Yesterday, the Commission presented a proposal for a regulation
on a statute for a European Foundation
The Commission's objective behind this proposed statute is
to achieve a European harmonized regime for charitable foundations
operating cross-border in order to facilitate charitable
foundation`s establishment and operation throughout the EU.
For these aims, the proposal provides a new, additional and
voluntary legal instrument to allow any natural or legal persons
establishing a FE under the same legal conditions across the
The statute focuses exclusively on taxexempt foundations. At the
time of registration in one Member state, the FE must prove public
benefit purposes, a crossborder component of operation and a share
capital of at least 25,000 EUR. Upon registration the EF shall
receive legal personality and full legal capacity in all Member
FEs shall benefit from the same preferential tax treatments
which the Member States grant to domestic public benefit purpose
The Commission`s proposal will be shared with the European
Parliament and the Counsel of Ministers for consideration and
The institutions and instruments necessitated by a liberal economy, paralleled with Turkey’s economic growth and development, positive approach to globalization and the process of harmonization with the European Union’s political and economic approaches in line with the prospects for eventual membership therein, have given a boost to the national Turkish economy, opening Turkey’s economic doors to international trade.
The Regulation on the Working Procedure and Principles of Internal Auditors which entered into force by being published in the Official Gazette dated 12.07.2006 and numbered 26226 was amended by the Regulation Amending the Regulation on the Working Procedure and Principles of Internal Auditors published in the Official Gazette dated 07.02.2013 and numbered 28552.
It is true that accountants are well ahead of most other professions when it comes to risk management and certainly, the "big four" have had in place risk management processes and dedicated resources far earlier than solicitors.
On 6 September 2012 the Government published its response to the Department for Business Innovation and Skills’ consultation paper "Audit exemptions and change of accounting framework" which detailed the Government’s decision to reform the rules on accounts and audit for companies and LLPs.
From 1 October 2012, subsidiary companies will no longer need to have their annual accounts audited provided that, among other things, their parent company agrees to guarantee all liabilities of the subsidiary that are outstanding at the end of that financial year.
Recent revisions to IAS 19 may have a significant effect on the financial statements of IFRS preparers with defined benefit (DB) pension schemes.
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