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2015•RePEc: Research Papers in EconomicsOpen access

The Consequences Of The New Eu Accounting Directive On Financial Reporting

Marian Socoliuc, Veronica Grosu

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Abstract

The objective of this paper is to analyse the EU accounting related legislation as a consequence of the introduction of the new European Directive, i.e. Directive 34 of the EC, changing the 4th and the 7th Directive of the EU.These accounting updates will mostly be of the technical and accounting type and will particularly be directed at the financial statements of different sized companies.Therefore, in light of these recent developments, we have herein focused on the current accounting system applied in the EU, which comprises the IAS/IFRS standards and the existing national regulations and is changed by the implementation of the EEC accounting directives.

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What this paper is about

The objective of this paper is to analyse the EU accounting related legislation as a consequence of the introduction of the new European Directive, i.e. Directive 34 of the EC, changing the 4th and the 7th Directive of the EU.These accounting updates will mostly be of the technical and accounting type and will particularly be directed at the financial statements of different sized companies.Therefore, in light of these recent developments, we have herein focused on the current accounting system applied in the EU, which comprises the IAS/IFRS standards and the existing national regulations and is changed by the implementation of the EEC accounting directives.

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Available abstract

The objective of this paper is to analyse the EU accounting related legislation as a consequence of the introduction of the new European Directive, i.e. Directive 34 of the EC, changing the 4th and the 7th Directive of the EU.These accounting updates will mostly be of the technical and accounting type and will particularly be directed at the financial statements of different sized companies.Therefore, in light of these recent developments, we have herein focused on the current accounting system applied in the EU, which comprises the IAS/IFRS standards and the existing national regulations and is changed by the implementation of the EEC accounting directives.

Key concepts: Directive, Accounting, Business, Legislation, Financial accounting, Accounting information system, Accounting standard, Mark-to-market accounting

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