Outdated EU rules causing problems for SMEs
Complex, outdated EU directives on accounting for SMEs are causing problems and need to be simplified was one of the key points of European Commissioner Charlie McCreevy’s speech at ACCA Ireland’s (Association of Chartered Certified Accountants) Business Breakfast at the Conrad Hotel this morning.
Commissioner McCreevy said: “Today, 99% of all EU enterprises are SMEs. Currently, 23 million SMEs are employing 75 million workers and account for more than 80% of employment in some industrial sectors, therefore playing a crucial role in our economy.
"As the commissioner responsible for Internal Markets and Services, I want to make sure that SMEs can fully reap the benefits of the internal market and the global chances beyond it.
"The current directives covering accounting requirements for SMEs have been in force for 20 years, now they need modernisation as they could be an impediment in obtaining finance and I have made it clear that only simple, easy-to-apply standards will be acceptable to us.”
Commissioner McCreevy also told his audience that the Action Plan on Company Law and Corporate Governance adopted in 2003 in the wake of some major financial scandals has been successfully implemented.
Nearly all the measures scheduled for adoption in the short-term, i.e. 2003 to 2005, have been put in place, he said.
