Consultation outcome

EU Accounting Directive: financial reporting

This consultation has concluded

Download the full outcome

UK implementation of chapters 1 to 9 of the EU accounting directive: government response to the consultation

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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.

Feedback received

EU Accounting Directive: financial reporting - consultation responses, A to E

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EU Accounting Directive: financial reporting - consultation responses, F to Z

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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.

Original consultation

Summary

We’re asking for views on how to implement the reduced disclosure requirements in the EU Accounting Directive.

This consultation ran from
to

Consultation description

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.

Documents

UK Implementation of the EU Accounting Directive: Chapters 1 to 9 - financial statements and general requirements for audit, options table

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UK Implementation of the EU Accounting Directive: Chapters 1 to 9 - financial statements and general requirements for audit, impact assessment

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Published 29 August 2014
Last updated 17 September 2015 + show all updates
  1. Added link to final legislation
  2. Final stage impact assessment published.
  3. The government response has been published (See attachment BIS/15/36/).
  4. Price Waterhouse Cooper response added to F to Z folder of responses in 'Public feedback' section.
  5. Public feedback published.
  6. The options table was updated on 3 September 2014 to provide further detail, including the latest position on each option.
  7. Impact assessment added.
  8. First published.