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Financial Reporting. Quarterly Journal of Financial Communication

Number: 4
Year: 2012
Pages: 133
Franco Angeli Editor Link: Members:
  • Alberto Quagli - Università di Genova
  • Belinda Crawford Camiciottoli - Università di Pisa, Dipartimento di Anglistica, Via Santa Maria, 67, Pisa
  • David Alexander - The Birmingham Business School
  • Gerrit Brösel - Head of Chair of Business Administration, FernUniversität in Hagen, Profilstraße 8, 58093 Hagen, Germany
  • Gerrit Broßsel - Head of Chair of Business Administration,, Financial Reporting and Auditing, FernUniversitat in Hagen, Profilstraße 8, 58093 Hagen, Germany
  • Giovanna Michelon - Università di Padova
  • Marco Venuti - Lecturer in Risk and Accounting, “Roma Tre” University Faculty of Economics, Via Silvio D’Amico, 77, 00145 Rome, Italy
  • Mario Zimmermann - Ilmenau University of Technology, Helmholtzplatz 3, 98693 Ilmenau, Germany
  • Martin Toll - Corresponding author, Chair of Business Administration, Financial Reporting and Auditing, FernUniversität in Hagen, Profilstraße 8, 58093 Hagen, Germany
  • Michela Cordazzo - Free University of Bozen-Bolzano, School of Economics and Management
  • Raffaele Fiume -
  • Roberto Di Pietra - University of Siena
  • Stefano Azzali - University of Parma (Italy)
The proposal for updating the EU Accounting Directives: The adequacy of the proposal versus the legislative targets
Submitted on: 01-02-2012
Approved on: 01-10-2012
Typology: Article
Pages: 65-85
Keywords: accounting directive, annual financial statements, general financial reporting principles, balance sheet, profit and loss account, disclosure
Authors:
  • Marco Venuti - Lecturer in Risk and Accounting, “Roma Tre” University Faculty of Economics, Via Silvio D’Amico, 77, 00145 Rome, Italy
Abstract: The European Commission issued its proposal for a new accounting Directive at the end of 2010, aimed at substituting the Directives currently in force and applicable to limited companies – the 4th and 7th Directives for company regulation. This article is intended to present a critical examination of such a proposal. It pre- sents an initial evaluation as to the overall adequacy of the proposal as issued, versus the legislative objectives set up as goals by the Commission. In particular, it takes into consideration the set of accounting rules proposed as to their capacity to satisfy the legislative objectives in a reasonably exhaustive manner. This involves an in-depth evaluation of the actual progress made by the Commission in the arena of the accounting Directives, as well as identifying the gaps still present and the further corrective actions that appear necessary to fully realize the objectives set forth.