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New Accounting Issues Working Group

EUF creates new Accounting Issues Working Group

Under the Chairmanship of Josep Sellés, EU Federation representative for the Spanish Factoring Association AEF and MD of Eurofactor Spain SA, a new EUF Accounting Working Group has been created to monitor and lobby in respect of EU accounting issues.

At the Executive Committee Meeting held on the 30th March 2011 in Brussels,
Josep Sellés outlined the outcome of a first meeting that members of the Group
had held with the FEE (Fédération des Experts-comptables Européens - Federation of European Accountants).

Our concerns regarding the differing international (and even intranational) approaches to recourse/ non-recourse factoring and their on/off balance sheet treatment were raised. The members were given a positive hearing and may next be invited to discuss the problem with the Banking Commission.

The Group will also address the differing approaches to the Late Payment Directive, for example in Spain (where a domestic law is being introduced) and in Poland (where the accountancy profession is independently applying debt categorization amendments in Supply Chain Finance agreements).

Working with Josep Sellés will be Cezary Kusyk (Poland), Paolo Lazzaretto (Italy) and Magdalena Wessel (Germany). Members’ representatives from France and UK will be nominated shortly.

Member’s concerns and comments regarding the above and other EU related accounting issues may be raised with their local member representative or by direct contact with Josep Sellés.

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