European commissioner refuses to endorse accounting regulations

29 June 2009

European commissioner Charlie McCreevy is reluctant to back new measures aimed at bringing in new accounting standards for the European Union's (EU) small and medium-sized enterprises (SMEs).

According to Accountancy Age, Mr McCreevy is unhappy with the regulations, which are designed to bring accounting standards for small businesses throughout the world into line and which have already been endorsed by the US and several emerging countries.

A spokesman for Mr McCreevy told the publication that the commissioner had seen some "negative" and "mixed" reactions from EU stakeholders and these responses have made him reluctant to support the new measures.

If the EU does not endorse the regulations it could leave the region behind the rest of the world and threaten the ability of SMEs in Europe to compete and operate effectively with organisations outside Europe.

Accountancy Age recently reported that the UK government's budget for tax compliance has been cut by three per cent in 2009/10 compared to the previous year, despite the need to claw back as much money as possible to help plug the public finances hole.

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