Richtlijn 2013/34 - Jaarlijkse financiële overzichten, geconsolideerde financiële overzichten en aanverwante verslagen van bepaalde ondernemingsvormen

SUMMARY OF:

Directive 2013/34/EU on the annual financial statements, consolidated financial statements and related reports of certain types of businesses

WHAT IS THE AIM OF THE DIRECTIVE?

It aims to:

• - 

  ensure the clarity and comparability of financial statements, other than international financial reporting standards (IFRS);
• - 

  limit administrative burdens and provide for simple and robust accounting rules, especially for small and medium-sized enterprises (SMEs);
• - 

  increase transparency of the payments made by the mining and logging industries to governments, and of the corporate taxes paid by very large multinational groups.

KEY POINTS

• - 

  The legislation applies to limited liability types of companies in the European Union (EU).
• - 

  The legislation defines and differentiates between micro-, small, medium-sized and large companies, based on:

  • - 

    their balance sheet;
  • - 

    their net turnover; and
  • - 

    the average number of employees during a financial year.

• - 

  For each category, it sets three limits, two of which must not be exceeded:

  • - 

    micro-undertakings: balance sheet (€350,000), net turnover (€700,000), employees (10);
  • - 

    small undertakings: balance sheet (€4 million), net turnover (€8 million), employees (50);
  • - 

    medium-sized undertakings: balance sheet (€20 million), net turnover (€40 million), employees (250);
  • - 

    large undertakings: balance sheet (€20 million), net turnover (€40 million), employees (250).

• - 

  Annual financial statements must:

  • - 

    contain, as a minimum, the balance sheet, the profit and loss account and the notes to the financial statements*;
  • - 

    give a true and fair view of the company’s assets, liabilities, financial position and profit or loss;
  • - 

    be published by each company in the relevant national business register.

• - 

  The directive sets out general financial reporting principles, such as consistent application of accounting policies and measurement bases from one year to the next.
• - 

  Detailed rules cover the presentation of the balance sheets, profit and loss accounts and the notes to the financial statements, as well as management reports, non-financial information, corporate governance and consolidated statements.
• - 

  The obligations may vary depending on a company’s size, and the directive allows for exemptions or simplifications in many areas for micro-undertakings and SMEs. It is up to each EU Member State to decide on the extent of these exemptions and simplifications.
• - 

  The financial statements of public interest entities and medium-sized and large undertakings must be audited by one or more statutory auditors.
• - 

  Large companies involved in mining minerals, oil, natural gas or other materials or involved in logging in primary forests* must publish details of payments over €100,000 in total that they have made to governments in any financial year.
• - 

  Amending Directive (EU) 2021/2101 inserts a new chapter (10a) in Directive 2013/34/EU concerning the disclosure of income tax information by multinational groups with annual consolidated revenue of more than €750 million:

  • - 

    the parent companies of such groups will be required to declare, in a specific report published on their website, their revenues, the profits they have made, the corporate income tax paid and the number of employees per Member State, and per non-EU country that does not cooperate with the EU on tax matters or that does not meet all standards and has committed to reform;
  • - 

    business registers will also provide public access to these reports;
  • - 

    non-EU country multinational groups doing business in the EU are required to report similarly.

• - 

  Directive 2013/34/EU repeals earlier accounting directives (78/660/EEC and 83/349/EEC) and amends Directive 2006/43/EC (see summary).

FROM WHEN DOES THE DIRECTIVE APPLY?

Directive 2013/34/EU has applied since 19 July 2013 and had to become law in the Member States by 20 July 2015.

Amending Directive (EU) 2021/2101 has to become law in the Member States by 22 June 2023.

BACKGROUND

• - 

  The directive is part of the European Commission’s better regulation programme. This emphasises the importance of quality legislation that ensures administrative burdens are proportionate to the benefits they bring.
• - 

  For further information, see:

  • - 

    Company reporting (European Commission).

KEY TERMS

Notes to the financial statements. Additional information to that contained in a company’s financial statements. This information is provided in the interests of clarity and may include, for example, accounting methodologies used for recording and reporting transactions and pension plan details.

Primary forests. Forests of native species, where there is no clearly visible indication of human activities and the ecological processes are not significantly disturbed.

MAIN DOCUMENT

Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, pp. 19–76).

Successive amendments to Directive 2013/34/EU have been incorporated in the original document. This consolidated version is of documentary value only.

RELATED DOCUMENTS

Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC (OJ L 157, 9.6.2006, pp. 87–107).

See consolidated version.

last update 28.02.2022

Deze samenvatting is overgenomen van EUR-Lex.