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Stéphane Campori (picture) and Isabelle Evers from Alter Domus provide an update and explain the main changes of the Directive in the Luxembourg Law
Recognising the central role played by small and middle-sized entities in the economy, and as part of the "Single Market Act" adopted in 2011 by the European Union ("EU"), the European Parliament and the Council of the EU have adopted on 26 June 2013 a new single accounting directive covering both annual and consolidated financial statements (the Directive 2013/34/EU(1), hereafter the "2013 EU Accounting Directive"). This new directive cancels the Directive 78/660/CEE on annual accounts (the “4th Directive”) and the Directive 83/349/CEE on consolidated accounts (the “7th Directive”).
The 2013 EU...
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