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Legal framework / Document repository

Legal framework

In this section you will find the general outline of the legal framework of company reporting.

Documents repository

In this section you will find the important relevant documents.

Commission proposals for major legal acts

DateNameStatus
16.04.2013Commission proposes a directive amending as regards disclosure of non-financial and diversity information by certain large companies and groups: Adopted

See Directive 2013/34/EU Amendment M1

25.10.2011

Commission proposes a directive to replace and modernise the existing Accounting Directives. The proposal simplifies the accounting requirements for small companies and improves the clarity and comparability of companies’ financial statements within the EU:

Adopted

See Directive 2013/34/EU Base text

25.10.2011Commission proposes a directive to amend the existing Transparency Directive.
  • Legislative proposal:
    • Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and Commission Directive 2007/14/EC (COM(2011)0683 final - 2011/0307 (COD))
  • Impact assessment:
Adopted

See Directive 2004/109/EC Amendment M4

26.02.2009Fast track modification of the Fourth and Seventh Company Law Directives as regards certain disclosure requirements for medium-sized companies and obligation to draw up consolidated accounts
  • Adopted legislation:
    • Directive 2009/49/EC of the European Parliament and of the Council of 18 June 2009 amending Council Directives 78/660/EEC and 83/349/EEC as regards certain disclosure requirements for medium-sized companies and the obligation to draw up consolidated accounts (2009/49/EC)
  • Impact assessment:
Adopted

See Directive 2013/34/EU Base text replacing the Fourth and Seventh Council Directives

26.02.2009Commission proposal for major burden reduction for micro entities Adopted

See Directive 2013/34/EU Base text replacing the Fourth Council Directive

26.03.2003Commission proposes a directive to increase investor protection and transparency
  • Legislative proposal:
    • Proposal for a Directive of the European Parliament and of the Council on the harmonisation of transparency requirements with regard to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (COM(2003)0138 final - COD 2003/0045)
  • Press release (IP/03/436)
  • Frequently asked questions (MEMO/03/68)
  • Pre proposal consultations:
  • Post proposal events:
Adopted

See Directive 2004/109/EC Base text

13.02.2001Commission proposes requirement for listed companies to use International Accounting Standards by 2005 Adopted

See Regulation 1606/2002/EC

Commission communications

25.10.2011
Communication on a renewed strategy 2011-2014 for Corporate Social Responsibility (COM(2011) 681 final)
13.04.2011
Communication on Single Market Act – Twelve levers to boost growth and strengthen confidence (Single Market Act I – COM(2011) 206 final)
10.07.2007

Communication on a simplified business environment for companies in the areas of company law, accounting and auditing

  • Communication:
    • Communication from the Commission on a simplified business environment for companies in the areas of company law, accounting and auditing (COM(2007) 394pdf)
  • Summary report pdf on the reactions to the communication
  • Press release (IP/07/1087)
  • Frequently asked questions (MEMO/07/397)
13.06.2000
Communication from the Commission to the Council and the European Parliament EU - Financial Reporting Strategy: the way forward (COM/2000/0359 final)
20.01.1998
Interpretative communication concerning certain Articles of the fourth and seventh Council Directives on accounting (98/C 16/04) OJ C 16, 20.1.1998, p. 5–12
14.11.1995
Commission Communication on “Accounting Harmonisation: A New Strategy vis-a-vis International Harmonisation” (COM 95(508)) of 11.1995

Reports from the Commission

19.09.2011

Report on the Responses Received to the Consultation of Accounting Regulatory Committee Members on the Use of Options within the Accounting Directives as at 1 July 2010

28.07.2011

Commission Staff Working Paper on the state of play on convergence between International Financial Reporting Standards (IFRS) and third country national Generally Accepted Accounting Principles (GAAP)

Report (SEC(2011) 991 finalpdf
May 2011

Report on the operation of the Transparency Directive

04.06.2010

Report on convergence between International Financial Reporting Standards (IFRS) and third country national Generally Accepted Accounting Principles (GAAPs)

10.12.2008

Report on more stringent national measures concerning the Transparency Directive

24.04.2008

Report on the operation of Regulation (EC) No 1606/2002 of 19 July 2002 on the application of international accounting standards

  • Report (COM(2008) 215)
  • Corrections regarding the use of the regulatory options in Finland and Lithuania (12 June 2008) (Correctionspdf)
22.04.2008

