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Accounting – Financial Reporting

In the field of accounting, the Commission’s work is directed towards promoting the quality, comparability and transparency of the financial reporting by companies. We are responsible for the EU accounting directives; their elaboration, implementation and application.

Currently, we are putting a lot of emphasis on accounting for SMEs and simplification of administrative requirements for these companies.

In 2005 the EU took a significant step and made the use of International Financial Reporting Standards (IFRS) obligatory for the consolidated financial statements of EU companies which are listed in the EU’s stock markets.

In relation to listed companies, the Commission’s work extends beyond the EU’s borders and goes towards promoting the use of IFRS as the worldwide financial reporting language so enhancing the efficiency and transparency of capital markets throughout the globe.

The Commission is in close liaison with the authorities of the EU’s key trading partners in seeking to promote this objective. The Commission also co-operates closely with international bodies: International Accounting Standards Board (IASB), International Federation of Accountants (IFAC), OECD, World Bank, UNCTAD, etc.