Brussels, 17/04/2013 (Agence Europe) - On Wednesday 17 April, the representatives of the member states to the EU (COREPER) approved the agreement on the revision of the accounting directives reached by the Irish Presidency of the EU Council and the representatives of the European Parliament last week (see EUROPE 10824).
The transparency plank of the legislative revision provides for large businesses and entities of public interest active in the mining industry or the management of primary forests to declare sums paid to the governments of the countries in which they carry out their activities, if the total amount of the money paid is above €100,000 a year. This provision, which comes close to rules already in force in the United States, aims to promote the fight against corruption in countries in which the companies in question are active. The simplification plank provides for lesser requirements upon micro-enterprises. The member states now have two years to transpose the new rules into their national legislations. (MB/transl.fl)