1. Johannes Guigard Chartered Accountant Italy and ACCA
UNIVERSITY OF MOSCOW October General overview on the European Accounting and Auditing legislation
Johannes Guigard
Chartered Accountant Italy and ACCA

2. Foundation of the European Union (EU)
The EU is a family of democratic European countries, committed to working together for peace and prosperity
The historical roots of the EU lie in the WWII. The idea of European integration conceived to prevent such killing and destruction from ever happening again was proposed by the French Foreign Affaires Minister Robert Schuman on 9 May 1950, EU"birthday“, now annually celebrated as Europe Day. 
Started off with just six countries: Belgium, Germany, France, Italy, Luxembourg and the Netherlands. Denmark, Ireland and the United Kingdom joined in 1973, Greece in 1981, Spain and Portugal in 1986, Austria, Finland and Sweden in In 2004/7 with the enlargement 12 new countries joined. EU is now made of 27 Member States

3. Basic Data* 493 million citizens EU (Russia 143 Million)
Some data*:
493 million citizens EU (Russia 143 Million)
Area: 4,4 Million Square Km (Russia 17,1 Million)
1.300 Directives
23 million SMEs, of which 91% are micro-enterprises
7.365 domestic companies ^
1.400 foreign companies
Market capitalisation Euro billion
US figures:
6.000 domestic and 850 foreign ( EU)
Market capitalisation USD billion
* ^ CESR report on enforcement - November 2007

4. The world and the European Union
Europe’s role
Economy: major world power
Political and diplomatic role?
EU and USA
Share same values
Competition in trade and technology
EU and Mediterranean countries
Creation of a free-trade area by 2010
Economic and trading relations
Partnership in social and cultural fields
EU and Russia
Partnership and Cooperation Agreement
future “Common Economic Space”:

5. Legal foundations of the European Union (1/2)
Treaty of Paris (1951)
European Coal and Steel Community The 2 WWII commodities
pooled under an Authority
Treaties of Rome (1957)
EEC European Economic Community
Euratom The nuclear energy treaty
The European Monetary System (1979)
Currencies fluctuations limited %
Single European Act (1987)
Foundations of the Single Market
Treaty of Maastricht (1992)
Plan for EMU’s creation The Monetary Union
Upgrade from EEC to European Community-> towards European Union
Introduction of the Subsidiarity Principle

6. Legal foundations of the European Union (2/2)
Schengen Agreement (1990)
Abolishes borders and checks on persons within many EU countries
Introduces a common policy on visas
The Single Market (1993)
No borders between Members States
Treaty of Amsterdam (1997)
Stability and growth pact: budget discipline by EU countries on deficits
Treaty of Nice (2001)
EU Charter of Fundamental Rights, in preparation for the Enlargement
Introduction of Euro
1 January January February 2002
Treaty of Lisbon (2007)
Change in proposal and adoption of EU legislation.

7. The European Constitution
2004: Agreement for a new Constitution
2005: Rejected by FRANCE and
HOLLAND
2008 Rejected by IRELAND
Where will we end up?
PLAN C anyone?

8. Agreements with other European Countries
WIPO countries (Norway, Liechtenstein, Iceland) are part of Internal Market
EFTA Member Switzerland has agreement
Other countries are in the process of asking for membership

9. Treaties of Rome 1957 EEC European Economic Community EURATOM
A common market in a wide range of goods and services
EURATOM
GOALS OF THE TREATIES
→ free movement of goods, people, services, capitals
→ closer relation among the Member States
→ Increase in stability
→ Continuous and balanced expansion
→ Ensuring fair competition between businesses
→ Protecting consumer interests

10. Treaty of Maastricht 1992 The principle of subsidiarity
EU and its institutions act ONLY IF action is more effective at EU level than at national level: limited EU interference in its citizens’ daily life
European Monetary Union by 1999
Maastricht parameters
- Budget deficit ≤ 3% of Gross domestic product
- public borrowing ≤ 60% of GDP
Rights of the EU’s citizens

11. The EU’s Internal Market
Based on the principle of an open market economy with free competition
Freedom of establishment
free exchange of:
Goods NO BORDERS AMONG MEMBER STATES
Capitals SIMILAR FINANCIAL RULES
People ANYONE CAN SETTLE ANYWHERE IN EU
Services STILL TO BE ACHIEVED

