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Corporate Law and Governance
Modernisation of Accounting Directives
Directive 2003/51/EC of the European Parliament and of
the Council of 18 June 2003 (known as the “Modernisation
Directive”) amends Directives 78/660/EEC, 83/349/EEC,
86/635/EEC and 91/674/EEC as regards the annual and consolidated accounts of certain types of
companies, banks and other financial institutions and
insurance undertakings, (OJ L178/16, 17 July 2003).
The purpose of the Directive is to:
- remove existing conflicts between the Accounting
Directives and International Accounting Standards Board
(IASB) standards; and
- ensure that all optional accounting treatments
currently available under IASB standards are available
to EU companies which continue to have the Accounting
Directives as the basis of their accounting legislation.
The Member States are required
to implement the Modernisation Directive by January 2005.
Consultation on Implementation
On 25 March 2004, the Government
published a consultation paper on changes to the Companies
Act 1985 to implement the Modernisation Directive. The consultation
paper is published jointly with HM Treasury and also coves
implementation of the Directive for building societies.
You can download the consultation paper by clicking here
(640 Kb).
A Small Business Summary is
also available here
(102 Kb).
The Directive can be viewed
at:
www.europa.eu.int/comm/internal_market/
accounting/officialdocs_en.htm
For further information contact either:
Valerie Carpenter
Corporate Law and Governance Directorate
Department of Trade and Industry
Room 498
1 Victoria Street
London SW1H
0ET
Telephone Number 020 7215 0225
Valerie.Carpenter@dti.gsi.gov.uk
Andrew Watchman
Corporate Law and Governance Directorate
Department of Trade and Industry
Room 494
1 Victoria Street
London SW1H
0ET
Telephone Number 020 7215 0221
Andrew.Watchman@dti.gsi.gov.uk
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