Directive 2012/6 - Amendment of Council Directive 78/660/EEC on the annual accounts of certain types of companies as regards micro-entities
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Contents
official title
Directive 2012/6/EU of the European Parliament and of the Council of 14 March 2012 amending Council Directive 78/660/EEC on the annual accounts of certain types of companies as regards micro-entities Text with EEA relevanceLegal instrument | Directive |
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Number legal act | Directive 2012/6 |
Original proposal | COM(2009)83 ![]() |
CELEX number63 | 32012L0006 |
Document | 14-03-2012 |
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Publication in Official Journal | 21-03-2012; OJ L 81, 21.3.2012,Special edition in Croatian: Chapter 17 Volume 002 |
Effect | 10-04-2012; Entry into force Date pub. +20 See Art 4 |
End of validity | 18-07-2013; Repealed by 32013L0034 |
Transposition | 01-01-1001; See Art 2 |
21.3.2012 |
EN |
Official Journal of the European Union |
L 81/3 |
DIRECTIVE 2012/6/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 14 March 2012
amending Council Directive 78/660/EEC on the annual accounts of certain types of companies as regards micro-entities
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 50(1) thereof,
Having regard to the proposal from the European Commission,
Having regard to the opinion of the European Economic and Social Committee (1),
Acting in accordance with the ordinary legislative procedure (2),
Whereas:
(1) |
The European Council of 8 and 9 March 2007 underlined in its conclusions that reducing administrative burdens is important for boosting Europe's economy and that a strong joint effort to reduce administrative burdens within the European Union is necessary. |
(2) |
Accounting has been identified as one of the key areas in which administrative burdens for companies within the Union may be reduced. |
(3) |
Commission Recommendation 2003/361/EC (3) defines micro, small and medium-sized enterprises. However, consultations with Member States have indicated that the size criteria for micro-enterprises in that Recommendation may be too high for accounting purposes. Therefore, a sub-group of micro-enterprises, so-called "micro-entities", should be introduced to cover companies with lower size criteria for balance sheet total and net turnover than those laid down for micro-enterprises. |
(4) |
Micro-entities are in most cases engaged in business at local or regional level with no or limited cross-border activity. In addition, they play an important role in creating new jobs, fostering research and development and creating new economic activities. |
(5) |
Micro-entities have limited resources with which to comply with demanding regulatory requirements. However, they are often subject to the same financial reporting rules as larger companies. Those rules place on them a burden which is not in proportion to their size and is therefore disproportionate for the smallest enterprises as compared to larger ones. Therefore, it should be possible to exempt micro-entities from certain obligations that may impose on them an unnecessarily onerous administrative burden. However, micro-entities should still be subject to any national obligation to keep records showing their business transactions and financial position. |
(6) |
Given that the numbers of companies to which the size criteria set in this Directive will apply will vary greatly from one Member State to another, and given that the activities of micro-entities have no bearing, or only a limited bearing, on cross-border trade or the functioning of the internal market, Member States should take into account the differing impact of those criteria when implementing this Directive at national level. |
(7) |
Member States should take into account the specific conditions and needs of their own markets when making decisions about how or whether to implement a micro-entity regime within the context of Council Directive 78/660/EEC (4). |
(8) |
Micro-entities must take account of income and charges relating to the financial year, irrespective of the date of receipt or payment of such income or charges. However, the calculation of prepayments and accrued income and accruals and deferred income can be burdensome for micro-entities. Consequently, Member States should be permitted to exempt micro-entities from calculating and presenting such items, only to the extent that such exemption relates to charges other than the cost of raw materials and consumables, value adjustments, staff costs and tax. In this way, the administrative burden involved in calculating... |
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- 1.OJ L 222, 14.8.1978, p. 11.
- 2.Presidency Conclusions of the Brussels European Council - doc. 7224/07, point 24.
- 3.Presidency Conclusions of the Brussels European Council
- 4.Communication from the Commission to the European Council, A European Economic Recovery Plan - COM(2008) 800, 26.11.2008, point 4, Available on the Commission website: ec.europa.eu/commission_barroso/president/pdf
- 5.Report on International Financial Reporting Standards (IFRS) and the Governance of the International Accounting Standards Board (IASB) (2006/2248(INI)), EP, Committee on Economic and Monetary Affairs, Rapporteur: Alexander Radwan, A6-0032/2008, 5.2.2008, p. 10.
