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Modernisation of company accounting legislation and of the Commission of Accounting Standards

Draft bill no. 6376 was adopted by the Chamber of Deputies on 9 July 2013.

The law dated 30 July 2013 reformed the Commission of Accounting Standards (‘the Law’) and amended various provisions relating to the accounting and annual accounts of undertakings as well as consolidated accounts of certain forms of companies and modified: title II of book I of the Commercial Code; title II of the law dated 19 December 2002 relating to the register of commerce and companies as well as to the accounting and annual accounts of undertakings; and section XVI of the Law dated 10 August 1915 on commercial companies.

One of the most important innovations of the Law relates to the Commission of Accounting Standards (Commission des Normes Comptables), which is now established under the legal form of an economic interest group (groupement d’intérêt économique) in order to grant to this entity new human and financial resources as well as more independence/autonomy to carry out its missions. The Commission of Accounting Standards will have the legal personality and the power to levy an administrative tax amounting to a maximum of €10 (£8) on filings of annual and consolidated accounts…

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