Samenvatting bijeenkomst werkgroep over wetgeving in bedrijven (en)

The first meeting of the Working Group for company law to discuss company-reporting issues was held on 6^th December.

Under the leadership of the Polish Presidency, the first meeting of the EU Council Working Group for company law was held. The group discussed a draft Directive of the European Parliament and of the Council on the annual financial statements, consolidated financial statements and related reports of certain types of companies.

Discussion on the draft was preceded by the EU Commission’s presentation of its primary principles. Subsequently, the Presidency presented its work schedule and method of proceeding on the draft.

In particular, the proposals presented by the Commission are intended to:

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  harmonise at the EU level the definition of small, medium-sized and large companies as well as of small and medium-sized capital groups by requiring of Member States maximum adherence to thresholds defining the above-mentioned entities and groups;
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  create a fully harmonised regime for the preparation of small entities’ financial statements and the scope of information they must report by banning the imposition by Member States of any such additional reporting requirements in that area;
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  increase the extent of harmonisation of regulations on financial reporting for medium-sized and large companies through the elimination of some of the hitherto options available to Member States; that should improve the comparability of financial statements prepared by the said entities;
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  fully harmonise the exemption of small groups from the obligation of drawing up consolidated financial statements (except in cases where a group includes a public trust entity);
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  increase transparency on payments made to governments (EU countries and third countries) by large companies active in the extractive industry and primary forest exploitation by imposing on the said entities the requirement to prepare separate reports on such payments;

This proposal is to replace the currently binding Fourth and Seventh Directives of company law.

As regards the principles involved, Member States expressed their preliminary support for the Commission proposals, whilst emphasising that a further discussion on the following issues was required:

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  maximum harmonisation of thresholds determining individual categories of entities;
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  exempting small entities from the requirement to audit financial statements;
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  a total ban on Member States’ imposing additional reporting requirements on small entities;
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  the scope of obligatory general accounting rules.

The next group session is due to take place on 13^th December 2011.

data publikacji: 07-12-2011