Accounting Directive will boost SMEs by reducing admin burden

The European Council, Parliament and Commission have agreed on the finalization of a new Accounting Directive that aims at reducing the administrative burden of accounting industry.

The European Council, Parliament and Commission have agreed on the finalization of a new Accounting Directive that aims at reducing the administrative burden of accounting industry. The full text of the final compromise on the Accounting Directive has now been made available.

The text agreed on at the beginning of April and made available now has been submitted to the Committee of Permanent Representatives (COREPER) which has to agree to it.

The proposal aims at reducing the administrative burden on small companies in particular, by increasing the clarity and comparability of financial statements.
Subject to no further changes, the new Directive could be published in the Official Journal in June or July 2013. Member States will then be given two years to implement the Directive in national law.