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EFAA publishes report on implementation of the EU Accounting Directive

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23 Jun 2016

The European Federation of Accountants and Auditors for SMEs (EFAA) has published a report on the implementation of the European Accounting 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. It was aimed at reducing unnecessary and disproportionate administrative costs on small companies by simplifying the preparation of financial statements and reducing the amount of information required by small companies in the notes to financial statements. The Directive contains a significant number of member state options so that implementation can differ between member states.

The EFAA report focuses on whether the 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 report The New Accounting Directive: A Harmonised European Accounting Framework? on the EFAA website.

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