Brussels, 29/05/2013 (Agence Europe) - On Wednesday 29 May, the Competitiveness Council adopted the inter-institutional agreement on the revision of the accounting directives (see EUROPE 10829).
The “transparency” plank of the legislative revision provides for large companies active in the mining industry or in the management of primary forests to declare the sums paid to governments of the countries in which they carry out their activities if the total amount of these sums is greater than €100,000 a year. This provision, which is close to rules already in force in the United States, aims to promote the fight against corruption in the countries where the companies in question are active.
The “simplification” plank provides for relaxed requirements for micro-enterprises. The member states have two years to transpose the new rules into their national laws. (MB/transl.fl)