EC exempts more SMEs from financial reporting rules

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14 May 2003

The European Union has amended its accounting directives to allow member states to exempt more small and medium-sized enterprises from certain financial reporting and disclosure requirements usually imposed on limited liability companies.

For instance, member states may allow them to publish only an abridged balance sheet and income statement and abridged notes. Click for EC Announcement (PDF 70k) or Full Text of Directive (PDF 49k).

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