Naslov
Impact of proposed amendments to the accounting directives on financial reporting of European Union countries
(Impact of proposed amendments to the accounting directives on financial reporting of european union countries)

Autori
Dečman, Nikolina ; Sever, Ivana

Vrsta, podvrsta i kategorija rada
Sažeci sa skupova, sažetak, znanstveni

Izvornik
Business: Accounting, Finance, Management & Marketing Abstracts Tenth Annual International Conference on Business: Accounting, Finance, Management & Marketing 2-5 July 2012, Athens, Greece / Papanikos, T., Gregory - Atena : Athens Institute for Education and Research (ATINER), 2012, 23-23

ISBN
978-960-9549-99-8

Skup
Tenth Annual International Conference on Business: Accounting, Finance, Management & Marketing 2-5 July 2012, Athens, Greece

Mjesto i datum
Atena, Grčka, 02.07.2012. - 05.07.2012

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Nije recenziran

Ključne riječi
EU Directives; harmonization; small and medium sized entities; SMEs; financial reporting

Sažetak
One of the main tasks of the adoption and publication of the accounting directives of EU from the very beginning has been the harmonization of financial reporting in the territory of the European Union. Nevertheless, twenty years after the first directive was published there have been noticed some disadvantages that significantly slow down the implementation process of accounting harmonization in the European Union especially in the segment of SMEs financial reporting. Today European Commission proposes to make changes to current EU rules for preparing companies' individual and partly consolidated financial statements with a view to improve the information disclosed. For limited liability companies there are two Directives that provide a complete set of rules for the preparation and content of statutory financial statements. The Fourth Company Law Directive (1978) refers to the annual financial statements of the business entity and the Seventh Company Law Directive (1983) which contains rules for preparation of consolidated financial statements. Commission proposes replacement of these two Directives by a single Directive that would be better adjusted to satisfy information requirements of both preparers and financial statement users. The mail goal of this paper is to explore in which Member States would the effect be the most significant, would small groups be exempted from preparation of consolidated financial statements, what are possible cost savings for exempting micro entities from having to draw up annual accounts and how are IFRS for SMEs linked to this proposal.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA