Corporate Sector Accounting and Auditing in the EU Acquis Communautaire, 3rd Edition
This report reflects significant changes in European Union (EU) corporate financial reporting since 2011. In June 2013, a new accounting directive was adopted, replacing the fourth and seventh directives on company law. A directive amending the 200...
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| Format: | Report |
| Language: | English en_US |
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World Bank, Vienna
2016
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| Online Access: | http://documents.worldbank.org/curated/en/2016/05/26396263/corporate-sector-accounting-auditing-eu-acquis-communautaire http://hdl.handle.net/10986/24427 |
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okr-10986-24427 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
LIVING STANDARDS RISK MANAGEMENT SYSTEMS DEPOSIT CAPITAL MARKETS HOLDING REGULATORY FRAMEWORK LIABILITY ACCOUNTING PRUDENTIAL SUPERVISION INTERNATIONAL CAPITAL FINANCIAL MANAGEMENT STOCK VALUATION SUPERVISORY AUTHORITY INTEREST REGULATORY STANDARDS GUARANTEES GOVERNMENT FUNDING OPTION EXCHANGE ECONOMIC DEVELOPMENTS SUPERVISORY BOARD ACCOUNTING FRAMEWORK TAX COLLECTION DISCLOSURE REQUIREMENTS INTERNATIONAL CAPITAL MARKETS FINANCIAL STATEMENTS INSURANCE POLICIES TAX INCOME TAX REFERENDUM TREATIES RESERVE MARKET ACCESS LEVEL PLAYING FIELD CREDITORS AUDIT COMMITTEE INFLATION INTERNATIONAL BANK PENSION CREDITOR MARKET INFRASTRUCTURES INSTRUMENTS PUBLIC REGISTER CREDIBILITY BUDGET CENTRAL BANK SMALL BUSINESS LEGAL INSTRUMENT DERIVATIVES EXCHANGE COMMISSION CURRENCY ALTERNATIVE INVESTMENT CONFLICT OF INTERESTS PROTECTION OF INVESTORS PORTFOLIOS PROFESSIONAL INVESTORS CONTRACTS TRADING OPTIONS INVESTMENT FUNDS FINANCIAL INSTITUTIONS MARKETS LIMITED PARTNERSHIPS DEBT CAPITAL MARKET RETURN CAPITAL REQUIREMENTS LEGISLATIVE FRAMEWORKS LENDERS COMPANY LAW LOANS RESERVES FINANCIAL SYSTEM LEGAL FRAMEWORK FINANCE FOREIGN CURRENCY BANKING SECTOR SUPERVISORY AUTHORITIES EXPENDITURE TRANSACTIONS MARKET ECONOMY INTERNATIONAL STANDARDS EQUITY TRANSACTION SECURITIES MARKETS INVESTORS ISSUERS OF SECURITIES SECURITIES REGULATIONS GOOD FRAUD TRANSPARENCY FINANCIAL STABILITY MARKET CONDITIONS BANKING CRISIS FINANCIAL CRISIS TURNOVER FUTURE PENSIONS CONFLICTS OF INTEREST MONETARY ASSETS INVESTMENT BANK FINANCIAL INSTRUMENTS FINANCIAL INSTRUMENT COMPANY LAWS DEBT SECURITIES FAIR VALUE ISSUANCE FINANCIAL SERVICE PROVIDERS INSTITUTIONAL CAPACITY SHARES ACCRUAL ACCOUNTING BALANCE SHEET MARKET DEFAULT FOREIGN EXCHANGE TRADE LIBERALIZATION SECURITIES PEER PRESSURE SOLVENCY MARKET COMPETITION ACCOUNTING STANDARD BANK ACCOUNTS SHAREHOLDERS HOLDINGS INSURANCE REFERENDA FORWARD RATE INTERESTS OPEN MARKET GOODS INVESTOR FIXED ASSETS SECURITY ACCOUNTING STANDARDS FINANCIAL MARKET LOSS STATEMENT AUDIT COMMITTEES STOCK EXCHANGE INVESTMENT HUMAN RESOURCES SHARE INVESTOR PROTECTION BANKING UNION FINANCIAL INFORMATION FINANCIAL MARKETS TREATY CAPITAL REQUIREMENT INTERNATIONAL STANDARD REVENUE PROFIT LEVIES MARKET INTEGRATION INVESTMENTS RISK MANAGEMENT SHAREHOLDER FINANCIAL RISK INSURANCE COMPANIES INSTRUMENT ARBITRAGE PROFITS LIMITED LIABILITY LIABILITIES HEDGE CREDIT INSTITUTIONS SMALL BUSINESSES GUARANTEE CASH FLOW CORPORATE GOVERNANCE |
