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Improvements in the clarity and openness of company accounts for EU businesses
have been approved by the EU Council of Ministers.
The change amends the fourth and seventh 'accounting' company law directives,
and accounting directives for banks and insurers. It is designed, said a council
statement, to enhance confidence in the financial statements and annual reports
published by EU companies.
The reforms establish a collective responsibility for board members to reliably
and honestly draft and publish accounts, and demand more information be
published on large and unusual transactions with related parties - for except
small unlisted companies.
The changes also accepted parliamentary amendments increasing the number of
small and medium-sized businesses allowed to file simplified returns under the
fourth company law directive.
The threshold regarding smaller companies' balance sheet total and net turnover,
has been raised by 20%.
Source:
Credit
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