Standing for trust and integrity

CECCAR Congress New dimensions and challenges of the

accounting profession

André Kilesse

12 September 2014, Bucharest

FEE federates professional

institutes across Europe

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47 professional institutes of

accountants and auditors

36 European countries, including

all EU 28

800.000 professionals incl. all

sections of the profession: large,

medium, small practices,

business, public sector

FEE adds value to Members

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Representation

toward

stakeholders

Analysing and

influencing public

policy

developments

Promoting

cooperation

among Members

Informs, advises & influences EU & international regulation, public policy, standard setting etc.

EC, EP, Council, ESMA, EBA,

EIOPA, IOSCO - IASB, EFRAG, IIRC,

IFAC, IAASB, IAESB ,IESBA, IPSASB,

CAGs, PCAOB, OECD etc.

Facilitates consensus between

Institutes, accountancy firms (big &

small)…

Standing for trust and integrity

Competitiveness,

Innovation & Compliance

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FEE: helping accountants flourish in

a changing environment

Comply with regulatory changes

Provide new services

Other challenges:

• Get new clients

• Deal with technology

• Handle staffing issues

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Relevant developments in EU legislation

2013 Accounting Directive

2014 Audit Regulation and Directive

Tax legislation

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2013 Accounting Directive

It will change national accounting law - at the

latest by 1/1/16

Increases in SME thresholds could result in

fewer audits and fewer entities preparing

consolidated accounts

Member States may introduce “Micro

undertaking” rules

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2013 Accounting Directive

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Changes in EU Audit Regulation

2014 Audit Directive will impact on all audit

firms by increased regulation of:

Independence and objectivity considerations

Internal organisation of the auditor & audit work

Quality assurance

Changes to the audit report

2014 Audit Regulation targets PIEs but could

“trickle down” to affect SMEs and SMPs

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Audit Policy – SME/SMP 10

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FEE has opened a discussion on the

Future of Audit and Assurance

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Enhance quality in our

day-to-day activities

Face new challenges

like technology

Develop services that

are more relevant for stakeholders

Changes in EU Tax Legislation

VAT changes in force or proposed:

Change of place of supply rules for

telecommunications etc. from 1/1/15

Proposed Standard EU VAT return

Ongoing discussion about switching to a

consumption based place of supply

Savings Directive extended – more products

and countries automatically exchange info

Public debate on tax good governance

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FEE TAX Day and project Tax Policy: A

matter for society as a whole

Next

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Next FEE Tax Day: 29 April 2015

FEE represents the entire profession

Integrated Consider the SMP perspective in all FEE’s

activities

Practical Add value to its Members' efforts in supporting

SMPs

Interactive FEE SMP Forum, platforms via social media,

representation at international conferences

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FEE initiatives for SMPs

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Stay connected!

@FEE_Brussels

@FEE_SMP

Follow: Federation of European Accountants

Join: Connect with European Professional Accountants

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Visit us @ www.fee.be

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Visit us @ www.fee.be

Standing for trust and integrity