Financial Transparency Coalition

Green MEP Sven Giegold tabled a question to the European Commission in July asking about the EU’s position on the IASB’s revision to its constitution that has downgraded its obligation to anyone but those people who use accounts to make investment decisions. I discussed that issue here. Now the Commission has replied as follows:

Answer given by Mr Barnier on behalf of the Commission The Commission shares the view of the Honourable Member regarding the importance of properly taking into account the public interest in the IFRS standards setting.

PARIS – Greece’s ambitious programme to tackle its economic crisis can succeed in rebuilding growth, jobs and living standards if the reforms are fully implemented, according to a new OECD report.

Recently The European Commission published a report entitled “Transfer pricing and developing countries,” which is meant to assist these countries with addressing the problem. Transfer pricing is the single biggest source of illicit financial flows in the world costing developing countries hundreds of billions of dollars every year. While an assessment of the impact of transfer pricing in developing countries is sorely needed the report was narrowly focussed on the implementation and interpretation of the arms length principle. The arm’s length principle, promoted by the OECD that has proven to be very difficult to implement globally...

LONDON – Christian Aid today welcomed Prime Minister David Cameron’s backing for legislation that will force companies to reveal the taxes and fees paid to governments in every country where they operate. Speaking in Lagos, the Prime Minister said the EU should follow the example of the US, which has introduced a new law to force mining