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The purpose of the fitness check exercise will be to assess whether the public reporting obligations including financial and non-financial reporting requirements for EU companies are meeting their objectives (effectiveness, relevance and EU added value). It will cover various reporting requirements including the Accounting Directive including the Non-Financial Reporting Directive, the Regulation on International Accounting Standards (IAS Regulation), the Transparency Directive (TD), the Banks Accounts Directive, and the Insurance Accounts Directive.
The EC aims to assess whether the EU financial reporting framework is still fit for purpose. Aspects in this context are cross border businesses in a more integrated Single Market and well-functioning capital markets, the emergence of new business models, the increasing importance of intangibles in the digital economy, and the role of IFRSs and their interaction with the broader EU accounting framework. The EC also notes the increased demand for public reporting on a broader range of topics as for example reporting on sustainability issues and long term value creation. Interaction and integration of the different sets of public reporting by companies (financial, non-financial and other reports) will also be looked at. And finally, the EC will look at digitalisation and its long-term challenges and opportunities.
Feedback period: 8 February 2018 - 8 March 2018