EU accounting body says new rules, directives are incompatible

The European Financial Reporting Advisory Group, the chief accounting body for the EU, has found that international accounting regulations for small and medium-sized businesses are incompatible with EU directives in a number of areas. Dozens of nations have indicated that they would adopt a set of accounting rules for SMEs released by the International Accounting Standards Board in July 2009. Europe, however, decided to investigate the compatibility of the rules with EU directives.

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