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Annual Financial Statements

Resolved that the Committee takes note of European Union Document No. 16250/11 and Addenda 1 to 4, relating to a draft Directive on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings; supports the Government’s aim to reduce administrative burdens, particularly on small companies, through the harmonisation and simplification of requirements, including those for micro-businesses; and, as an aid to this, supports, within the scope of the proposal, increasing relevant thresholds whilst resisting harmonisation in areas that will increase administrative burdens on small business; and further supports, within the scope of the proposal, the Government’s aim of aligning the wording of new requirements for transparency in the reporting of payments to governments by companies engaged in the extractives sector (oil, gas and mining industries) with similar requirements which apply in the United States of America. (Vote)