6 Amendments of Ildikó GÁLL-PELCZ related to 2011/0308(COD)
Amendment 26 #
Proposal for a directive
Recital 7
Recital 7
(7) SMicro-, small, medium-sized and large undertakings should be defined and distinguished by reference to total assets, turnover and the average number of employees, as these items typically provide objective evidence as to the size of an enterprise.
Amendment 27 #
Proposal for a directive
Recital 8
Recital 8
(8) To ensure the disclosure of comparable and equivalent information, recognition and measurement principles should include the going concern, the prudence, and the accrual bases. Set-offs between asset and liability items and income and expenditure items should not be permitted, and components of assets and liabilities should be valued separately. The presentation of items in financial statements should have regard not only to the economic reality or commercial substance of the underlying transaction or arrangement but also to the legal form. The principle of materiality should govern recognition, measurement, presentation and disclosure in the financial statements.
Amendment 28 #
Proposal for a directive
Recital 13
Recital 13
(13) The information presented in the balance sheet and profit and loss account should be supplemented by disclosures by way of notes to the financial statements. Users of financial statements typically have a limited need for supplementary information from micro- and small undertakings, and it can be costly to micro- and small undertakings to collate the supplementary information that needs to be disclosed. A limited disclosure regime for micro- and small undertakings is therefore justified. However where a micro- or small undertaking considers that it is beneficial to provide additional disclosures of the types required by medium-sized and large undertakings it shall not be prevented from doing so.
Amendment 29 #
Proposal for a directive
Recital 15
Recital 15
(15) The management report and the consolidated management report are important elements of financial reporting. A fair review of the development of the business and of its position should be provided, in a manner consistent with the size and complexity of the business. The information should not be restricted to the financial aspects of the undertaking’s business, and there should be an analysis of environmental and social aspects of the business necessary for an understanding of the undertaking’s development, performance or position. In the cases where the consolidated management report and the parent undertaking management report are presented in a single report, it may be appropriate to give greater emphasis to those matters which are significant to the undertakings included in the consolidation taken as a whole. However, having regard to the potential burden placed on micro-, small and medium- sized undertakings, it is appropriate to provide that Member States may choose to waive the obligation to provide non- financial information in the case of the management report of such undertakings.
Amendment 31 #
Proposal for a directive
Recital 31
Recital 31
(31) The annual financial statements and consolidated financial statements should be audited. The requirement that an audit opinion should state whether the annual or consolidated financial statements give a true and fair view in accordance with the relevant financial reporting framework does not represent a restriction of the scope of that opinion but clarifies the context in which it is expressed. The annual financial statements of micro- and small undertakings should not be covered by this audit obligation, as audit can be a significant administrative burden for this category of undertaking, whilst for many small undertakings the same persons are both shareholders and management and therefore have limited need for third party assurance on the financial statements.
Amendment 64 #
Proposal for a directive
Article 20 – paragraph 4
Article 20 – paragraph 4
4. Member States may exempt micro-, small and medium- sized undertakings from the obligation set out in the third subparagraph of paragraph 1 in so far as it relates to non-financial information.