The reduction of reporting requirements on small and micro businesses came a step closer yesterday when the European Parliament voted through comprehensive changes to the EU accounting framework.
This is one of the final hurdles in the legislative process to replace and modernise the 4th and 7th accounting directives with a new directive - a project the European Commission started work on back in 2007.
The new directive incorporates the decision to give each member state the ability to introduce significantly simplified reporting requirements for micro businesses, as adopted into EU legislation last year.
Nigel Sleigh-Johnson from the ICAEW said...
About Robert Lovell
Business and finance journalist