- 6.European Parliament's resolution of 18 December 2008 on accounting requirements as regards small and medium-sized companies, particularly micro-entities, P6_TA(2008)0635.
- 7.Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards (OJ L 243, 11.9.2002, p. 1).
- 8.A separate directive lays down the requirements for the audit of the annual accounts (Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts - OJ L 157, 9.6.2006, p. 87).
- 9.OJ L 124, 20.5.2003, p. 36.
- 10.This new entity group originates in the Commission Communication of July 2007 (Communication from the Commission on a simplified business environment for companies in the areas of company law, accounting and auditing - COM(2007) 394, 10.7.2007. Available on the Commission website: ec.europa.eu/internal_market/company)
- 11.The 7th Company Law Directive does not need to be amended, as already the present text of this Directive gives the Member States an option to exclude from the obligation to draw up consolidated financial statements companies to be consolidated which together do not exceed the limits of medium-sized company as defined in the 4th Company Law Directive (Art. 6(1) of the 7th Company Law Directive).
- 12.Including the study conducted by Ramboll Management, commissioned by the Commission: Study on Administrative Costs of the EU Company Law Acquis, July 2007, available on the Commission website: ec.europa.eu/internal_market/company/docs
- 13.Communication from the Commission on a simplified business environment for companies in the areas of company law, accounting and auditing - COM(2007) 394, 10.7.2007. Available on the Commission website: ec.europa.eu/internal_market/company
- 14.For details on the High Level Group of Independent Stakeholders see the Commission website: ec.europa.eu/enterprise/regulation
- 15.
- 16.The Impact Assessment describes several policy options which the Commission Services reflected upon: Option 0 consists in making no changes to the 4th Company Law Directive, Option 1 in encouraging Member States to a full use of the currently in the 4th Company Law Directive existing options, Option 2 foresees an obligatory exemption of micro-entities from the scope of the 4th Company Law Directive, Option 3 establishes a Member State option to exempt micro entities from the scope of the 4th Company Law Directive, Option 4 would constitute a simplified mandatory accounting regime for micro-entities and Option 5 provides for amendments to the 4th Company Law Directive without introducing the new category of micro-entities. Following the comparison of all the above-mentioned options, the Impact Assessment comes to the conclusion that establishing an option for Member States to exempt micro-entities from the scope of the 4th Company Law Directive (Option 3 above) provides the biggest burden reduction and can be also implemented within the shortest timeframe and is therefore the most appropriate alternative in order to significantly reduce the administrative burden of the small businesses and align the reporting requirements with the needs of the users and preparers.
- 17.OJ L 222, 14.8.1978, p. 11.
- 18.OJ C 325, 24.12.2002, p. 35.
- 19.Member States can put in place more extensive requirements nationally. The Directives already contain numerous options for SMEs, but many of those have not been taken up by Member States.
- 20.COM(2005) 97, 16.3.2005.
- 21.COM(2005) 535, 25.10.2005.
- 22.COM(2009) 17, 28.1.2009.
- 23.and is also referenced in the Commission Agenda Planning as 2009/MARKT/051.
- 24.balance sheet total 500 000 EUR, net turnover 1 000 000 and/or average number of employees during the financial year of 10 persons.
- 25.OJ L 222, 14.8.1978, p. 11.
- 26.OJ C
- 27.OJ C
- 28.COM(2007) 394.
- 29.OJ L 222, 14.8.1978, p. 11.
- 30.OJ L 124, 20.5.2003, p. 36.
- 31.OJ C
- 32.OJ L 222, 14.8.1978, p. 11.
- 33.Presidency Conclusions of the Brussels European Council - doc. 7224/07, point 24.
- 34.Presidency Conclusions of the Brussels European Council
- 35.Communication from the Commission to the European Council, A European Economic Recovery Plan - COM(2008) 800, 26.11.2008, point 4, Available on the Commission website: ec.europa.eu/commission_barroso/president/pdf
- 36.Report on International Financial Reporting Standards (IFRS) and the Governance of the International Accounting Standards Board (IASB) (2006/2248(INI)), EP, Committee on Economic and Monetary Affairs, Rapporteur: Alexander Radwan, A6-0032/2008, 5.2.2008, p. 10.
