A virtual seminar was in Vienna (Austria). The seminar was organized by the World Bank. “De Visu” Group representatives joined the event.
EU directives concerning the requirements for corporate financial reporting were discussed during the seminar. In particular, there were considered the directives on the bank accounts (86/635/ЕЕС), on the insurance accounts (91/674/ЕЕС) and on the transparency (2004/109/EC).
Erik Van Der Plaats, a senior policy expert on banking at the Directorate General for Financial Stability, Financial Services and Capital Markets Union of the European Commission, paid attention in his report to the important aspects of corporate financial reporting, which were regulated by the Directive 86/635/ЕЕС in a part of annual and consolidated reporting of banks and other financial institutions. The expert noted that the document established special formats of a balance sheet and a profit and loss statement layouts. The Directive determines what items should be included under each statement heading, which requirements to be established for the disclosure of some additional information in the notes to the accounts etc.
Claude Bocqueraz, a policy officer on insurance at the Directorate General for Financial Stability, Financial Services and Capital Markets Union of the European Commission, spoke in his speech about current issues of annual and consolidated reporting of insurance companies. These issues are regulated by the Directive 91/674/EEC, applicable to companies that carry out life insurance, other types of insurance as well as reinsurance business. Financial reporting of insurance companies includes a balance sheet report, a profit and loss account, and notes. The Directive provides for statutory preparation of reporting in accordance with its detailed provisions and by reference to the accounting directives. The document requires providing a true and fair view of the financial position and performance of insurance undertakings through the individual and consolidated accounts.
Tamas Szabo, a policy officer, accounting and financial reporting of the Directorate General for Financial Stability, Financial Services and Capital Markets Union of the European Commission, presented in his report the peculiarities of the application of Directive 2004/109/EC on the harmonization of requirements of information transparency about issuers, securities of which to be admitted to trading on a regulated market. This document applies to European issuers but also to issuers incorporated in third countries. Transparency Directive applies to annual and interim financial reporting.
The event participants were satisfied with its quality and wished to participate in the next seminars.
“The events held by the World Bank are always interesting and useful. This seminar is not an exception. We got a lot of practical information needed for the effective work. It was good that its format provided the opportunity to ask clarifying questions. We look forward to participating in new events”, - Oleksandr Boiko, “De Visu” Group President, shares his impressions.
