financialstatement-discl
IFAC The International IAASB Notes Progress
http://www.ifac.org/news-events/2014Now Over 100 Jurisdictions Using or Committed to Using Clarified ISAs
Federation of
Toward a Single, Robust As today’s global economy becomes increasingly interconnected, the International Auditing and 05/iaasb-notes-progress-towardAccountants
Language for Audit
Assurance Standards Board (IAASB) is pleased to note that the number of jurisdictions using, or single-robust-language-audit
committed to using, the clarified International Standards on Auditing (ISAs) has passed 100—
marking an important achievement in global convergence.
The ISAs were thoroughly redrafted and revised during the IAASB’s Clarity Project, which
finished in early 2009. Since then, the IAASB has monitored the uptake of the clarified ISAs.
With the recent addition of several African countries – a development noted by IAASB Chairman
Prof. Schilder during his recent speech in Cameroon in May – there is significant use of the
clarified ISAs across six continents.
“We have seen a steady increase in the use of the Clarified ISAs over the years, with the ISAs
also now translated into many languages. This demonstrates the importance the global
community attaches to a set of global auditing standards that can be used for high-quality audits
in both the private and public sectors,” noted Prof. Schilder.
IFAC The International Ethics Board Proposes
Federation of
Enhancements to Certain
Accountants
Non-Assurance Services
Provisions in Ethics Code
The International Ethics Standards Board for Accountants (IESBA, the Ethics Board) today
released for public comment the Exposure Draft (ED), Proposed Changes to Certain Provisions
of the Code Addressing Non-Assurance Services for Audit Clients. The proposed changes aim
to enhance the independence provisions in the Code of Ethics for Professional Accountants (the
Code) by:
Providing additional guidance and clarification regarding what constitutes management
responsibility, including enhanced guidance regarding how the auditor can better satisfy itself
that client management will make all judgments and decisions that are the responsibility of
management, when the auditor provides non-assurance services to an audit client;
Providing better guidance and clarification on the concept of “routine or mechanical” services
relating to the preparation of accounting records and financial statements for non-public interest
entity audit clients; and
Removing the provision that permits an audit firm to provide certain bookkeeping and taxation
services to public interest entity audit clients in emergency situations.
12
http://www.ifac.org/news-events/201405/ethics-board-proposesenhancements-certain-nonassurance-services-provisions-eth
11) International Accounting Standards Board (IASB)
Issuer
Title
IASB INTERNATIONAL
ACCOUNTING
STANDARDS BOARD
IFRS Foundation response
to the public consultation
on the International Public
Sector Accounting
Standards Board (IPSASB)
Governance Review.
Description
Link to document
Please note that the International Accounting Standards Board’s website has been updated on the
30th of April 2014. The Alerts - Governance section now includes the to the proposals set out in the
public consultation document, issued on 23 January 2014 by the Organization for Economic Cooperation and Development (OECD), on the future governance of the International Public Sector
Accounting Standards Board (IPSASB). The review is being undertaken by an IPSASB Governance
Review Group "Response 29 April 2014. Public consultation on the International Public Sector
Accounting Standards Board (IPSASB) Governance Review".
http://www.ifrs.org/Alerts/Gov
ernance/Documents/2014/IPS
ASB-Review-Response-April2014.pdf
IASB publishes
IASB INTERNATIONAL amendments to IFRS 11
Joint Arrangements.
ACCOUNTING
STANDARDS BOARD
"IFRS 11 addresses the accounting for interests in joint ventures and joint operations. The
amendments published today add new guidance on how to account for the acquisition of an interest in
a joint operation that constitutes a business. The amendments specify the appropriate accounting
treatment for such acquisitions.
The issue originated from a submission to the IFRS Interpretations Committee. As a result the
Interpretations Committee recommended that the IASB should amend IFRS 11".
http://www.ifrs.org/Alerts/Proje
ctUpdate/Documents/2014/IF
RS-11-Joint-ArrangementsMay-2014.pdf
Press release 12 May
2014. IASB publishes
amendments to IAS 16
Property, Plant and
Equipment and IAS 38
Intangible Assets.
Annual Report 2013.