12. The Institutional Framework
EU is more than a confederation of countries but not a Federal State
The Council of Ministers
The European Parliament
The Commission
The Economic and Social Committee
The Court of Justice

13. The Council of Ministers (1/2)
It’s the highest level policymaking body of the EU
Brings together all EU countries’ Presidents and Prime Ministers PLUS EU Commission President
Shares with the European Parliament
legislative power
responsibility for the budget
Concludes international agreements negotiated by the Commission

14. The Council of Ministers (2/2)
Each country in turn presides over the council for a 6-month period [EU Rotating Presidency]
Decisions taken unanimously or by qualified majority
Meets in principle 4 times a year

15. European Parliament (1/2)
Elected body, at universal suffrage every 5 years: next elections JUNE 2009
Represents the EU’s citizens
Takes part in the legislative process
Debates and adopts with Council the EU Budget proposed by the Commission
By 2/3 majority may censure and therefore dismiss the Commission

16. European Parliament (2/2)
Located in Strasbourg (plenary sessions) and Brussels
Share of Legislative power with the Council
3 different procedures
cooperation procedure: gives its opinion on draft Directives and Regulations proposed by the EU
assent procedure: Parliament gives its assent to int’l agreements negotiated by the Commission
co-decision procedure

17. EU Commission EU’s executive arm
It has a complete political independence
It does not take instructions from any Member State Government
It’s the only institution that has the right to propose new EU legislation
It’s the guardian of the Treaties
It’s assisted by 36 Directorates General (DGs)
Located in Brussels and Luxembourg

18. The European Economic and Social Committee
It’s an advisory body that gives its opinion on EU initiatives
Assists EU Commission in adopting detailed technical implementing measures
Council and Commission consults EESC in taking decisions in policy areas covered by EC and Euratom treaties
Members represent the various interest groups that collectively make up “organised civil society”. Appointed by Council for 4 years.

19. The Court of Justice Ensures that EU law is complied with
Ensures treaties’ interpretation and application
Makes void EU legislation’s lawfulness
Checks whether EU legislation respects the fundamental rights
Made up of one judge by each EU country + 8 Advocates general
Each judge is appointed for 6 years
Headquarters: Luxembourg

20. The European Central Bank
Manages the European monetary policy
Manages the €: sets interest rates and intervention policy
Lead by a President and an Executive Board
Headquartes: Frankfurt

21. Other institutions Court of auditors European Investment Bank
Committee of the regions
…and many others…

22. European Institutional Renewal 2009
1 Jan 2009 The new Constitution was proposing a full time President and a Foreign Policy Chief … but… all this is now postponed
In June 2009 the election of new EU Parliament
In November 2009 appointment of the new Commission

23. Background to EU Legislation
Primary EU legislation
Member States delegate some of their national sovereignty to the Institutions who represents both the national and collective interest by signing Treaties, which constitute the Primary Legislation
Secondary EU legislation:
Regulations
Directives
Decisions
“Soft law”: (form of guidance)
Interpretative Communications
Recommendations

24. Background to EU Legislation
Comitology
A simplified way to amend legislation on technical aspects (non-essential elements) based on a delegation of executive powers from Council to Commission :
COMMITTEE OF PUBLIC SERVANTS
Member States represented in a Committee chaired by the Commission
Parliament informed
Comitology with scrutiny: more powers for EP
Subsidiarity

25. The co-decision procedure (1/2)
Established by Maastricht Treaty
Article 251 of EC Treaty
Legislative procedure par excellence following adoption of European Constitution
Principle of Parity: neither institution (EP or Council) may adopt legislation without the other’s assent
Adopted for issues such as Internal Market, education, research, environment, consumer protection, health, culture, free movement of workers

26. The co-decision procedure (2/2)
Commission proposes (right of initiative), Parliament and Council decide jointly.
Parliament (1st reading) and Council agree on Commission proposal: it is approved
if disagreement, EP (2nd reading) can either accept Council’s (common) position, or reject or amend it by a majority of its members,
if Council cannot accept EP’s amendments: conciliation meeting. If agreement found in conciliation, proposal approved. If no agreement, proposal deemed not to have been adopted.

