Tag Archives: Financial Reporting

G 20 Summit Agrees on New Financial Regulation

Rather surprisingly, the G 20 Summit in London has succeeded in delivering palpable results.

These include:

• an additional $1.1 trillion programme of support to restore credit, growth and jobs in the world economy;
• a call for strengthened financial regulation and supervision;
• establishment of a new Financial Stability Board (FSB) with a strengthened mandate, as a successor to the Financial Stability Forum (FSF), including all G20 countries, FSF members, Spain, and the European Commission;
• taking action against non-cooperative jurisdictions, including tax havens;
• extending regulatory oversight and registration to all systemically important financial institutions, instruments and markets, as well as systemically important hedge funds, and Credit Rating Agencies.

This is an impressive list. It remains to be seen what will be accomplished.

Exemption from EU Financial Reporting Rules for Micro Enterprises

The European Commission has proposed to exempt very small businesses (“micro-entities”) from current EU rules on financial reporting.

Micro entities are defined as those companies that on their balance sheet dates do not exceed the limits of two of the three following criteria: balance sheet total of EUR 500.000, net turnover of EUR 1.000.000 and an average number of employees during the financial year of 10.