What EU Accounting Directive 2013/34/EU - Annual Financial Statements and Consolidated Accounts Framework requires
Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, repealing the Fourth (78/660/EEC) and Seventh (83/349/EEC) Company Law Directives, establishes the EU-wide accounting framework for companies other than those required to apply IFRS (as adopted by the EU for listed company consolidated accounts). The Directive introduces four company size categories - micro (balance sheet ≤€350,000, turnover ≤€700,000, ≤10 employees), small (≤€6M/€12M/50), medium (≤€20M/€40M/250), and large - each with progressively more detailed financial reporting requirements. Member States must permit micro-companies to use a simplified balance sheet and P&L and be exempt from the requirement to present notes and a management report. The Directive specifies mandatory balance sheet and profit and loss account formats, the content of notes to financial statements, management report requirements (including the non-financial information statement for large public-interest entities), and consolidated accounts thresholds. The Directive was significantly amended by the CSRD (Directive 2022/2464/EU) to incorporate sustainability reporting obligations into the management report framework.
Pillar: Banking & Global Finance · Authority: European Parliament and Council - Directive 2013/34/EU of 26 June 2013; CELEX 32013L0034; European Financial Reporting Advisory Group (EFRAG); national accounting standard setters; Accountancy Europe · Version: 1.0.0 · Last updated:
Primary source: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32013L0034
SHA-256 integrity: 96982c2e48596a682762953032fc4ac2b52d062d1cfb0920c6f1e5a1514319cc
Primary Citations — 5 traced to source
- {"source":"Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on Annual Financial Statements and Consolidated Accounts","url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32013L0034","relevant_sections":"Article 3 (size categories: micro, small, medium, large - balance sheet, turnover, employee thresholds); Article 4 (general provisions for annual financial statements: true and fair view requirement); Article 9 (balance sheet: Annex III horizontal format, Annex IV vertical format options); Article 13 (profit and loss account formats: Annex V by nature, Annex VI by function); Article 17 (notes to financial statements: content requirements by size category); Article 19 (management report: fair review, principal risks, NFI statement for large PIEs); Article 22 (consolidation obligation and control definition); Article 30 (publication of annual financial statements in national registers); Article 34 (statutory audit requirement for large companies and PIEs)"}
- {"source":"Directive 2022/2464/EU (Corporate Sustainability Reporting Directive - CSRD) - Amendment of Directive 2013/34/EU","url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32022L2464","relevant_sections":"CSRD amendment to Directive 2013/34/EU: new Article 19a (sustainability statement as part of management report for large companies and listed SMEs); phase-in schedule (large PIEs from 2025, other large companies from 2026, listed SMEs from 2027); EFRAG mandate to develop ESRS; double materiality assessment requirement; value chain reporting; limited assurance on sustainability statement; CSRD scope (approximately 50,000 EU companies)"}
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