27. Lisbon Treaty 13 December 2007
Aims at providing EU with streamlined institutions and optimised working methods after the Enlargement
To be ratified by Member States by beginning of 2009
Changes to proposal and adoption of EU legislation:
Election of President of the EU Council by qualified majority for 2,5 years, renewable once
Election of President of EU Commission by simple majority of MEPs following a proposal of the Council
Creation of a post of EU Foreign Minister
Increased number of fields covered by qualified majority voted by the Council

28. Lisbon Treaty 13 December 2007
Clarification of division of powers
Exclusive EU competences in the financial sphere:
Euro
Competition policy
Monetary policy
Common commercial policy
Member States cannot take measures inconsistent with:
Existing liberalization of movement of capitals
Damaging of existing financial instruments
Competence shared with member States
Internal market limited to the following
Environment
R & D
Consumer policy

29. Lisbon Treaty 13 December 2007
European Parliament will have greater legislative and budgetary powers
Member States Parliaments will have a role in ensuring that the EU complies with the principle of subsidiarity
EU ‘s powers on coordination of economic, industrial and employment policies of the Member States remain the same

30. EU Legislation: the DIRECTIVES
One of the binding legislations of EU
Offers OPTIONS to Member States
Indicate to the Member States what they have to implement. How they do it’s up to them. The EU Commission supervises
GOLD PLATING exercise by Member States, adding accomplishments, but harmonisation makes it difficult to detect.

31. EU Legislation: the REGULATIONS
Have to be implemented into the national legislation of each member State as it is
No amendment and no delay are accepted
In case of delayed implementation it is nevertheless applicable in the Member State: anyone can ask for ruling at the European Court of Justice, just in case

32. Eu Legislation: the DECISIONS
Decisions are made by the Court on all issues brought to its attention
Main interventions are on the areas of:
1.- Taxes
2.- Antitrust
Ensures correct application of treaties and of secondary legislation

33. Definition of Recommendation (Article 249/EC)
It’s one of two kinds of non-binding acts as per Treaty of Rome , while Regulations, Directives and Decisions are compulsory
No legal force but negotiated and voted according to the appropriate procedure
Though without legal force, has political weight
Instrument of indirect action aiming at preparation of legislation in Member States, differing from the Directive only by the absence of obligatory power.

34. The Lisbon strategy 2000 (1/2)
AIMS: EU economy expected to be by 2010:
a) The most competitive
b) The most dynamic IN THE WORLD
c) Knowledge based
a) Sustainable growth
WITH b) more and better jobs
c) greater social cohesion
a) globalisation
REASONS b) technological rivolution

35. The Lisbon strategy 2000 (2/2)
Major targets
Growth 3% per annum
Employment rate 70%
3% GDP to be spent on R&D
20 MILLION new jobs to be created
European research area (to link universities)
Encourage students (Socrates and other prgms)
TOO Many other targets (28+120)
Monitoring the development of the strategy
Once a year: spring economic summit EU COUNCIL OF MINISTERS

36. The two EU Action Plans The two main pillars of EU legislation are:
Financial Services Action Plan,
Capital Markets regulation
Lamfalussy approach in four steps
Company Law Action Plan 2003 – 2010
Review of co. Law Directives
Corporate Governance

37. How to Reach a European Single Financial Market?
Not only:
Identify problems to be addressed
Coming up with legislative solutions
But mainly:
Look at the most effective way of ensuring that those solutions actually work
Deliver the results everybody want to see

38. Towards Single Financial European Market
Consultation and Transparency in the legislative process
all documents out for consultation
active role of the professions involved
Respond quickly and flexibly to market changes
Convergence and Cooperation among European regulators
Working together on day by day basis to develop common understanding and approaches
Effective Implementation and Enforcement across Member States
Look beyond EU: cooperate internationally

39. Transparency in legislative process
Transparency is the core of the European Legislative Process
Trust
Loyalty
It is an investment in
Investors need to be able to invest across borders easily and with confidence
Not only WHAT information is disclosed
Transparency is
But also HOW it is disclosed that matters

40. Financial Services Action Plan
42 PLUS measures in order to create
a) Integrated European Financial Market
b) The break down of barriers
1 Currency
1 Capital Market
1 Set of Financial Rules … and….

