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This study aims to analyse the problems that Member States’ authorities and bodies experience in the implementation, control and audit of EU expenditure, their root causes and implications for the Single Audit approach. In particular, the specific objectives of this study are to: • Gain a comprehensive insight into the causes of the problems that Member States’ authorities and bodies face when implementing, controlling and auditing the European Union budget. • Assess the quality of their work ...

On 11 July 2016, at the request of the Committees on Budget and Budgetary Control, the Policy Department for Budgetary Affairs organised a half-day workshop on Mid-Term Revision of the Financial Regulation, Improvement of direct management & Outlook on the Commission proposal. Experts from the Commission, the ECA, the EARTO, the EUA, Firalis and Max-Planck-Gesellschaft presented their views on the following main issues: • Complications due to the multiplicity of accounting systems; • Complications ...

This document, prepared by Policy Department A for the Economic and Monetary Affairs (ECON) Committee, briefly describes the general accounting and solvency framework, provides an overview of the accounting rules applicable to entities providing insurance and pensions, and presents recent changes to accounting and solvency rules and their potential effects on pension management, financing and provision.

On 1 October 2015, at the request of the Committee on Budgetary Control, the Policy Department for Budgetary Affairs organised a half-day workshop on EPSAS project (European Public Sector Accounting Standards) and its implications on the EU budget implementation in the Member States. Experts from the Commission, ECB, PwC, National Accounting Offices and Ministries presented their views on the state of play and challenges for national administrations related to EPSAS implementation. The aim of ...

IFRS 9 introduces new impairment rules responding to the G20 critique that IAS 39 results in the delayed and insufficient recognition of credit losses. In a case study of a Greek government bond for the period 2009 to 2011 when Greece’s credit rating declined sharply, this study highlights the discretion that preparers have when estimating impairments. IFRS 9 relies more on management expectations and will lead to earlier impairments. However, these appear still delayed and low if compared to the ...

IAS Regulation 1606/2002 introduces three criteria for the endorsement of an international accounting standard, a ‘true and fair view’ criterion, qualitative criteria, and a ‘European public good’ criterion. In this study, these criteria are described against the background of European accounting law and academic accounting research. Then, the paper evaluates whether the new IFRS 9 standard on accounting for financial instruments meets these criteria. We conclude that the standard cannot reasonably ...

This paper examines the interaction of the IFRS 9 expected credit loss model with supervisory rules and discusses potential implications for financial stability. IFRS 9 is more closely aligned with bank supervision, incorporates earlier and larger impairment allowances, and thus, is likely to mitigate the procyclical tendencies of the IAS 39 incurred loss approach. Combined with improved transparency, IFRS 9 might enhance financial stability. However, the potential benefits of the standard will crucially ...

This paper outlines the work of the FASB and the IASB on the development of expected-loss methods for measuring the impairment of financial instruments arising from credit losses, and describes and compares key features of the different approaches developed by the two standard setters. It also provides information indicative of the possible effect of differences between the two approaches and summarises arguments for and against the main elements of the approaches proposed by the two standard setters ...