Tag: accounting

The collapse of Enron in the US and European scandals such as those revolving around Dutch retailer Ahold and Italian agri-food giant Parmalat, all in 2003, forced the issues of corporate governance and financial reporting to the fore in the EU. The Commission therefore began to systematically address these issues through its company law and financial services policies.

International accounting standard IAS 39, which caused much controversy in financial circles earlier this year, is set to be adopted in an amended version. 

After Italy decided to remove certain tax advantages for sports clubs from the 'save football' law, the Commission has found that the legislation no longer amounts to state aid. 

European and US leaders have agreed that positive co-operation on capital markets is the way to boost the transatlantic financial services economy.

Internal Market Commissioner Charlie McCreevy is visiting the US to discuss EU company filings with the Securities and Exchange Commission (SEC) and international accounting standards.

The Commission has adopted an international financial reporting standard (IFRS-2) which will force companies to reflect stock option plans in their accounts.