Report on convergence between International Financial Reporting Standards (IFRS) and third country national Generally Accepted Accounting Principles (GAAPs) and on the progress towards the elimination of reconciliation requirements that apply to Community issuers under the rules of these third countries

14.03.2008

Commission services working paper on governance developments in the International Accounting Standards Board (IASB) and in the International Accounting Standards Committee Foundation (IASCF) – 3rd report

Jul 2007

First report on convergence between International Financial Reporting Standards (IFRS) and third country national Generally Accepted Accounting Principles (GAAPs)

Jul 2007

Commission services working paper on governance developments in the International Accounting Standards Board (IASB) and in the International Accounting Standards Committee Foundation (IASCF) – 2nd report

Jan 2007

Commission services working paper on governance developments in the International Accounting Standards Board (IASB) and in the International Accounting Standards Committee Foundation (IASCF) – 1st report

Dec 2005

Report on impacts of raised thresholds defining SMEs

Consultations

17.06.2015 - 09.09.2015
Public consultation on further corporate tax transparency (read more)
07.08.2014 - 07.11.2014
Consultation on the impact of International Financial Reporting Standards (IFRS) in the EU (read more)
25.06.2014 - 10.10.2014
Public consultation on the equivalence of third country regimes regarding the country by country reporting by extractive and forestry industries (read more)
22.11.2010 - 24.01.2011
Public consultation on disclosure of non-financial information by companies (read more)
26.10.2010 - 22.12.2010
Public consultation on country-by-country reporting by multinational companies (read more)
28.05.2010 - 23.08.2010

Consultation on the modernisation of the Transparency Directive (read more)

17.11.2009 - 12.03.2010

Consultation on the International Financial Reporting Standard for Small and Medium-sized Entities (read more)

A stakeholders meeting on the review of the Accounting Directives and the IFRS for SMEs took place on 25.05.2010:

25.02.2009 - 30.04.2009
Consultation on the Review of the Fourth and Seventh Company Law Directives (read more)
08.05.2012 - 05.07.2002

Second consultation on transparency obligations for issuers whose securities are admitted to trading on a regulated market

17.07.2001 - 30.09.2001

First consultation on transparency obligations for issuers whose securities are admitted to trading on a regulated market

Effect studies

DateName
> 2010See more details on EFRAG’s website
25.08.2010   Improvements to IFRSs 2008–2010 (06.05.2010)pdf - with EFRAG
05.02.2010Amendments to IFRIC 14: IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (26.11.2009)pdf - with EFRAG
04.02.2010Amendment to IFRS 1 Limited Exemption from Comparative IFRS 7 Disclosures for First-time adopters (28.01.2010)pdf - with EFRAG
04.02.2010IAS 24 Related Party Disclosures (Revised 2009) (04.11.2009)pdf - with EFRAG
04.02.2010IFRIC Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments (25.11.2009)pdf - with EFRAG
09.11.2009Amendment to IAS 32: Classification of Rights Issues (08.10.2009)pdf - with EFRAG
02.11.2009Improvements to IFRSs 2007–2009 (16.04.2009)pdf - with EFRAG
13.10.2009IFRS 1 – Additional Exemptions for First-time Adopters (23.07.2009)pdf - with EFRAG
25.09.2009IFRS 2 – Group Cash-settled Share-based Payment Transactions (18.06.2009)pdf - with EFRAG
16.07.2009IFRIC9/IAS39 Embedded Derivativespdf - with EFRAG
29.06.2009IFRS 7 Financial Instruments: Disclosures (amended)pdf - with EFRAG
22.06.2009IFRIC 18 Transfers of Assets from Customerspdf - with EFRAG
17.06.2009IFRIC 17 Distributions of Non-cash assets to ownerspdf - with EFRAG
25.05.2009IFRS 1 First-time Adoption of IFRS (revised)pdf - with EFRAG
26.02.2009Micro entities – Impact Assessmentpdf
17.02.2009IAS 39 and IFRS 7 “Reclassification of Financial Assets – Effective Date and Transition”pdf - with EFRAG
24.11.2008Business Combinations (IFRS 3 and IAS 27)pdf
20.11.2008IAS 39 Eligible Hedge Itemspdf - with EFRAG
20.11.2008IFRIC 15 Agreements for the Construction of Real Statepdf - with EFRAG
20.11.2008IFRIC 16 Hedges of a Net Investment in a Foreign Operationpdf - with EFRAG
24.07.2008IFRS 1 and IAS 27 “Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate”pdf - with EFRAG
22.07.2008Improvements to IFRS 2007pdf - with EFRAG
27.06.2008IAS 32 and IAS 1 “Puttable Financial Instruments and Obligations Arising on Liquidation”pdf - with EFRAG
16.06.2008Endorsement of Amendment to IFRS 2 Share-based Payment Vesting Conditions and Cancellationspdf - with EFRAG
16.06.2008Endorsement of IFRIC 13 Customer Loyalty Programmespdf - with EFRAG
12.06.2008Endorsement of IFRIC 12 Service Concession Arrangements.
Effect Study – Report:
08.05.2008Endorsement of IFRIC 14 The limit on a Defined Benefit asset, Minimum Funding Requirements and their Interactionpdf - with EFRAG
08.05.2008Endorsement of IAS 1 Presentation of Financial Statementspdf - with EFRAG
05.05.2008Endorsement of IAS 23 Borrowing Costs. Effect Study - Report
03.09.2007Endorsement of IFRS 8 Operating Segments – Analysis of Potential Effects – Report:

