The Commission proposed four key revisions of the EU’s Accounting Directives to enhance confidence in financial reporting by companies. The proposals are part of the Corporate Governance Action Plan, published in May last year.
The proposals include that board members of limited companies shall be collectively responsible to the company for the financial and other key information that they publish. Disclosure requirements on transactions with all related parties - as already existing under IAS - shall be extended to unlisted companies. All companies should disclose all off-balance sheet arrangements in notes to the annual and consolidated accounts. Finally, all listed EU companies should provide a corporate governance statement in their annual report.
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