41. Financial Services Action Plan
… and…
Objective, accurate, comparable financial information throughout the EU
Fighting market abuse
Efficient fast track decision making

42. Financial Services Action Plan
Amongst other measures:
IFRS adoption for all listed Co on EU markets
-introduction of fair value
- modernisation
- update for company law issues
Money laundering Directive (3 rd)
Revision investment services directive on protection of investors
Taxation of savings income
Take-over bids directive

43. Financial Services Action Plan
Markets in financial instruments Directive MiFID
Market abuse Directive
Against manipulation of markets
Prospectus Directive
Detailed document to be filed to the Registrar of Companies before offering the shares to the public
9 Statutory auditor Directive
Quality assurance -> UE Recommendation
- Auditors’ independence
- review of 8 th Directive
10. Transparency
- frequency and contents of interim reporting by listed companies

44. EU Company Law legislation (1/2)
Key Political objectives
Facilitate participation of shareholders to corporate life
Vote in absentia
Right to table resolutions
Strengthening shareholders rights and third parties protection
Modern company law making
Efficiency and competition
Facilitate cross-border activities
Participate to general meetings via electronic means
Co web used to inform shareholders and publish info

45. EU Company Law legislation (2/2)
Modern company law making
flexible, adaptive instruments
principle based, not rule based legislation
disclosure, instead of substantive regulation
encourage use of modern technology
use of company’s website
central electronic filing system per Member State
connection of Member States archives
access to info in advance of AGM

46. Company Law Action Plan
Modernising the Board of Directors
Coordination of Corporate Governance in Member States
Corporate restructuring and mobility
European private Company
European Cooperative Society

47. Next step
… let’s get into more detail on the Financial Reporting and Auditing…

48. Companies interested in the subject
Listed
Non-listed
Small medium size entities
Micro entities
Banks
Insurances
Plus, in certain cases:
1.- public sector
2.- partnerships
3.- professionals

49. EU Legislation on Financial Reporting
Fourth and Seventh Directives (1978 and 1983)
Directive on Banks and other financial institutions
Directive on Insurance undertakings
2001 Fair Value Directive
2002 IAS Regulation
2003 Modernisation of the Accounting Directives
Adoption of certain IAS + IFRSs in accordance with the IAS Regulation
June 2006: Amendments to the 4th and 7th Directives
June 2006: Statutory Audit Directive

50. EU Legislation on Financial Reporting and Auditing
National “auditable” entities
4th, 7th and Statutory Audit Directives
Small companies
National companies
with statutory audit
Other legal forms
Transparency Prospectus Directives and IAS Regulation
Listed
companies
Specific
sector
Directives on financial
institutions
Foreign listed

51. IFRS – Changing Accounting

52. EU Developments – IAS Regulation 1606/2002
Objective: harmonise financial information
Scope:
Requirement for EU listed companies to use endorsed IAS in their consolidated accounts from 2005
Optional:
Consolidated accounts of unlisted companies
Individual accounts
Main issues:
High quality, global, principle based standards
Comprehensive set of IFRS for Europe, identical to full IFRS
Convergence IFRS and US GAAP

53. The Endorsement Process
Objective of the EU process is to get political and legal endorsement of IFRS
Endorsed IAS/IFRS and SIC/IFRIC published in full in all official languages of the Community in the EU Official Journal and available on the EC website
New IFRS and IFRIC endorsed as they go along
Criteria
IFRS not contrary to “true and fair view” principle of Accounting Directives
IFRS must be conducive to public good (competitiveness and convergence)
IFRS must be understandable, relevant, reliable and comparable

54. The Endorsement Process
IASB
European
Commission
European
Parliament
EFRAG
SARG
Council
ARC
Accounting
Regulatory
Committee
Interest groups

55. IFRS endorsement Status
Endorsed IFRS  Full FRS ?
Timing differences: if delayed -> major uncertainties
Non endorsement create major problems
Therefore it is essential to monitor IASB from “inside”
Endorsed IFRS: all, except:
some provisions of IAS 39
Certain provisions of IAS 39 related to hedge accounting are carved out
Discussions between the IASB and the European Business Forum
IFRS 8 on segment reporting accepted after long debate by EP
Framework implementation under scrutiny

56. Implications of partial endorsement
SEC drops reconciliation statement requirement ONLY for FULL IFRS
Cost to European companies:
Extra disclosures to explain differences
Information system changes implications
Cost to credibility of global standards:
Precedent setting
Cost to global capital markets
Limiting convergence IFRS and US GAAP

