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The Commission put forward a proposal which would allow Member States to completely abolish financial reporting obligations for the EU's smallest companies.
The purpose of the proposed amendment to the Fourth Council Directive is to allow Member States to relieve the EU's smallest companies from the requirements of this Directive. Rough estimates show that if Member States implement this exemption, the savings potential for micro entities could amount to as much as EUR 1200 per year on average.
Executive summary of the impact assessment