Suchergebnisse

Abstract

438The recently adopted Corporate Sustainability Reporting Directive (CSRD) requires all large undertakings as well as listed SMEs to report on sustainability matters. Albeit not in the direct scope of the CSRD, non-listed SMEs will be de facto obliged by their business partners and investors to report accordingly. Hence, a separate reporting standard for non-listed SMEs is of pivotal importance. The CSRD, however, fails to endow the European Commission with the necessary delegated legislative power. Yet, EFRAG plans to develop standards specifically designed for non-listed SMEs. The European Commission may and should publish those standards as non-binding recommendations under Art. 288 para. 5 TFEU. Prior to that, the Commission must feed those standards into the endorsement procedure established by the CSRD regarding delegated acts.439

COVER -- EDITORIAL ADVISORY BOARD -- Guest editorial -- A critique on accounting for murabaha contract -- Issues on the application of IFRS9 and fair value measurement for Islamic financial instruments -- Fair value and banking contagion -- Sharia disclosures

A wave of accounting scandals beginning about fifteen years ago, including Enron, WorldCom, and Parmalat, created a consensus among policymakers across the globe that independent auditors were not adequately challenging the financial reporting by their clients and could not be trusted to regulate themselves. Beginning with the Sarbanes-Oxley Act of 2002 in the U.S., there has been a global movement away from self-regulation of the auditing profession and towards independent oversight. Perhaps the most important milestone in this movement was the 2006 Audit Directive of the European Union, which required all EU members and accession candidates to implement independent oversight. A key goal of independent oversight is to provide relevant and reliable information to investors, lenders, audit committees, regulators, other stakeholders, and the general public about auditors and the audit market, among other matters. This paper aims to provide a brief synopsis on the topic of reporting by audit oversight bodies (AOBs) through their annual and inspection reports. It outlines international principles and legislative requirements, highlights certain good practices and shares results from a focused survey across EU-REPARIS and STAREP countries.

This report illustrates how the European Investment Advisory Hub, a joint initiative with the European Commission, helps project promoters, the European Union, the European Investment Bank (EIB) and other financial institutions achieve their mission and get investment projects off the ground. This report provides a summary of the Advisory Hub's activities in 2019 and a number of case studies of investment projects supported by the Hub in the reporting year.

Much of the debate on European integration centres on the relationship between 'globalisation' and 'Europeanisation'. Whereas the two processes have, in the past, been viewed separately there is now a broad recognition that a relationship exists between them. International relations and politics circles have observed this, but controversy exists over whether the two processes are antagonistic to each other or whether they are in fact 'working in combination'. Professor Francis Snyder in the legal field asked, in his seminal paper, are they friends or rivals—'is the EU part of the problem or part of the solution in relation to globalisation?'