57. Why Does Endorsement Take Time?
ARC opinion
IASB
approval
EFRAG
advice
Translations
EU review
EU-Parliament
SARG advice
EU Institutions
Endorsed by EC

58. EFRAG Endorsement Status Report as at 1 October 2008
All IFRS (1 TO 8) AND ALL IFRIC Interpretations (1,2, 4 to 11)
Existant standards and interpretations as at 1 March 2002, other than IAS 32 and 39 and related interpretations. (In other words, IASs 1, 2, 7, 8, 10, 11, 12, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 26, 27, 28, 29, 30, 31, 33, 34, 35, 36, 37, 38, 40 and 41; and SIC 1, 2, 3, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 18, 19, 20, 21, 22, 23, 24, 25, 27, 28, 29, 30, 31, 32 and 33.)

60. Institutional Cooperation
IASB – sets standards
EFRAG – influence the international standard setting process from an European perspective and advises on technical acceptability
SARG – reviews EFRAG due process
ARC – considers political acceptability
EP – endorsement advice, comitology with scrutiny
EC – formally endorses IFRS
EC Roundtable on consistent application of IFRS within the EU
CESR and other enforcement bodies such as review panels - enforces

61. EFRAG – European Financial Reporting Advisory Group
Set up in 2001
Private sector organisation
Founding fathers: FEE with 9 European Stakeholders organisations
Main objectives:
Proactive contribution to the work of IASB and IFRIC: Contribute to and influence IASB standard setting process BEFORE a standard is issued
Endorsement advice to the Commission Technical assessment of IFRS and IFRIC interpretation AFTER they are issued
Advising on changes to the EU Accounting Directives
PAAinE (Proactive Accounting Activities in Europe) with national standard setters
Governance structure EFRAG reviewed aiming for faster integration with National Standard Setters: “reinforcing structure” paper in 2008
Supplies the resources to influence IASB, balancing the US lobby

62. EFRAG’s Due Process Monitors progress in IASB
Publishes initial reactions to a new ED
Obtains comments from public
Completes responses to IASB
Follows similar process for final standards and interpretations
Sends endorsement advice to EU Commission
SARG: to verify due process

63. SARG (Standard Advice Review Group)
SARG created by EU Commission to review objectivity and neutrality of EFRAG (which is a private body)
Advice to the Commission on EFRAG’s opinions related to endorsement proposals - Whether these opinions are well-balanced and objective
Short deadline to express advice (max 3 weeks)
Opinions/reports adopted by consensus
Deliberations are confidential.

64. Accounting Regulatory Committee
POLITICAL ACCEPTABILITY
Created by the EU Commission
Provides an opinion on Commission’s proposals to endorse an International Accounting Standard
Composed by Representatives from Member States (Ministry of Finance, of Justice etc…)
Chaired by EU Commission
Observers: EFRAG, European Central Bank, CESR

65. CESR Committee of European Securities Regulators
Improves coordination among securities regulators
a Multilateral MOU ensures surveillance and enforcement of securities activities on day by day basis
Overviews on timely and day by day EU Legislation implementation in Member States
CESR Vice Chairman, Review panel and 2 Working Groups
Advice to EU Commission preparing draft implementing measures of EU FRAMEWORK DIRECTIVES in the field of Securities

66. IFRS Convergence process
US is now moving towards adoption of IFRS: this is a confirmation that EU made a good decision: will IFRS be allowed for US issuers by 2011?
Also Japan is planning to give up Japanese GAAP for IFRS
It may also be equivalence and mutual recognition
Consistence does not mean identical application
Increased cooperation CESR-SEC

67. Current work in the Accounting area (1/2)
IASB Discussion Papers:
Reducing Complexity in Reporting Financial Instruments
Amendments to IAS 19 employee benefits
IFRS 5 non current assets held for sale and discontinued operations
Measuring and disclosing fair value in markets that are no longer active
IASB Exposure Draft of an Improved Conceptual Framework for Financial Reporting

68. Current work in the accounting area (2/2)
PAAinE Discussion Papers:
The Financial Reporting of Pensions
Distinguishing between Liabilities and Equiy
IFRS branding
Translation of Ifac Audit standards
Assessment risk management systems
Statutory Audit Directive
…and many other…

