ARTICLE · 07 DECEMBER 2015

New Directive In Accounting

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These will be applicable to financial reporting periods beginning on or after 1st January 2016.

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As stated in the Malta Financial Services Authority's (MFSA) Newsletter of November 2015, Directive 2013/34/EU of the European Parliament and of the Council was published in the EU Official Journal on the 29th June 2013, which also repealed the fourth and seventh accounting directives dealing with the preparation of separate and consolidated accounts.

The requirements of this new directive were transposed in Legal Notice 289 of 2015 entitled 'Accountancy Profession' (General Accounting Principles for Small and Medium-Sized Entities) Regulations, 2015, and in the Companies Act (the "Act").

These will be applicable to financial reporting periods beginning on or after 1st January 2016.

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