Main results of the Competitiveness Council: Review of accounting requirements for companies
10 December 2012
The Council took note of the progress made on the review and simplification of the accounting rules applicable to EU companies.
The key objectives of the review are:
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the reduction of administrative burden and the application of simplified accounting rules for SMEs;
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to increase the clarity and comparability of financial statements; and
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to enhance transparency on payments made to governments by the extractive industry and loggers of primary forest.
In order to promote governments' accountability, transparency and good governance, the proposal (16250/11) introduces new reporting requirements for large undertakings and all public interest entities active in the extractive industry or in the logging of primary forests. It is proposed that these companies shall disclose the payments they make to governments in countries where they operate.
Full results
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