Memo: Commissioner Barnier welcomes Parliament vote on reducing accounting red tape for more than 5 million small companies

In 2009, the European Commission tabled proposals to reduce burdensome accounting rules for Europe's smallest companies – so-called "micro entities". From 2012, it will be possible for Member States to radically simplify the way in which micro-entities prepare their accounts. When it comes to publishing accounts, governments will be able to create a "one-stop-shop" which would see micro-entities only having to send their accounts to the tax administration, which would in turn be responsible for passing the accounts onto the Company Registry. In many countries micro-entities currently have to file a full set of financial statements, including the balance sheet and profit and loss account, and are required to disclose this through publication in a national gazette.

European Commission: Memo/11/911: Financial Reporting: burden reduction for micro-entities - Frequently Asked Questions http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/11/911&format=HTML&aged=0&language=EN&guiLanguage=en

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