European Parliament publishes new Accounting Directive

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01 Jul, 2013

The European Union has published the Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC in the Official Journal on 29 June 2013.

As reported earlier in our 13 June 2013 article, the Directive aims simplifying the accounting requirements for small companies and improves the clarity and comparability of companies' financial statements within the Union.

The Directive enters into force starting twenty days after it has been published in the Official Journal of the European Union. The EU Member States have to incorporate the rules of the Directive with their national law by 20 July 2015.

Full text of Directive 2013/34/EU is available on the European Commission website.

The revised Transparency Directive, which was also approved by the European Parliament on the same day as the new Accounting Directive, has not been published in the Official Journal yet. The text is however available in the "Texts adopted" section of the EC website.

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