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The statements will have an explanation of events or transactions that have taken place and include a general description of the financial position. Companies publishing quarterly reports will not have to issue these statements. The compromise also included a request to the Commission to come forward with proposals on remuneration.
The Commission welcomed the adoption of the Directive and will establish a mechanism for assessing at EU level the equivalence between international accounting standards and third country accounting standards under the proposal.
The proposed Directive confirms the 'home country principle', prohibiting Member States to impose more stringent disclosure requirements on an issuer than those already imposed in its home Member State.
The Directive should finally be adopted in Council after a single reading in the European Parliament. It would have to be implemented in the Member States' national laws during 2006.
Adopted text provisional version
Commission Press release