The European Parliament’s Committee on Legal Affairs has voted to recommend the Parliament adopt a law to require audit firms to check a company’s books for no more than 14 years, with a possible extension to 25 years if certain safeguards are present. The proposal softens the original recommendation from EU Commissioner Michel Barnier, who […]
Europe
Posted inAnti-Bribery
Top 10 Global Compliance Trends to Watch in 2013
With the Dodd-Frank Act rulemaking nearly complete, 2013 might be a slightly quieter year for regulatory change in the United States. Not so for Europe and other global regions. Global regulators, accounting standard setters, and foreign enforcement agencies have a full pipeline of new initiatives, many of which will affect U.S. businesses. Here are 10 […]
Posted inEurope
U.K. Gives More Guidance on Good Comply-or-Explain Disclosure
With the European Commission planning to introduce a tougher model of corporate oversight, Britain’s Financial Reporting Council is fighting to defend its more flexible “comply or explain” approach. The FRC’s latest salvo is a report urging all companies to reveal more detail about their governance arrangements, even if they aren’t doing anything unusual that needs […]
Posted inAccounting & Auditing
SEC Calls for More Uniform Disclosure of European Debt Exposure
The Securities and Exchange Commission has decided to specify how it wants companies to describe their risks related to the European debt crisis, since so far those disclosures have been, well, all over the map. SEC staff in the Division of Corporation Finance published “CF Disclosure Guidance: Topic No. 4” last month to address its […]
Posted inEurope
Europe’s New Data Laws Could Snare Many U.S. Companies
The European Commission is updating its data protection laws, creating the first pan-European rules to govern electronic information. While that’s good news for most European businesses since it will streamline compliance, it’s bad news for U.S. companies, many of which will have to comply with European data laws for the first time. The proposed European […]
Posted inAccounting & Auditing
Foreign Banks, Others Struggle to Prepare FATCA Compliance
Companies, including foreign banks and other institutions, continue to fret over compliance with the reporting requirements of the Foreign Account Tax Compliance Act, also known as FATCA. Now, a delay in the release of the proposed rules by the U.S. Department of the Treasury and the Internal Revenue Service has left tax experts and large […]
Posted inEurope
Ten Global Compliance Trends to Watch in 2012
Plenty in the United States will happen this coming year to keep compliance executives busy, but they’ll need to keep an eye on overseas developments too. Europe is the main area to watch. Big changes to the regulatory and compliance environment are coming. 1. Britain loses its voice in Europe. Britain lost many friends in […]
Posted inAccounting & Auditing
Audit Reform Proposals in Europe Target Big Four
Many in the audit profession are pushing back hard against ideas regulators have proposed to improve audit quality here in the United States, including audit firm rotation and new disclosures in the audit report. But those ideas may seem mild compared to what regulators in Europe are considering. The European Commission is due to unveil […]
Posted inEurope
Britain Warns Europe Not to Ditch Governance Principle
*/ /*–>*/ Britain’s corporate regulator has warned the European Commission not to undermine the “comply or explain” principle as it develops a new cross-Europe approach to corporate governance. The Financial Reporting Council (FRC) told the Commission that replacing principles with prescriptive rules could stifle enterprise at a time when European economies are seeking to promote […]
Posted inEurope
Doubts Over Europe’s Tax Plan
*/ /*–>*/ The European Union is struggling to gain support for its controversial plan to create a single means of calculating corporation tax in its 27 member states. The U.K. government said last week that it would not back the idea and media reports suggest at least six other nations have told EU policymakers they […]