| spellingShingle |
LIVING STANDARDS RISK MANAGEMENT SYSTEMS DEPOSIT CAPITAL MARKETS HOLDING REGULATORY FRAMEWORK LIABILITY ACCOUNTING PRUDENTIAL SUPERVISION INTERNATIONAL CAPITAL FINANCIAL MANAGEMENT STOCK VALUATION SUPERVISORY AUTHORITY INTEREST REGULATORY STANDARDS GUARANTEES GOVERNMENT FUNDING OPTION EXCHANGE ECONOMIC DEVELOPMENTS SUPERVISORY BOARD ACCOUNTING FRAMEWORK TAX COLLECTION DISCLOSURE REQUIREMENTS INTERNATIONAL CAPITAL MARKETS FINANCIAL STATEMENTS INSURANCE POLICIES TAX INCOME TAX REFERENDUM TREATIES RESERVE MARKET ACCESS LEVEL PLAYING FIELD CREDITORS AUDIT COMMITTEE INFLATION INTERNATIONAL BANK PENSION CREDITOR MARKET INFRASTRUCTURES INSTRUMENTS PUBLIC REGISTER CREDIBILITY BUDGET CENTRAL BANK SMALL BUSINESS LEGAL INSTRUMENT DERIVATIVES EXCHANGE COMMISSION CURRENCY ALTERNATIVE INVESTMENT CONFLICT OF INTERESTS PROTECTION OF INVESTORS PORTFOLIOS PROFESSIONAL INVESTORS CONTRACTS TRADING OPTIONS INVESTMENT FUNDS FINANCIAL INSTITUTIONS MARKETS LIMITED PARTNERSHIPS DEBT CAPITAL MARKET RETURN CAPITAL REQUIREMENTS LEGISLATIVE FRAMEWORKS LENDERS COMPANY LAW LOANS RESERVES FINANCIAL SYSTEM LEGAL FRAMEWORK FINANCE FOREIGN CURRENCY BANKING SECTOR SUPERVISORY AUTHORITIES EXPENDITURE TRANSACTIONS MARKET ECONOMY INTERNATIONAL STANDARDS EQUITY TRANSACTION SECURITIES MARKETS INVESTORS ISSUERS OF SECURITIES SECURITIES REGULATIONS GOOD FRAUD TRANSPARENCY FINANCIAL STABILITY MARKET CONDITIONS BANKING CRISIS FINANCIAL CRISIS TURNOVER FUTURE PENSIONS CONFLICTS OF INTEREST MONETARY ASSETS INVESTMENT BANK FINANCIAL INSTRUMENTS FINANCIAL INSTRUMENT COMPANY LAWS DEBT SECURITIES FAIR VALUE ISSUANCE FINANCIAL SERVICE PROVIDERS INSTITUTIONAL CAPACITY SHARES ACCRUAL ACCOUNTING BALANCE SHEET MARKET DEFAULT FOREIGN EXCHANGE TRADE LIBERALIZATION SECURITIES PEER PRESSURE SOLVENCY MARKET COMPETITION ACCOUNTING STANDARD BANK ACCOUNTS SHAREHOLDERS HOLDINGS INSURANCE REFERENDA FORWARD RATE INTERESTS OPEN MARKET GOODS INVESTOR FIXED ASSETS SECURITY ACCOUNTING STANDARDS FINANCIAL MARKET LOSS STATEMENT AUDIT COMMITTEES STOCK EXCHANGE INVESTMENT HUMAN RESOURCES SHARE INVESTOR PROTECTION BANKING UNION FINANCIAL INFORMATION FINANCIAL MARKETS TREATY CAPITAL REQUIREMENT INTERNATIONAL STANDARD REVENUE PROFIT LEVIES MARKET INTEGRATION INVESTMENTS RISK MANAGEMENT SHAREHOLDER FINANCIAL RISK INSURANCE COMPANIES INSTRUMENT ARBITRAGE PROFITS LIMITED LIABILITY LIABILITIES HEDGE CREDIT INSTITUTIONS SMALL BUSINESSES GUARANTEE CASH FLOW CORPORATE GOVERNANCE World Bank Group Corporate Sector Accounting and Auditing in the EU Acquis Communautaire, 3rd Edition |
| geographic_facet |
Europe and Central Asia |
| description |
This report reflects significant changes
in European Union (EU) corporate financial reporting since
2011. In June 2013, a new accounting directive was adopted,
replacing the fourth and seventh directives on company law.
