logo
F.F.F.

Corporate Reporting: Climate Change Information and the 2021 Reporting Cycle - A Statement from the International Federation of Accountants - 7 september 2021

Significant global attention on how business and capital markets are responding to the climate crisis, including increasing regulatory and investor scrutiny, challenges professional accountants—in business and in professional practice—to play an active role in determining the way climate change information is reported in the upcoming 2021 reporting cycle and is enhanced in future years. Although financial reporting standards have not changed, investors and other stakeholders...
F.F.F.

Disclosed/Undisclosed Agent in the EU VAT: When Is an Intermediary Acting in Its Own Name ?

In the issue 5, 2021 of the International VAT Monitor, I summarize various arguments raised in the Case C-695/20 Fenix International Ltd pending before the Court of Justice of the European Union. Is such e-platform a "disclosed agent" only because the final customer knows the name of the actual supplier who also determines the amount of the subscription fee ? The answer to this...
F.F.F.

Accountancy Europe : how to proactively manage Money Laundering risks?

Money laundering (ML) has devastating consequences. It promotes crime and corruption that weaken our economies and damage social wellbeing. Citizens and governments lose over €110 billion to financial crime and 2 to 5% of global GDP is estimated to be laundered every year. It is critical to ensure that the fight against money laundering and terrorist financing (TF) is effective and efficient. This has led Accountancy...
F.F.F.

EFAA Issues Call to Action: SMPs Supporting Creation of the Sustainable Economy

EFAA believes that sustainability presents an opportunity and challenge to SMPs. Accordingly we have issued a Call to Action: SMPs Supporting Creation of the Sustainable Economy in which we stress the opportunities – to prepare sustainability reports, to provide assurance on such reports and to advise SMEs on their transition to a sustainable business model – as well as the challenges of building the capacity...
F.F.F.

A corrupting influence: the infiltration and undermining of Europe's economy and society by organised crime

The EU SOCTA 2021 is the outcome of a detailed analysis of the threat of serious and organised crime facing the EU, providing information for practitioners, decision-makers and the wider public. As a threat assessment, the SOCTA is a forward-looking document that assesses shifts in the serious and organised crime landscape. The SOCTA 2021 sets out current and anticipated developments across the spectrum of serious and...
F.F.F.

Guidance on Proliferation Financing Risk Assessment and Mitigation

The FATF recently revised its Standards (R.1 and INR.1) to require countries, financial institutions, designated non-financial businesses and professions (DNFBPs) and virtual asset service providers (VASPs) to identify, assess, understand and mitigate their proliferation financing risks. The FATF Guidance on Proliferation Financing Risk Assessment and Mitigation will help countries, financial institutions, DNFBPs and VASPs effectively implement these new FATF requirements, introduced in October 2020. The...
F.F.F.

Accountants – REACT now and help SMEs adapt to new VAT e-commerce rules

The changes to the EU e-commerce rules will take effect from 1 July 2021. This factsheet provides a high-level summary of the main changes and how accountants can support their SME clients. Time is of the essence. The rule changes will greatly affect SMEs active in e-commerce. Accountants should research the changes as soon as possible to be able to inform and support their clients. We...
F.F.F.

Purpose, people, profitability, and the planet must be considered in the evaluation of business success.

F.F.F.

« Future oil supply : What are the risks for Europe ? » : The Shift Project's new report on peak oil

F.F.F.

For tax and customs professionals across the EU ...

This European Commission’s new Learning Portal offers opportunities for customs and tax professionals to build, upscale or share profession-relevant knowledge and expertise through initiatives ranging from educational online learning to the organisation and hosting of multiple learning events in online and presence formats. Based on sharing of best practice, cross-country collaboration and tailored learning, this interactive training opportunity supports continuous skills & knowledge building for...
F.F.F.

From NFRD to CSRD ...

On 21 April 2021, the Commission adopted a proposal for a Corporate Sustainability Reporting Directive (CSRD), which would amend the existing reporting requirements of the NFRD (Non-Financial Reporting Directive, 2014) Aims The proposal extends the scope to all large companies and all companies listed on regulated markets (except listed micro-enterprises) requires the audit (assurance) of reported information introduces more detailed reporting requirements, and...
F.F.F.

New oecd report -Taxing Wages 2021 : and the winner is Belgium ...

Taxing Wages 2021 shows that declining household incomes coupled with tax reforms linked to the pandemic are driving widespread declines in effective taxes on wages across the OECD. Between 2019 and 2020, the tax wedge for this household type decreased in 31 countries, and rose in only 6. It decreased by more than 1 percentage point in 16 countries. The largest decreases were in Lithuania,...
F.F.F.

Country & Sector risk barometer: Q1 2021 quarterly update

More than a year after the onset of the COVID-19 pandemic, uncertainties about its evolution continue to shape trends in the global economy. Despite the acceleration of the vaccination process, the prospects for a return to normalcy are both uneven and uncertain across industries and geographies. In our scenario, as in the previous quarter1, we assume that the economic recovery will gain momentum from the...
F.F.F.

Road to digital: what are the obstacles for SMEs and SMPs?

The need for SMEs to digitalise is more pressing than ever. The COVID pandemic has reinforced the case for SME digitalisation by showing how digitalised business models can foster SMEs’ resilience. Digitalisation helps to diversify the business model, improve efficiency and foster competition with SME peers and larger companies. Digitalisation also enables innovation, and new and unique services design that allow companies to grow and...
F.F.F.

Europol publishes the European Union (EU) Serious and Organised Crime Threat Assessment, the EU SOCTA 2021.

The SOCTA, published by Europol every four years, presents a detailed analysis of the threat of serious and organised crime facing the EU. The SOCTA is a forward-looking assessment that identifies shifts in the serious and organised crime landscape. Aims The SOCTA 2021 details the operations of criminal networks in the EU and how their criminal activities and business practices threaten to undermine our societies,...
F.F.F.

New IAASB guidance helps advance assurance for non financial reporting

Marking a significant step forward in supporting assurance for non-financial reporting, the International Auditing and Assurance Standards Board (IAASB) today published Non-Authoritative Guidance on Applying ISAE 3000 (Revised) to Extended External Reporting (EER) Assurance Engagements. The Guidance responds to ten key stakeholder-identified challenges commonly encountered in applying International Standard on Assurance Engagements 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information....
F.F.F.

Ethics, technology and the professional Accountant in the Digital Age

Change is here—and more is coming—for the accountancy profession. New technologies are driving that change. This is nothing new: the profession adapted and thrived through the past century of technological revolution. But success is not a given. The profession will achieve it only with thorough and thoughtful responses to today’s challenges and preparation for those to come. The importance of ethics in the work of...
F.F.F.

Save the date : 20 April, 16.00 CET