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What is Public Interest Entity (PIE)

Chapter 9
Modern Regulations and Practices for Social and Environmental Accounting
The definition of PIE is stated in the Directives 2013/34/EU on accounting (the Accounting Directive) and 2014/56/EU on statutory audits (the Audit Directive). PIE are (i) entities governed by the law of an European Union Member State whose transferable securities are admitted to trading on a regulated market of any Member State; (ii) credit institutions; (iii) insurance undertakings, or (iv) entities designated by Member States as public-interest entities, for instance undertakings that are of significant public relevance because of the nature of their business, their size or the number of their employees; incidentally, application of this fourth criterion varies significantly across Member States. On 17 June 2016, new rules on statutory audit became applicable across the EU. The new rules and key measures laid down in the EU Audit Reform apply exclusively to PIE defined as stated above.
Published in Chapter:
Non-Financial Reporting: A Comparative Analysis With a Focus on the Combat Against Money Laundering – Evidence From Major European Banks
Catia Nunes (Nova School of Business and Economics, Portugal) and Leonor Fernandes Ferreira (Nova School of Business and Economics, Portugal)
Copyright: © 2022 |Pages: 28
DOI: 10.4018/978-1-7998-9410-0.ch009
Abstract
This chapter analyzes disclosures on anti-money laundering made by the largest banks in Germany, France, and the United Kingdom. Directive 2014/95/EU has transformed the way banks with more than 500 employees disclose non-financial information. The findings show that between 2013 and 2017 compliance has increased, while understandability has remained the same. Despite the fact that a common regulation is applied, this research highlights differences and similarities in disclosures of non-financial information among banks. It adds an overview of the non-financial reporting in the banking sector to the literature, which is not limited to a specific country.
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