Member States should be allowed the option to exempt micro entities from the accounting requirements, McCreevy proposed. “With the move to IFRS for listed companies, the Accounting Directives have become less relevant”, he said.
Member States should be allowed the option to exempt micro entities from the accounting requirements, Commissioner McCreevy proposed.
Based on the findings of the Stoiber group that found that there could be an immediate saving of €5.7billion, if micro entities were exempted from the accounting framework and no longer had to prepare annual accounts, the Commissioner said that “the time has now come to overhaul the Accounting Directives”.
The Accounting Directives already allow Member States to exempt certain types of companies from the requirements. “With the move to IFRS for listed companies, the Accounting Directives have become less relevant”, McCreevy said.
Press release
© European Commission
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article