Aims to reduce the administrative burden on smaller companies and increase the clarity and comparability of all financial statements
The European Commission published on 25 October 2011 the draft text of a proposed directive (the Proposed Directive) to:
- Introduce a specific regime for small companies that will “considerably reduce” work that needs to be done by small companies when they prepare their accounts; and
- Improve the comparability and clarity of financial statements prepared by medium-sized and large companies.
The Proposed Directive would also repeal and replace the Fourth and Seventh Company Law Directives of 1978 and 1983 respectively, usually referred to as the “Accounting Directives”.
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