69. The Audit issue - Audit Regulatory Committee
EU Communication 21 May 2003 led to Directive 2006/43/EC, modernization of 8 th Directive 84/253/EEC, not yet in force in all Member States
Adoption of ISAs when clarity project completed
Two Committees in force:
- Audit Regulatory Committee
- Audit Advisory Committee: Member States and professionals
Liability and liability cap
Widening the number of active audit companies

70. Directive on Statutory Audit 17 May 2006 (2006/43/EC)
Main Issues
Education and registration requirements
Standards on auditing and ethics
Quality assurance (see EU Recommendation)
Public oversight on auditors
Public interest entities
Independence of auditors

71. What Is Statutory Audit?
‘Statutory audit’ means an audit of annual or consolidated accounts in so far as required by Community Law
Mandatory for all publicly-traded companies
EU Fourth Directive applies to all limited liability companies
Member States option to ease reporting and audit of SMEs
Small, if not exceed for 2 consecutive years, 2 of the 3 criteria:
Balance sheet: €
Net turnover: €
Average number employees: 50
Use of options ranges from 0 to maximum
The EC Simplification Project might amend this

72. www.europa.eu It is all on the web
For full information about the European Union visit the EU’s multilingual web portal:

73. Financial Reporting
TECHNOLGY: THE XBRL

74. XBRL (1/4) It’s not only technology, it’s a cultural change
All data to be organised into a dictionary-like classification, describing the contents of each data in Finstats and business documents, the TAXONOMY, and from there a technology-driven system can extract – and combine - any needed information
Electronic filing:
- saves time
- saves money
- avoids data entry errors
- allows automated extraction of data from Co website by all interested parties (Securities Commissions, stats bureuas, etc)

75. XBRL (2/4) Utilisation of Internet capacity and potential
- internet used as a reporting tool
- the user may select specific info of interest
Financial info may be better disclosed if supported by speaking, animation and interactive functions
Distribution of data is improved and more economically efficient
Future reporting will be on Internet and interactive
The user may “personalise” financial information by selecting figures relevant to him/her

76. XBRL Examples (3/4) Real time information
Create connection from business to financial figures for a normal user
Focus on visual and audio communication
Internal and external communication
Focus on presentation of financial key figures
Real time information

77. XBRL (4/4)
It is the future: EU Commission firmly believes it is the way forward and will coordinate the existing systems
Who drives the IT technical development?
New or adapted softwares or dedicated XBRL solutions needed
Where is the accounting and audit profession?
Accounting experts and professionals should be the
ones to drive the new ideas forward

78. Financial Reporting
ROLE OF THE ACCOUNTING PROFESSION IN THE EU

79. Challenge today for the Accounting Profession (1/2)
IFRSs
Corporate governance
Audit issues
Role of the Accountant/Auditor

80. Challenge Today for the Accounting Profession (2/2)
IFRSs:
Application of IFRS in Europe from 2005
Enforcement of IFRS in Europe
Convergence of US GAAP and IFRS
IFRS for SMEs
Simplification by EU
CORPORATE GOVERNANCE INITIATIVE: EU ACTION PLAN
AUDIT ISSUES
Implementation of the Statutory Audit Directive
ISAs as adopted by the EC?
Internal control and risk management
ROLE OF THE ACCOUNTANT/AUDITOR
System of public oversight
Quality assurance: monitoring and monitored peer review
Auditors liability

81. The Accounting Profession Today (1/2)
Are we a profession or a business?
Are we working just only to make money?
Standardisation and technology implementation might bring to less revenue for the accountants: most of the work carried out by IT
Where is the Accounting Profession? NIVRA is developing a model to make our work, on this subject, reliable
A new vision is needed:
Simplification
Uncertainty of value of audit, and perception it doubles the cost of accounting services

82. The accounting profession today (2/2)
Is it the right way to proceed with
27 sets of laws
Different reporting for listed, non listed, SMEs, Micros, financial entities, public entities…
With reports prepared only once a year, all on paper when we daily access hundred of times our s on the web…
A new type of added value service has to be offered
Understand and cope with the new demands on e-filing and other applications

83. Johannes Guigard Chartered Accountant Italy and ACCA
UNIVERSITY OF MOSCOW 13/17 October General overview on the European Accounting and Auditing legislation
Johannes Guigard
Chartered Accountant Italy and ACCA