A directive amending the 2006 audit directive and a new
audit regulation addressing oversight of the most
significant audits were adopted in April 2014. The new
legislation, summarized in this guide, is a result of
several years of drafting and discussions following the
financial crisis of 2008 and it represent a landmark in the
EU’s efforts to strengthen its corporate sector accounting
and auditing. The accounting directive seeks to enhance the
quality of financial reporting and expand it, especially
with regard to public interest entities, while reducing the
administrative burden for smaller companies. The new audit
reporting requirements introduced by the regulation are
expected to increase the usefulness of statutory audits of
public interest entities, such as listed companies, credit
institutions, and insurance undertakings, and reduce risks
of excessive familiarity between statutory auditors and
their clients, encourage professional skepticism, and limit
conflicts of interest. The audit directive and the
regulation will bring more consistency in audit oversight
and quality assurance systems across Europe. Implementation
will involve significant challenges and require increased
resources to ensure systems function effectively. |
| format |
Report |
| author |
World Bank Group |
| author_facet |
World Bank Group |
| author_sort |
World Bank Group |
| title |
Corporate Sector Accounting and Auditing in the EU Acquis Communautaire, 3rd Edition |
| title_short |
Corporate Sector Accounting and Auditing in the EU Acquis Communautaire, 3rd Edition |
| title_full |
Corporate Sector Accounting and Auditing in the EU Acquis Communautaire, 3rd Edition |
| title_fullStr |
Corporate Sector Accounting and Auditing in the EU Acquis Communautaire, 3rd Edition |
| title_full_unstemmed |
Corporate Sector Accounting and Auditing in the EU Acquis Communautaire, 3rd Edition |
| title_sort |
corporate sector accounting and auditing in the eu acquis communautaire, 3rd edition |
| publisher |
World Bank, Vienna |
| publishDate |
2016 |
| url |
http://documents.worldbank.org/curated/en/2016/05/26396263/corporate-sector-accounting-auditing-eu-acquis-communautaire http://hdl.handle.net/10986/24427 |
| _version_ |
1764456815480799232 |
| spelling |
okr-10986-244272021-05-25T08:48:32Z Corporate Sector Accounting and Auditing in the EU Acquis Communautaire, 3rd Edition World Bank Group LIVING STANDARDS RISK MANAGEMENT SYSTEMS DEPOSIT CAPITAL MARKETS HOLDING REGULATORY FRAMEWORK LIABILITY ACCOUNTING PRUDENTIAL SUPERVISION INTERNATIONAL CAPITAL FINANCIAL MANAGEMENT STOCK VALUATION SUPERVISORY AUTHORITY INTEREST REGULATORY STANDARDS GUARANTEES GOVERNMENT FUNDING OPTION EXCHANGE ECONOMIC DEVELOPMENTS SUPERVISORY BOARD ACCOUNTING FRAMEWORK TAX COLLECTION DISCLOSURE REQUIREMENTS INTERNATIONAL CAPITAL MARKETS FINANCIAL STATEMENTS INSURANCE POLICIES TAX INCOME TAX REFERENDUM TREATIES RESERVE MARKET ACCESS LEVEL PLAYING FIELD CREDITORS AUDIT COMMITTEE INFLATION INTERNATIONAL BANK PENSION CREDITOR MARKET INFRASTRUCTURES INSTRUMENTS PUBLIC REGISTER CREDIBILITY BUDGET CENTRAL BANK SMALL BUSINESS LEGAL INSTRUMENT DERIVATIVES EXCHANGE COMMISSION CURRENCY ALTERNATIVE INVESTMENT CONFLICT OF INTERESTS PROTECTION OF INVESTORS PORTFOLIOS PROFESSIONAL INVESTORS CONTRACTS TRADING OPTIONS INVESTMENT FUNDS FINANCIAL