IASB INTERNATIONAL Charting progress towards
global accounting
ACCOUNTING
STANDARDS BOARD standards.
Please note that the International Accounting Standards Board’s website has been updated on the
12th May 2014. The Publications section now includes the press release “IASB publishes
amendments to IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets”.
http://www.ifrs.org/Alerts/Publi
cation/Documents/2014/PRIAS-16-IAS-38-amendmentsMay-2014.pdf
"The report summarizes the use of IFRS around the world, drawing on recently published jurisdictional
profiles that show how IFRS is now required for use by more than 100 jurisdictions, representing 81
per cent of the 130 jurisdictions profiled. The report includes audited financial statements and a
comprehensive breakdown of the financial support received by the IFRS Foundation during 2013".
http://www.ifrs.org/Theorganisation/Governanceand-accountability/Annualreports/Documents/IFRSFoundation-Annual-Report2013.pdf
IASB INTERNATIONAL
ACCOUNTING
STANDARDS BOARD
13
12) Surveys & Insights
Issuer
PWC
Title
Description
Link to document
What you need to EU legislation to reform the statutory audit market was adopted in April 2014. The laws will apply
know – EU audit from mid-June 2016 – with the exception of mandatory firm rotation, which is subject to transition
reform
arrangements.
The legislation – composed of a directive and a regulation - means that mandatory rotation of
statutory audit firms will be introduced into the EU on a 10 yearly basis for all public interest entities.
There will also be additional restrictions on the non-audit services that audit firms can provide to
their audit clients.
The regulation contains as many as 21 Member State options, which may lead to a patchwork of
rules across the EU – both in the periods for rotation and which services are prohibited.
Stakeholders are being encouraged to engage with their respective governments to input on the
best possible use of the Member State options.
PWC
Banking Banana
Skins 2014
The CSFI survey
of bank risk
Inching towards
recovery
The core requirements and transition
arrangements
The measures that relate to the role and
responsibilities of the audit committees of EU
Public Interest Entities (PIEs)
The measures regarding the introduction of
prohibitions on the provision of certain non-audit
services by statutory auditors to their PIE clients
The measures covering new reporting
requirements by statutory audit firms relating to
their PIE audit clients, including changes to the
statutory audit firm’s report on the audit and
additional reporting to the audit committee and
other supervisory bodies
http://www.pwc.com/en_GX/gx/banking-capitalThis survey describes the risks currently facing the global banking industry, as seen by a wide
range of bankers, banking regulators and close observers of the banking scene around the world. markets/banana-skins/assets/pwc-bankingbanana-skins-2014-v2-april.pdf
The survey was carried out in January and February 2014, and received 656 responses from
individuals in 59 countries. The questionnaire was in three parts. In the first, respondents were
asked to describe, in their own words, their main concerns about the financial system over the next
2-3 years. In the second, they were asked to score a list of potential risks, or Banana Skins,
selected by a CSFI/PwC panel. In the third, they were asked to rate the preparedness of financial
institutions to handle the risks they identified. Replies were confidential, but respondents could
choose to be named.
Accenture Accenture Global New research from Accenture reveals that, while a vast majority of executives believe supply chain http://www.accenture.com/SiteCollectionDocume
Operations
risk management is a priority, only a small group of companies employ practices that enable them to nts/PDF/Accenture-Global-MegatrendsMegatrends Study generate a significant risk management ROI.
Operations-Supply-Chain-Risk-Management.pdf
“Don’t Play it Safe
When it Comes to
Supply Chain Risk
Management”
Bain &
Designing the
If there is one overriding imperative for CEOs, it is to add value to the portfolio of businesses so that https://www.bcgperspectives.com/content/articles
Company Corporate Center: the whole is worth more than the sum of its parts. Such value creation requires steering by the
/role_of_center_organization_design_designing_
How to Turn
corporate_center_turn_strategy_structure/
corporate center—whether across businesses, across regions, or across functions. But whatever
Strategy into
form that steering takes, the corporate center must not only choose its optimal parenting strategy
Structure
but also design an organization that translates that strategy’s value-creation logic into practice.
Many CEOs, however, struggle to translate strategic logic into action, and as a result, many
corporate centers still fall short of their full value-creation potential.
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