Full text of the final compromise on the Accounting Directive available
22 Apr, 2013
On 9 April 2013, the European Council, Parliament and Commission informally agreed on the finalisation of a new Accounting Directive that aims at reducing the administrative burden of accounting and at enhanced transparency in the extractive industry. The full text of the final compromise on the Accounting Directive has now been made available.
The text agreed on at the beginning of April and made available now has been submitted to the Committee of Permanent Representatives (Comité des représentants permanents, COREPER) which has to agree to it.
The proposal aims at reducing the administrative burden on small companies in particular, increasing the clarity and comparability of financial statements and enhancing the transparency of payments to governments by the extractive industry and loggers of primary forest. Mandatory country-by-country is in fact one of the major changes introduced into the new Accounting Directive.
Subject to no further changes and legal-linguistic verification of all the language versions by Legal-linguists of European Parliament and European Council, the new Directive could be published in the Official Journal in June or July 2013. Member States will then be given two years to implement the Directive in national law.
The full text of the agreed compromise is available through the public register of Council documents.
