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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.

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Presentation on theme: "European Perspective on the integration of accounting Federico Diomeda – EFAA CEO SKwP Conference The Role of Accounting in EU integration Warsaw 29 November."— Presentation transcript:

1 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

2  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

3 Accounting in Europe  Short historical background  Update on recent accounting initiatives  EFAA vision

4 From Genesis to Revolution and key questions  Current legislative position in Europe  Why accounting developments?  Are developments too many to manage safely?  Why is “simplification” a potential bias for good reforms?

5 Accounting in Europe after the IASB IFRS for SMEs publication  Sceptical appreciation of IFRS for SMEs in many countries  Call 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

6 The Commission’s ideas about a new Directive on accounting and the Micro Entities proposal  Slight change in focus in the preambles  Splitting the Companies by size and leaving the Micros under a special regime under autonomous definition  Revised fundamental principles with introduction of materiality and “substance over form”  Bottom up approach for disclosure (small – medium – large)  Abridged accounts still allowed  Limited Member State options to enable harmonisation  Absence of a general framework

7 The EFAA vision and position  New proposals and accompanying impact assessment still to be fully studied  EFAA position statement May 2011 not conflicting  EFAA stress importance of good accounting for stewardship  EFAA calling for relevance of information delivered rather than “simplification”  EFAA believing that the minimum content of the reports should include a cash flow statement  EFAA considers that fair value accounting should be limited to instances where a current market exists

8 THANK YOU Any questions? EFAA: THE BIG VOICE FOR SMALL BUSINESS


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