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Bilateral screening meeting on Company Law 16 November 2010

Bilateral screening meeting on Company Law 16 November 2010. Incorporation of European company law into Icelandic legislation. General Remarks Act on Annual Accounts, No. 144/1994, Republished as Act on Annual Accounts, No. 3/2006 Act on Auditors, No. 79/2008.

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Bilateral screening meeting on Company Law 16 November 2010

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  1. Bilateral screening meeting on Company Law 16 November 2010

  2. Incorporation of European company law into Icelandic legislation • General Remarks • Act on Annual Accounts, No. 144/1994, • Republished as Act on Annual Accounts, No. 3/2006 • Act on Auditors, No. 79/2008

  3. Corporate accounting and auditing Annual accounts • Directive 78/660/EEC on annual accounts of certain types of companies - Fourth Council Company Law Directive • Act on Annual Accounts, No. 144/1994, now No. 3/2006 • Directive 89/666/EEC concerning disclosure requirements in respect of branches opened in a Member State by certain types of company governed by the law of another State – Eleventh Council Company Law Directive • Act on Annual Accounts, No. 144/1994, now No. 3/2006

  4. Corporate accounting and auditing Annual accounts • Directive 90/604/EEC amending Directive 78/660/EEC on annual accounts and Directive 83/349/EEC on consolidated accounts as concerns the exemptions for small and medium-sized companies and the publication of accounts in ecus • Act on Annual Accounts, No. 144/1994, now No. 3/2006 • Act on European Companies, No. 26/2004 • Directive 90/605/EEC amending Directive 78/660/EEC on annual accounts and Directive 83/349/EEC on consolidated accounts as regards the scope of those Directives • Act on Annual Accounts, No. 144/1994, now No. 3/2006

  5. Corporate accounting and auditing Annual accounts • Directive 2001/65/EC amending Directives 78/660/EEC, 83/349/EEC and 86/635/EEC as regards the valuation rules for the annual and consolidated accounts of certain types of companies as well as of banks and other financial institutions. • Act on Annual Accounts, No. 144/1994, now No. 3/2006 • Directive 2003/51/EC amending Directives 78/660/EEC, 83/349/EEC, 86/635/EEC and 91/674/EEC on the annual and consolidated accounts of certain types of companies, banks and other financial institutions and insurance undertakings. • Act on Annual Accounts, No. 3/2006

  6. Corporate accounting and auditing Annual accounts • Directive 2006/46/EC amending Directives 78/660/EEC on the annual accounts of certain types of companies, 83/349/EEC on consolidated accounts, 86/635/EEC on the annual accounts and consolidated accounts of banks and other financial institutions and 91/674/EEC on the annual accounts and consolidated accounts of insurance undertakings. • A bill of law incorporating directive 2006/46/EC will be re-presented to the Icelandic Parliament this autumn. • Directive 2009/49/EC amending Council Directive 78/660/EEC and 83/349/EEC as regards certain disclosure requirements for medium-sized companies and the obligation to draw up consolidated accounts. • Directive 2009/49/EC is awaiting official translation into Icelandic.

  7. Corporate Accounting and Auditing Consolidated accounts • Directive 83/349/EEC on consolidated accounts – Seventh Council Company Law Directive • Act on Annual Accounts, No. 144/1994, now No. 3/2006 • Directive 89/666/EEC concerning disclosure requirements in respect of branches opened in a Member State by certain types of company governed by the law of another State – Eleventh Council Company Law Directive • Act on Annual Accounts, No. 144/1994, now No. 3/2006

  8. Corporate Accounting and Auditing Consolidated accounts • Directive 90/604/EEC amending Directive 78/660/EEC on annual accounts and Directive 83/349/EEC on consolidated accounts as concerns the exemptions for small and medium-sized companies and the publication of accounts in ecus • Act on Annual Accounts, No. 144/1994, now No. 3/2006 • Act on European Companies, No. 26/2004 • Directive 90/605/EEC amending Directive 78/660/EEC on annual accounts and Directive 83/349/EEC on consolidated accounts as regards the scope of those Directives • Act on Annual Accounts, No. 144/1994, now No. 3/2006

  9. Corporate Accounting and Auditing Consolidated accounts • Directive 2001/65/EC amending Directives 78/660/EEC, 83/349/EEC and 86/635/EEC as regards the valuation rules for the annual and consolidated accounts of certain types of companies as well as of banks and other financial institutions. • Act on Annual Accounts, No. 144/1994, now No. 3/2006 • Directive 2003/51/EC amending Directives 78/660/EEC, 83/349/EEC, 86/635/EEC and 91/674/EEC on the annual and consolidated accounts of certain types of companies, banks and other financial institutions and insurance undertakings. • Act on Annual Accounts, No. 3/2006

  10. Corporate Accounting and Auditing Consolidated accounts • Directive 2006/46/EC amending Directives 78/660/EEC on the annual accounts of certain types of companies, 83/349/EEC on consolidated accounts, 86/635/EEC on the annual accounts and consolidated accounts of banks and other financial institutions and 91/674/EEC on the annual accounts and consolidated accounts of insurance undertakings. • A bill of law incorporating directive 2006/46/EC will be re-presented to the Icelandic Parliament this autumn. • Directive 2009/49/EC amending Council Directive 78/660/EEC and 83/349/EEC as regards certain disclosure requirements for medium-sized companies and the obligation to draw up consolidated accounts. • Directive 2009/49/EC is awaiting official translation into Icelandic

  11. Corporate Accounting and Auditing International Financial Reporting Standards • Regulation (EC) No. 1606/2002 on the application of international accounting standards • Act on Annual Accounts, No. 3/2006 • Commission Regulations adopting or amending international accounting standards in accordance with Regulation (EC) No 1606/2002 • Published in the Government Gazette in Iceland (as regulations)

  12. Corporate Accounting and Auditing Statutory audits • Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts • Act on Auditors, No. 79/2008 • Commission Recommendation of 16 May 2002 – Statutory Auditors’ Independence in the EU: A Set of Fundamental Principles • Act on Auditors, No. 79/2008 • Article 19

  13. Corporate Accounting and Auditing Statutory audits • Commission Recommendation 2008/473/EC concerning the limitation of the civil liability of statutory auditors and audit firms • Act on Auditors, No. 79/2008 • Commission Recommendation 2008/362/EC on external quality asssurance for statutory auditors and audit firms auditing public interest entities • Act on Auditors, No. 79/2008

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