New EU Accounting Directive - 03/07/2013
Directive 2013/34/EU of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings (including country by country reporting).
On 29 June 2013, the new transparency rules for the extractive industry and simplification of accounting requirements for EU companies, adopted by the Council of EU without discussion, was published in the Official Journal of the European Union.
The key changes that will be introduced in Luxembourg regulations within a maximum of two years are the following:
- Financial reporting obligations have been modernized and simplified with the objective to reduce costs in particular for SMEs.
- With the new rules on country by country reporting (CBCR), it will create a framework where listed companies and large non-listed companies with activities in the extractive industry and the logging of primary forests must disclose material payments made to governments, contributing to transparency and the fight against tax fraud and corruption.
Luxembourg will bring into force the laws, regulations and administrative provisions necessary to comply with this Directive by July 2015. However, Luxembourg may provide that the new rules are applicable to financial statements for financial years beginning on 1 January 2016 or during the calendar year 2016.
To access our flyer providing a summary of key changes under the new Directive, please click here.
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