INSTITUTIONS MARKETS LIMITED PARTNERSHIPS DEBT CAPITAL MARKET RETURN CAPITAL REQUIREMENTS LEGISLATIVE FRAMEWORKS LENDERS COMPANY LAW LOANS RESERVES FINANCIAL SYSTEM LEGAL FRAMEWORK FINANCE FOREIGN CURRENCY BANKING SECTOR SUPERVISORY AUTHORITIES EXPENDITURE TRANSACTIONS MARKET ECONOMY INTERNATIONAL STANDARDS EQUITY TRANSACTION SECURITIES MARKETS INVESTORS ISSUERS OF SECURITIES SECURITIES REGULATIONS GOOD FRAUD TRANSPARENCY FINANCIAL STABILITY MARKET CONDITIONS BANKING CRISIS FINANCIAL CRISIS TURNOVER FUTURE PENSIONS CONFLICTS OF INTEREST MONETARY ASSETS INVESTMENT BANK FINANCIAL INSTRUMENTS FINANCIAL INSTRUMENT COMPANY LAWS DEBT SECURITIES FAIR VALUE ISSUANCE FINANCIAL SERVICE PROVIDERS INSTITUTIONAL CAPACITY SHARES ACCRUAL ACCOUNTING BALANCE SHEET MARKET DEFAULT FOREIGN EXCHANGE TRADE LIBERALIZATION SECURITIES PEER PRESSURE SOLVENCY MARKET COMPETITION ACCOUNTING STANDARD BANK ACCOUNTS SHAREHOLDERS HOLDINGS INSURANCE REFERENDA FORWARD RATE INTERESTS OPEN MARKET GOODS INVESTOR FIXED ASSETS SECURITY ACCOUNTING STANDARDS FINANCIAL MARKET LOSS STATEMENT AUDIT COMMITTEES STOCK EXCHANGE INVESTMENT HUMAN RESOURCES SHARE INVESTOR PROTECTION BANKING UNION FINANCIAL INFORMATION FINANCIAL MARKETS TREATY CAPITAL REQUIREMENT INTERNATIONAL STANDARD REVENUE PROFIT LEVIES MARKET INTEGRATION INVESTMENTS RISK MANAGEMENT SHAREHOLDER FINANCIAL RISK INSURANCE COMPANIES INSTRUMENT ARBITRAGE PROFITS LIMITED LIABILITY LIABILITIES HEDGE CREDIT INSTITUTIONS SMALL BUSINESSES GUARANTEE CASH FLOW CORPORATE GOVERNANCE This report reflects significant changes in European Union (EU) corporate financial reporting since 2011. In June 2013, a new accounting directive was adopted, replacing the fourth and seventh directives on company law. A directive amending the 2006 audit directive and a new audit regulation addressing oversight of the most significant audits were adopted in April 2014. The new legislation, summarized in this guide, is a result of several years of drafting and discussions following the financial crisis of 2008 and it represent a landmark in the EU’s efforts to strengthen its corporate sector accounting and auditing. The accounting directive seeks to enhance the quality of financial reporting and expand it, especially with regard to public interest entities, while reducing the administrative burden for smaller companies. The new audit reporting requirements introduced by the regulation are expected to increase the usefulness of statutory audits of public interest entities, such as listed companies, credit institutions, and insurance undertakings, and reduce risks of excessive familiarity between statutory auditors and their clients, encourage professional skepticism, and limit conflicts of interest. The audit directive and the regulation will bring more consistency in audit oversight and quality assurance systems across Europe. Implementation will involve significant challenges and require increased resources to ensure systems function effectively. 2016-06-06T19:47:08Z 2016-06-06T19:47:08Z 2016 Report http://documents.worldbank.org/curated/en/2016/05/26396263/corporate-sector-accounting-auditing-eu-acquis-communautaire http://hdl.handle.net/10986/24427 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Vienna Publications & Research Publications & Research :: Working Paper Europe and Central Asia |