Presentation on theme: "EU Initiatives and Challenges. Commission's Perspective XBRL Week May, 2012, Madrid Piotr Madziar – EU Internal Market 22/05/12."— Presentation transcript:
EU Initiatives and Challenges. Commission's Perspective XBRL Week May, 2012, Madrid Piotr Madziar – EU Internal Market 22/05/12
Context EU Timeline XBRL Governance Structure and powers Challenges Solutions?
EU Timeline – Recap on history (selected events) ParliamentCouncilCommission BRITE, XBRL in Europe 2007Conclusions: "available technological instruments and business reporting computer languages" Communication on the simplification of company law, accounting and auditing Simplified business environment (Lehne) - Future structure of supervision (Daianu/Van den Burg) - EU Commissioner McCreevy's joint press release with US SEC Commissioner Cox - Stoiber's HLEG opinion 2009Stoiber's HLEG opinion Stakeholders' Meeting, - Legislation on Supervision Stoiber opinion "piecemeal initiatives", Commission to "streamline all taxonomies", - Actica study 2012Transparency and Acc.
Challenges ESAs – resources, crisis resolution, cross – sectorial alignment COM – last resort authority, technical legislation, strategic alignment
Solutions Cross-sectorial coordination capacity within COM? Core taxonomies – development and management? External advisory capacity? XBRL clause in all relevant pieces of legislation? XBRL legislation?
Thank you! Piotr Madziar European Commission – Internal Market