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EU Accounting Directive spells extinction for the FRSSE

Two conflicting accounting frameworks for small business raise questions about the levels of disclosure required, but the situation is still fluid, says Julia Penny FCA, who considers the dual consultations on the EU Accounting Directive from BIS and FRC

The new EU accounting directive uses the principle of maximum harmonisation for its small company requirements. This means that member states are not allowed to require any more disclosures than set out in the directive. As the directive must be implemented by 20 July 2015 and take effect from 1 January 2016, both the Department for Business, Innovation and Skills (BIS), and the Financial Reporting Council (FRC) have been busy working on consultation documents.

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