Press Release: Financial reporting: Commission gets rid of accounting requirements for micro enterprises in major burden reduction for the EU’s smallest companies

The European Commission has put forward a new proposal which would allow Member States to completely abolish financial reporting obligations for the EU's smallest companies. In a deteriorating economic climate, the new rules are designed to alleviate the regulatory burden on micro entities. The aggregate administrative burden reduction potential is estimated at around € 6.3 billion. The proposal, which was flagged in the European Economic Recovery Plan in November 2008, now passes to the European Parliament and the Council of Ministers for consideration.

• Primary Source

European Commission: MEMO/09/84: Financial Reporting: burden reduction for micro-entities - Frequently Asked Questions http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/09/84&format=HTML&aged=0&language=EN&guiLanguage=en

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