Implementing the European Union’s accounting directive is going to be challenging for Member States, which will be forced to consider scores of so-called Member State Options for inclusion or exclusion from their national accounting rules, according to accounting experts.
The EU accounting directive entered into force in July 2013, replacing the Fourth and the Seventh Directives on financial reporting, and Member States have one year left to implement it. The new accounting directive requires country by country reporting of payments to governments in order to boost transparency, contains a maximum harmonization regime for small undertakings, and incorporates the micro company regime, which was previously contained in a separate directive.
