European Commission releases responses to the Green Paper 'Building a Capital Markets Union'
11 Jun, 2015
In February 2015 the European Commission (EC) launched a public consultation as part of its project to boost growth in the EU with the creation of a single market for capital and break down the barriers that are blocking cross-border investments in the EU and preventing businesses from getting access to finance.
One of the questions (Question eight) had been whether there is value in developing a common EU level accounting standard for small and medium-sized entities (SMEs). From the responses made available, three options seem to emerge:
- an IFRS-based solution, perhaps with simplification in presentation and disclosure;
- using the IFRS for SMEs as a basis for an EU solution;
- not making any changes as member states already have the option to permit the use of IFRSs for their SMEs.
Generally, a freestanding EU solution found little support.
Please click to access all responses on the EC website (scroll to the right for responses to question eight). A summary of responses will be published at a later stage along with an action plan in September 2015.
