The Irish Department of Jobs, Enterprise and Innovation (DJEI) has launched a consultation on the transposition into EU member states’ national law of the accounting directive 2013/34/EE on annual financial statements, consolidated financial statements and related reports.
This directive must come into national law by 20 July 2015, and amends Directive 2006/43/EC of the European Parliament and Council, and repeals Council Directives 78/660/EEC and 83/349/EEC (the Fourth and Seventh Directives).
The consultation says the new Directive takes small companies or groups as the starting point and imposes additional requirements on medium sized companies and groups, and additional requirements on top of this for large companies, groups and public interest entities – which has been described as "think small first."
The previous directive took the largest companies as the norm, and then provided medium-sized and small companies with exemptions in the form of member state derogations and options.
The consultation says a consequence of this is that options and derogations have a greatly diminished role in the new directive.
The consultation outlines what options and derogations the new directive has, and asks 104 questions about these topics, such as whether Irish law should permit non disclosure of the auditor’s signature in the audit report in certain circumstances.
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The consultation is open to interested parties until 31 March 2014.