EC consults on revisions to Accounting Directives

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01 Mar 2009

The European Commission has invited comments on simplification of the 4th and 7th Company Law Directives for small and medium-sized entities (SMEs), Concurrently the Commission has proposed giving Member States an option to exempt micro-sized SMEs from the 4th Directive altogether.

The current consultation aims at raising issues relating to the modernisation and simplification of the Accounting Directives. The kinds of issues on which comments are requested include:

  • Structure of the Directives
  • General principles of accounting recognition and measurement
  • Size criteria for micros, small, medium, and large entities
  • Which financial statements should be required for each category
  • Electronic filing
  • Financial statement formats
  • Footnotes
  • Valuation (measurement) issues
  • Consolidation requirements

Comments are requested by 30 April 2009. The Commission expects to complete its analysis of the comments and to present proposed revisions to the Directives to the European Parliament by the end of 2009.

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