Download the full outcome
Detail of outcome
The government response explains how we will implement the reduced disclosure requirements in the EU Accounting Directive. You can view the final legislation.
Detail of feedback received
We received 33 responses, from high profile audit and accountancy companies, as well as private individuals. We have given careful consideration to the responses. The majority were detailed and well informed, covering all the issues in the consultation. They have informed our consideration of the options on the production and presentation of accounts in Chapters 1 to 9 of the Accounting Directive. We expect to publish the government response by January 2015. We are working towards converting the directive into UK law by the European Commission’s deadline of 20 July 2015.
The EU Accounting Directive 2013/34/EU consolidates existing legislation on financial reporting. It also aims to reduce government regulatory control on smaller companies.
We want industry views on how we should implement the propopals in chapters 1 to 9 of the Directive. This is about reducing the amount of information member states can ask smaller companies to place in their annual statutory accounts. The changes must take effect by March 2015.
BIS has also consulted separately on Chapter 10 of Directive 2013/34/EU on new reporting requirements for large companies in the extractive industries.