-The European Parliament adopted in first reading the report amending the Council Directives on annual and consolidated accounts of certain types of companies and insurance undertakings. The amendments will bring existing EU rules into line with current best practice and complement the International Accounting Standards (IAS) Regulation, adopted in June 2002.
The Parliaments rapporteur had some reservations about the consequences of opting for a shift to IAS standards and the absence in the past of opportunities for further harmonisation of the reporting rules applied in the EU.
Mrs Thyssen claimed for example that the Community legislature has not itself been in a position to devise a system of standards with adequate international authority, which could provide the necessary comparability on the internal market. It is also regrettable that the Commission was not able to obtain a better position for itself within the IAS structures.
She also claimed that the specific position of SMEs must be given sufficient attention. It is therefore a good thing that Member States have the option of exempting SMEs from the outset from certain additional reporting requirements.
adopted report
Commission press release
© European Parliament
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