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29 June 2009

EC acts to ensure that MS implement auditing and accounting rules

The EC refers Austria, Ireland, Italy and Spain to the ECJ over non-implementation into national law on the Statutory Audit Directive. 

The Commission has also decided to send formal requests to Belgium, Ireland, Greece, Luxembourg, Poland and Portugal as they have failed to fully implement into their national laws the latest Directive in the field of accounting within the prescribed deadline. These formal requests take the form of "reasoned opinions". If there is no satisfactory reply within two months, the Commission may refer the matter to the European Court of Justice.

Once the directive is implemented, non-listed European companies will also have to provide more information to the investors and other citizens about risks they are facing. At the same time, the Directive takes into account the interest of small and medium-sized companies by allowing their exemption from certain reporting requirements, thus eventually reducing their administrative burdens.

© European Commission

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