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12/07/2013 PROFILE > Autorité judiciaire et administrative , Service comptable , Conseil en formalités , Expert-comptable , Commissaire aux comptes

New directive pertaining to annual and consolidated accounts

Accounting obligations will now depend on the size of a company. This principle is set forth under European Directive 2013/34/EU of 26 June 2013, which divides companies into five categories: micro-entities, small and medium sized enterprises and Public Interest Entities (EIP).
Micro-entities can draft short balance sheets and profit and loss accounts and are no longer under the obligation of using adjustment accounts for certain expenses. They may also be exempt from attaching annexes and a management report, under certain conditions. Large companies and EIPs will see their obligations of transparency bolstered.
One or more legal auditors are now required to audit accounts for medium, and large companies and EIPs. For small companies, however, a legal audit is not required, but Member States may eventually request this(overhaul of the 8th directive).
Members States have until 20 July 2015 to transpose this directive into national legislation. These rules shall be applicable for the first time to accounting documents for the financial year starting 1 January 2016 or during 2016.
Access European Directive 2013/34/EU.