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EFAA publishes report on implementation of the EU Accounting Directive

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22 Jun 2016

The European Federation of Accountants and Auditors for SMEs (EFAA) has published a report on the implementation of European Accounting Directive 2013/34/EU (the Directive).

The Directive entered into force on 20 July 2013 and was required to be implemented into the law of EU member states by 20 July 2015. The EFAA report focuses on whether this implementation has resulted in the creation of a harmonised European accounting framework. It reflects the results of an EFAA survey of its members in eight EU member states.

The report identifies some areas in which the countries surveyed have implemented the Directive in a similar way, in particular through the creation of a reduced disclosure regime for micro-entities. However the main findings of the report point to the notable differences between member states’ implementation of the Directive. The report also highlights the lessened transparency of financial information about SMEs that is now available to the public as a result of reduced disclosure following implementation of the Directive.

Please click here to access the full EFAA report - The New Accounting Directive: A Harmonised European Accounting Framework? 

Please click here to access Deloitte's Closer Look publication on the UK implementation of the EU Accounting Directive.

 

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