Studies

DateName
Dec 2011Study on the disclosure of non-financial information by companies by Centre for Strategy and Evaluation Services (CSES)
Oct 2011 Study on the feasibility of a pan-European storage system for regulated information disclosed by issuers of securities This study has been conducted for the European Commission following an invitation to tender published in 2010 (MARKT/2010/17/F)
30.06.2011Study on Accounting requirements for SMEs by Cna Interpreta s.r.l.
Oct 20104th Company Law Directive and IFRS for SMEs
03.06.2010 IFRS for SMEs and the EU Accounting Directives
Dec 2009 Study on the application of the Transparency Directive This study has been conducted for the European Commission following an invitation to tender published in 2008 (MARKT/2008/7/F).
May 2009Evaluation of the Application of IFRS in the 2006 Financial Statements of EU Companies
Oct 2008 Evaluation of thresholds for micro-entities
Oct 2007EU implementation of IFRS and the fair value directive (in 2005)
Jul 2007 Study on the administrative costs of the EU Company Law Acquis
Dec 2005Report on impacts of raised thresholds defining SMEs 2005
Jan 2000 Implementation of the Seventh Directive on consolidated accounts (as per 1 January 1998)
Jan 2000 Implementation of the Fourth Directive on the annual accounts of certain types of companies (As per 1 January 1998)

Other documents

DateName
Jul 2014Use of options of the IAS Regulation by Member States (tablepdf)
Feb 2012 Use of options of the IAS Regulation by Member States (tablepdf)
2010Use of options of the IAS Regulation by Member States (tablepdf)
Jul 2010ARC Meeting excerpt: Consolidation rules under the 7th Directive and IFRS (documentpdf)
11.06.2010 Conference on the operation of the Transparency Directive 2004/109/EC

The conference aimed at getting technical feedback from stakeholders on selected issues arising from the review of the application of the Directive 2004/109/EC on transparency obligations of listed companies. The conference was structured in two parts: one relating to the impact of the Transparency Directive on smaller listed companies and the other to disclosure of major holdings of voting rights.

