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Federico Diomeda, Chief Executive Officer

The European Federation of Accountants and Auditors for small and medium-sized enterprises. Financial reporting in Europe for non listed companies – An ongoing challenge. Federico Diomeda, Chief Executive Officer. Background and evolution. The origin: 4 th and 7 th Directives

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Federico Diomeda, Chief Executive Officer

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  1. The European Federation of Accountants and Auditors for small and medium-sized enterprises Financial reporting in Europe for non listed companies – An ongoing challenge Federico Diomeda, Chief Executive Officer Slovenian Chamber of Accounting Services Assembly 13 October 2010

  2. Background and evolution • The origin: 4th and 7th Directives • IAS for listed companies: reg. 1606/2002 • IFRS for SMEs : 2009 • Overhaul of the 4th and 7th Dir • Simplification: what’s that? Slovenian Chamber of Accounting Services Assembly 13 October 2010

  3. EFAA and the key players • EFAA and EFRAG: the SME WG • EFAA and IASB: active interaction • EFAA and the Commission: comments and contacts • EFAA positions: comment letter on IFRS for SMEs and on the reform of the accounting Directives • EFAA actions: the comparison between IFRS for SMEs and main national GAAPs Slovenian Chamber of Accounting Services Assembly 13 October 2010

  4. Where are we going in Europe • Exemption for Micro entities: good or bad? • Small businesses: a new way forward from the Commission, but… • Harmonisation in Europe: how to get it at this point in stage • EFAA policy paper to help proper developments Slovenian Chamber of Accounting Services Assembly 13 October 2010

  5. THANK YOU Questions welcome Slovenian Chamber of Accounting Services Assembly 13 October 2010

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