EU Accounting Directive: financial reporting
Read the full outcome
Detail of outcome
The government response explains how we will implement the reduced disclosure requirements in the EU Accounting Directive. You can view the .
Feedback received
Detail of feedback received
We received 33 responses, from high profile audit and accountancy companies, as well as private individuals. We have given careful consideration to the responses. The majority were detailed and well informed, covering all the issues in the consultation. They have informed our consideration of the options on the production and presentation of accounts in Chapters 1 to 9 of the Accounting Directive. We expect to publish the government response by January 2015. We are working towards converting the directive into UK law by the European Commission鈥檚 deadline of 20 July 2015.
Original consultation
Consultation description
The consolidates existing legislation on financial reporting. It also aims to reduce government regulatory control on smaller companies.
We want industry views on how we should implement the propopals in chapters 1 to 9 of the Directive. This is about reducing the amount of information member states can ask smaller companies to place in their annual statutory accounts. The changes must take effect by March 2015.
BIS has also consulted separately on Chapter 10 of Directive 2013/34/EU on new reporting requirements for large companies in the extractive industries.
Documents
Updates to this page
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Added link to final legislation
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Final stage impact assessment published.
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The government response has been published (See attachment BIS/15/36/).
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Price Waterhouse Cooper response added to F to Z folder of responses in 'Public feedback' section.
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Public feedback published.
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The options table was updated on 3 September 2014 to provide further detail, including the latest position on each option.
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Impact assessment added.
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First published.