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Simplification of the EU legislation on company law, auditing and accounting In the general context of its Better Regulation programme, the European Commission has decided to simplify the regulatory environment and to reduce administrative burdens for EU businesses. The objective is to ensure that the EU legislation corresponds to today's business needs and allow them to be more successful and highly competitive. In political terms, the goal is to reduce the overall red tape by 25% according to the decision taken by the European Council in March 2007. The European company law, accounting and auditing have been identified as priority areas. Hence, the European Commission has launched on 12 July a consultation regarding its communication on "a simplified business environment for companies in the areas of company law, accounting and auditing". Among the measures under consideration, the Commission aims at further reducing reporting and auditing requirements for SMEs.
EC's summary report on reactions received to the consultation on COM(2007)394 |