Yesterday, 12 June 2013, the European Parliament in plenary adopted with a large majority (over 650 votes in favour for both) the reports (the versions after trialogue with the Council) on the accounting and the transparency Directives (see links below) (respectively led by MEPs Lehne and Mc Carthy as Rapporteurs), following a debate of MEPs with Commissioner Barnier the previous day. 

  

MEPs welcomed the simplification and harmonisation of the accounting requirements for SMEs through a small entity reporting regime and the special exemption for the micro-entities regime. MEP Lehne stressed that he welcomed very much the fact that IFRS are not going to be a standard for SMEs, as it could cause volatility in the EU market.

  

The directives shall be transposed by Member States within 2 yeas after entry into force of the Directive, ie by the end of 2015. 

  

The adopted texts are available for the accounting Directive and for the transparency Directive.