Wednesday, April 10, 2013

Irish Presidency secures agreement on key remaining part of Single Market Act I - Minister Bruton

Boost to SMEs as Accounting Directive will reduce admin burden 

Increased transparency with inclusion of “country-by-country" reporting 

The agreement secured yesterday in Brussels by the Irish Presidency on the Accounting Directive is another major step in reducing red tape for European SMEs, according to Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, current chair of the Competitiveness Council. The Directive is one of the final outstanding parts of the Single Market Act I.

One of the Directive’s key proposals is the simplification of accounting rules for SMEs. Among the measures contained in the draft Directive are the reduction of reporting requirements for SMEs and the introduction of an exemption from preparing consolidated financial statements for small groups.

Minister Bruton commented: “The priorities of the Irish Presidency are stability, jobs and growth. At the heart of this Directive is the drive to cut red tape and reduce the administrative burden on SMEs. That is why this agreement is so important. The more we can reduce red tape, the more we free up business to grow and create jobs.”

“The Irish Presidency has prioritised the implementation of the outstanding pieces of Single Market legislation. Already the Irish Presidency has signed off on the Unified Patent Court Agreement. I will continue to push for progress on the remaining SMA I measures because full implementation of these measures has massive potential to boost economic growth and create jobs.”

The Directive also incorporates a number of measures designed to enhance financial transparency. The provisions made for Country-by-Country Reporting will dramatically increase the transparency of payments made to governments by European companies involved in the extractive industries.  The Reports will assist the citizens of resource-rich countries in holding their governments to account for the use made of payments received from EU undertakings active in the extractive industries or in the exploitation of primary forests.

The agreement reached today will require final approval by the Committee of Permanent Representatives

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