Directive 2009/49 - Amendment of Council Directives 78/660/EEC and 83/349/EEC as regards certain disclosure requirements for medium-sized companies and the obligation to draw up consolidated accounts - Main contents
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official title
Directive 2009/49/EC of the European Parliament and of the Council of 18 June 2009 amending Council Directives 78/660/EEC and 83/349/EEC as regards certain disclosure requirements for medium-sized companies and the obligation to draw up consolidated accounts| Legal instrument | Directive |
|---|---|
| Number legal act | Directive 2009/49 |
| Original proposal | COM(2008)195  |
| CELEX number i | 32009L0049 |
| Document | 18-06-2009 |
|---|---|
| Publication in Official Journal | 26-06-2009; Special edition in Croatian: Chapter 17 Volume 002,OJ L 164, 26.6.2009 |
| Effect | 16-07-2009; Entry into force Date pub. + 20 See Art 4 |
| End of validity | 18-07-2013; Implicitly repealed by 32013L0034 |
| Transposition | 01-01-2011; At the latest See Art 3.1 |
26.6.2009 |
EN |
Official Journal of the European Union |
L 164/42 |
DIRECTIVE 2009/49/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 18 June 2009
amending Council Directives 78/660/EEC and 83/349/EEC as regards certain disclosure requirements for medium-sized companies and the obligation to draw up consolidated accounts
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty establishing the European Community, and in particular Article 44(1) thereof,
Having regard to the proposal from the Commission,
Having regard to the opinion of the European Economic and Social Committee (1),
Acting in accordance with the procedure laid down in Article 251 of the Treaty (2),
Whereas:
(1) |
In its Presidency conclusions, the European Council of 8 and 9 March 2007 underlined that reducing administrative burdens is important for boosting the European economy, especially in view of the benefits that this could bring for small and medium-sized companies. It stressed that a strong joint effort on the part of both the European Union and the Member States is necessary in order to reduce administrative burdens. |
(2) |
Accounting and auditing have been identified as areas in which the administrative burdens on companies within the Community can be reduced. |
(3) |
The Commission’s communication of 10 July 2007 on a simplified business environment for companies in the areas of company law, accounting and auditing identifies amendments that need to be made to Fourth Council Directive 78/660/EEC of 25 July 1978 on the annual accounts of certain types of companies (3) and Seventh Council Directive 83/349/EEC of 13 June 1983 on consolidated accounts (4). Special attention has been given to further relieving the reporting burden imposed on small and medium-sized companies. |
(4) |
In the past, a number of changes have been made in order to enable companies falling within the scope of Directives 78/660/EEC and 83/349/EEC to use accounting methods in accordance with international financial reporting standards (IFRS). Pursuant to Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards (5), companies the securities of which are admitted to trading on a regulated market of any Member State have to prepare their consolidated accounts in accordance with IFRS, and are consequently relieved from most of the requirements set out in Directives 78/660/EEC and 83/349/EEC. Those Directives, however, still form the basis for small and medium-sized companies’ accounting in the Community. |
(5) |
Small and medium-sized companies are often subject to the same rules as larger companies, but their specific accounting needs have rarely been assessed. In particular, the increasing number of disclosure requirements raises concerns for such companies. Extensive reporting rules create a financial burden and can hinder efficient use of capital for productive purposes. |
(6) |
The application of Regulation (EC) No 1606/2002 has also highlighted the need to clarify the relationship between the accounting standards required by Directive 83/349/EEC and IFRS. |
(7) |
Where formation expenses can be treated as an asset in the balance sheet, Article 34(2) of Directive 78/660/EEC requires that those expenses be explained in the notes to the accounts. Small companies can be exempted from that disclosure requirement in accordance with Article 44(2) of that Directive. In order to reduce unnecessary administrative burdens, it should also be possible to exempt medium-sized companies from that disclosure requirement. |
(8) |
Directive 83/349/EEC requires a parent undertaking to prepare consolidated accounts even if the only subsidiary... |
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