Roberta Holland

The International Accounting Standards Board (IASB) this week unveiled the final version of its reform package for financial instruments accounting. The revisions affect hedge accounting, own credit, and the implementation deadline for a portion of the International Financial Reporting Standards (IFRS) relating to financial instruments. The IASB is the standards-setting arm of the IFRS Foundation, […]

The European Securities and Markets Authority (ESMA) this week released its enforcement priorities for financial statements for the current year. EMSA’s European Common Enforcement Priorities of 2013 are designed to promote consistent application of the International Financial Reporting Standards (IFRS). The priorities are used by national regulators in the European Economic Area (EEA) during their assessments […]

A special adviser appointed to review the European Union’s role in formulating international accounting standards was scheduled to make recommendations this week on how the EU can boost its influence in the standards setting process. Philippe Maystadt, former president of the European Investment Bank and former Belgian deputy prime minister, was tapped by internal markets […]

The Big Four accounting firms will face greater competition in the United Kingdom as FTSE 350 companies will be required to put their statutory audit engagement out to tender every 10 years, according to a ruling by the U.K. Competition Commission. The commission’s ruling, issued last month, is designed to increase competition, improve bargaining power […]

Most European Union nations are doing little to nothing to protect whistleblowers from retaliation, according to a new report released this week by Transparency International. The report, Whistleblowing in Europe, found that only four of the 27 countries studied had adequate whistleblower protection laws in place. In those four countries — Luxembourg, Romania, Slovenia, and […]

Members of European Parliament looking to enact EU-wide protections for whistleblowers suffered a setback last week, as the European Commission signaled it will not move forward with the proposal at this time.  Members of parliament had included whistleblower protections in an organized crime and corruption package approved during its plenary session Oct. 23. MEPs called […]

A World Bank Group report released this week is giving Poland high marks for regulatory reforms that have made it easier for businesses to launch and operate there. The report, Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises, ranks 189 economies based on an analysis of regulations affecting start-ups, ongoing operations, cross-border trading, […]

Members of European Parliament pushed forward last week with sweeping reforms to the European Union’s data protection rules, which would strengthen privacy protections and impose stiff penalties for companies running afoul of the new rules. The EU Data Protection Regulation, initially proposed last year, consists of a general regulation for personal data processing in the […]

More than half of European Union citizens believe banks should be regulated on the EU level rather than on a national level, according to a recent poll released by European Parliament. The Eurobarometer poll, published Oct. 18, showed that 54 percent of those polled believed banking supervision would be more effective at the EU level […]

An ambitious package to overhaul telecom regulations in the European Union is running into static from industry executives. Telecom executives asked the European Commission last week to think twice before moving forward with an ambitious reform package intended to overhaul the telecom sector, especially provisions to end roaming fees and place a cap on the […]