1.3.41. Council conclusions on the Commission communication entitled: `Accounting harmonization: a new strategy vis-à-vis international harmonization'.
Adopted on 27 June. The Council endorses the objectives defined in the Commission communication and notes with satisfaction the progress achieved under the auspices of the Accounting Directives Contact Committee in establishing the compatibility of international Accounting Standards with the Accounting Directives; it emphasizes the importance of increasing Europe's influence in the international accounting debate, particularly within the International Accounting Standards Committee (IASC), and the need to provide the technical working party set up under the Contact Committee with the appropriate means.
The Council asks the Commission to continue its discussions, in cooperation with the Contact Committee, on the development of European accounting standardization for all undertakings covered by the Accounting Directives, in particular small and medium-sized undertakings, and to submit its initial conclusions as soon as possible.