On Thursday 17 November, the European Commission sent Bulgaria a reasoned opinion requiring it to bring its legislation on financial reporting into line with EU law. The Accounting Directive (2013/34/EU) aims to reduce the administrative burden for small companies and improve the quality and comparability of the information disclosed in financial reports. It sets out EU-wide rules on annual financial statements, consolidated financial statements and related reports of certain types of undertakings. Member states had to enact these rules in national law by 20 July 2015. Bulgaria missed the deadline and was sent a warning letter in September 2015. If Bulgaria fails to act within two months, the European Commission may send it to the European Court of Justice. (EL)