2009 Community Accounting Legislation (brochurepdf)
18.06.2008 Authorities responsible for regulation of public companies announce next steps regarding the creation of a group to interact with the international accounting standards committee foundation
Feb 2008Use of options of the IAS Regulation by Member Statespdf
06.11.2007Statement of the European Commission, the Financial Services Agency of Japan, the International Organization of Securities Commissions (IOSCO) and the US Securities and Exchange Commission on work to enhance the governance of the IASC Foundation
15.10.2007 Commission calls for easier public access to financial information on listed companies
12.03.2007 Commission adopts supplementary measures on company transparency
05.03.2007Standard forms for the notification of major holdings and for the notification by market makers (formspdf
30.11.2005 The European Commission and ARC (Accounting Regulatory Committee) approved the standard formulation for compliance with IFRSs as adopted by the EU. This formulation should be used in the notes to the financial statements and in the audit report of EU companies preparing their financial statements in accordance with IFRSs as adopted by the EU. (documentpdf)
Jan 2005 Use of options of the IAS Regulation by Member States (tablepdf)
Jan 2005 Status of the adoption process of standards in the EU (tablepdf)
19.11.2004 Declaration by the Commission on the adoption of IAS 39 at the meeting of the Accounting Regulatory Committee of 1 October 2004 (paperpdf)
Nov 2003 Comments on the IAS Regulation and the Accounting Directives. Publication of the IASB Framework (paperpdf)
07.06.2002 Agreement on International Accounting Standards will help investors and boost business in EU
Apr 2002 Analysis of repercussions of Enron collapse (note for the informal ECOFINpdf)
Mar 2002 Financial Services Action Plan - Significant progress in European Parliament
Apr 2001 Examination of the conformity between IAS 1 to IAS 41 and the European Accounting Directives (paperpdf)
Apr 2001 Examination of the conformity between SIC 1 to SIC 25 and the European Accounting Directives (paperpdf)
14.06.2000 EU moves closer towards global financial reporting standards – Update of the accounting strategy
Feb 2000 Examination of the conformity between International Accounting Standards applicable to accounting periods beginning before 1 July 1999 and the European Accounting Directives (paperpdf)
1999 Examination of the conformity between IAS 35, IAS 36, IAS 37, IAS 38, IAS 22 (revised 1998), IAS 16 (revised 1998), IAS 28 (revised 1998), IAS 31 (revised 1998) and the European Accounting Directives (paperpdf)
1999 Examination of the conformity between IAS 32 (revised 1998) and the European Accounting Directives (paperpdf)
1999 Examination of the conformity between International Accounting Standards and the European Accounting Directives - Comparison document covering all IAS in force for accounting periods starting before 1 July 1998 (except IAS 32) (paperpdf)
1998 Examination of the conformity between IAS 1 and the European Accounting Directives (paperpdf)
1997 Examination of the conformity between IAS 12 and the European Accounting Directives (paperpdf)
1997 Accounting for the introduction of the Euro (paperpdf)
1997 Preparing financial information systems for the Euro (paperpdf)
1997 Cash flows statements (paper of the Accounting Advisory Forumpdf)
1997 Prudence and matching (paper of the Accounting Advisory Forumpdf)
1996 Examination of the conformity between the International Accounting Standards and the European Accounting Directives (paper of the Contact Committeepdf)
1995 Foreign currency translation (paper of the Accounting Advisory Forumpdf)
1995 Government grants (paper of the Accounting Advisory Forumpdf)
1995 Accounting for lease contracts (paper of the Accounting Advisory Forumpdf)
1995 Environmental issues in financial reporting (paper if the Accounting Advisory Forumpdf)
14.11.1995 Commission proposes a new strategy for the improvement of the financial reporting framework for companies in Europe

Letters

DateName
08.07.2014Letter from Commissioner Barnier to the US Securities and Exchange Commission on Country-By-Country Reporting by extractive industries (letterpdf)
30.11.2011Letter from the Commission Services to the IASB : IASB agenda consultation 2011 (letterpdf
04.11.2009    Letter from the Commission Services to the IASB: Exposure Draft Financial Instruments (IAS 39 revision – Phase 1) “Classification and Measurement” – Comments on Near Final Draft (letter)pdf
16.09.2009Letter from the Commission Services to the IASB: about the proposed amendments to IAS 39 concerning the classification and measurement of financial instruments (letterpdf)
24.02.2009Letter from the Commission Services to the IASB: IASB actions related to the financial turmoil (letterpdf)
05.02.2009Letter from the IASB to the Commission Services: Update of the IASB response to the financial crisis (letterpdf)
14.11.2008Letter from the IASB to the Commission Services: Response to “Further issues related to IAS 39” (letterpdf)
27.10.2008Letter from the Commission Services to the IASB: Further issues related to IAS 39 (letterpdf)
05.03.2007Letter from the Commission to CESR: Standard forms for the notification of major holdings and for the notification by market makers (letterpdf)
07.03.2005Commission’s response to changes proposed to the Constitution of the International Accounting Standards Committee Foundation (IASCF) (letterpdf) (annnexpdf)
30.04.1999European Commission submits views to IASC on its proposed new structure (letterpdf)

Find relevant documents also in related pages: