This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

EU approves amended accounting directives

  • European Union (old) Image

08 May 2003

The European Union's Council of Ministers has approved the amended EU accounting directives (the 4th and 7th Company Law Directives), bringing them into law.

The directives had been approved by the European Parliament in January 2003. The revised directives complement the IAS Regulation, adopted in June 2002, that requires all listed EU companies to use IFRS from 2005 onwards and allows member states to extend that requirement to all companies. The amended directives allow member states that choose not to apply IFRS to unlisted companies to move towards similar, high quality financial reporting, and could therefore affect up to five million companies. Among the changes:
  • All inconsistencies of the old directives and IFRS have been removed.
  • Companies' ability to keep liabilities off the balance sheet by using special purpose vehicles is restricted.
  • Disclosures about risks and uncertainties are required in annual reports.
  • Audit reports are made more consistent across the EU.
Click for EC Announcement (PDF 71k). Go to our Comprehensive Europe Pages.

 

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.