- 37.European Parliament's resolution of 18 December 2008 on accounting requirements as regards small and medium-sized companies, particularly micro-entities, P6_TA(2008)0635.
- 38.Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards (OJ L 243, 11.9.2002, p.
1).
- 39.A separate directive lays down the requirements for the audit of the annual accounts (Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts - OJ L 157, 9.6.2006, p. 87).
- 40.OJ L 124, 20.5.2003, p. 36.
- 41.This new entity group originates in the Commission Communication of July 2007 (Communication from the Commission on a simplified business environment for companies in the areas of company law, accounting and auditing - COM(2007) 394, 10.7.2007. Available on the Commission website: ec.europa.eu/internal_market/company)
- 42.The 7th Company Law Directive does not need to be amended, as already the present text of this Directive gives the Member States an option to exclude from the obligation to draw up consolidated financial statements companies to be consolidated which together do not exceed the limits of medium-sized company as defined in the 4th Company Law Directive (Art. 6(1) of the 7th Company Law Directive).
- 43.Including the study conducted by Ramboll Management, commissioned by the Commission: Study on Administrative Costs of the EU Company Law Acquis, July 2007, available on the Commission website: ec.europa.eu/internal_market/company/docs
- 44.Communication from the Commission on a simplified business environment for companies in the areas of company law, accounting and auditing - COM(2007) 394, 10.7.2007. Available on the Commission website: ec.europa.eu/internal_market/company
- 45.For details on the High Level Group of Independent Stakeholders see the Commission website: ec.europa.eu/enterprise/regulation
- 46.
- 47.The Impact Assessment describes several policy options which the Commission Services reflected upon: Option 0 consists in making no changes to the 4th Company Law Directive, Option 1 in encouraging Member States to a full use of the currently in the 4th Company Law Directive existing options, Option 2 foresees an obligatory exemption of micro-entities from the scope of the 4th Company Law Directive, Option 3 establishes a Member State option to exempt micro entities from the scope of the 4th Company Law Directive, Option 4 would constitute a simplified mandatory accounting regime for micro-entities and Option 5 provides for amendments to the 4th Company Law Directive without introducing the new category of micro-entities. Following the comparison of all the above-mentioned options, the Impact Assessment comes to the conclusion that establishing an option for Member States to exempt micro-entities from the scope of the 4th Company Law Directive (Option 3 above) provides the biggest burden reduction and can be also implemented within the shortest timeframe and is therefore the most appropriate alternative in order to significantly reduce the administrative burden of the small businesses and align the reporting requirements with the needs of the users and preparers.
- 48.OJ L 222, 14.8.1978, p. 11.
- 49.OJ C 325, 24.12.2002, p. 35.
- 50.Member States can put in place more extensive requirements nationally. The Directives already contain numerous options for SMEs, but many of those have not been taken up by Member States.
- 51.COM(2005) 97, 16.3.2005.
- 52.COM(2005) 535, 25.10.2005.
- 53.COM(2009) 17, 28.1.2009.
- 54.and is also referenced in the Commission Agenda Planning as 2009/MARKT/051.
- 55.balance sheet total 500 000 EUR, net turnover 1 000 000 and/or average number of employees during the financial year of 10 persons.
- 56.OJ L 222, 14.8.1978, p. 11.
- 57.OJ C
- 58.OJ C
- 59.COM(2007) 394.
- 60.OJ L 222, 14.8.1978, p. 11.
- 61.OJ L 124, 20.5.2003, p. 36.
- 62.OJ C
- 63.Deze databank van de Europese Unie biedt de mogelijkheid de actuele werkzaamheden (workflow) van de Europese instellingen (Europees Parlement, Raad, ESC, Comité van de Regio's, Europese Centrale Bank, Hof van Justitie enz.) te volgen. EURlex volgt alle voorstellen (zoals wetgevende en begrotingsdossiers) en mededelingen van de Commissie, vanaf het moment dat ze aan de Raad of het Europees Parlement worden voorgelegd.
- 64.EUR-lex provides an overview of the proposal, amendments, citations and legality.