Federico Diomeda, Chief Executive Officer The European Federation of Accountants and Auditors for small and medium-sized enterprises Financial reporting in Europe for non listed companies – An ongoing challenge Federico Diomeda, Chief Executive Officer Slovenian Chamber of Accounting Services Assembly 13 October 2010

Background and evolution The origin: 4th and 7th Directives IAS for listed companies: reg. 1606/2002 IFRS for SMEs : 2009 Overhaul of the 4th and 7th Dir Simplification: what’s that? Slovenian Chamber of Accounting Services Assembly 13 October 2010

EFAA and the key players EFAA and EFRAG: the SME WG EFAA and IASB: active interaction EFAA and the Commission: comments and contacts EFAA positions: comment letter on IFRS for SMEs and on the reform of the accounting Directives EFAA actions: the comparison between IFRS for SMEs and main national GAAPs Slovenian Chamber of Accounting Services Assembly 13 October 2010

Where are we going in Europe Exemption for Micro entities: good or bad? Small businesses: a new way forward from the Commission, but… Harmonisation in Europe: how to get it at this point in stage EFAA policy paper to help proper developments Slovenian Chamber of Accounting Services Assembly 13 October 2010

THANK YOU Questions welcome Slovenian Chamber of Accounting Services Assembly 13 October 2010