Brussels, 21/06/2012 (Agence Europe) - The Danish Presidency of the Council of the EU announced on Thursday 21 June that agreement in principle has been reached on changes to the accounting rules applying to European companies. The new directive was first unveiled in October 2011 and will replace the fourth and seventh accounting directives. A key part of the Single Market Act, the changes aim to simplify requirements for small business, boosting transparency about payments and harmonising EU accounting rules. The broad agreement means that informal talks can now begin with the European Parliament to get the directive adopted.
Transparency for non-EU payments. The European Commission suggests introducing a country-by-country IT system for big private or public oil, gas, mining and forestry companies, which will be required to provide information about taxes, income and monies paid to the governments of countries where they do business in which the total of such payments is more than €500,000. Contrary to what the Commission suggested, payments will not have to be broken down by project in the country in question. The idea is to encourage socially responsible behaviour in European companies and to fight against bribery in third countries where corruption is rife. (EL/MB/transl.fl)