Feeds

EU Commissioner wants to ease SMEs' red tape burden

Keeping the credit crunch wolves at bay

Security for virtualized datacentres

The European Union yesterday called on Member States to participate in a major review of the accounting directives for small biz firms to help reduce the administrative burden on SMEs.

Charlie McCreevy, who is the EU Commissioner for the Internal Market and Services, said that during this “difficult period” of ongoing economic doom and gloom the small biz world, which many tech multinationals have increasingly punted their goods at in recent years, could be easily overlooked.

“All the talk in the press is about the banks, the big financial institutions, the mortgage lenders. We are all affected by what is happening. What we must not forget is that for small businesses, life goes on,” said McCreevy. “They remain the backbone of the European economy.”

He said the EU has already adopted measures aimed at cutting through the red tape for SMEs, as well as saving a few Euro cents in the area of company law for mergers and divisions. McCreevy claimed €1bn a year has been kept in the piggy bank since measures were fast-tracked in 2007 and April this year.

But the EU hasn’t gone far enough on accounting rules for SMEs, he said.

In July 2008 an independent finance group headed by Edmund Stoiber presented a report to the EU in which it found immediate savings of €5.7bn if diminutive outfits were exempted from the accounting framework and no longer had to prepare annual accounts.

Despite some objections to the findings among the Stoiber group, proposals were put forward to McCreevy in July to overhaul the system and exempt “micro entities” from the current accounting rules.

The Commissioner said that adopting the proposals would benefit European business and offered a better solution than simply making “piecemeal changes” in the current choppy economic environment. ®

Security for virtualized datacentres

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Special pleading against mass surveillance won't help anyone
Protecting journalists alone won't protect their sources
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Apple's iPhone 6 first-day sales are MEANINGLESS, mutters analyst
Big weekend queues only represent fruity firm's supply
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Bill Gates, drugs and the internet: Top 10 Larry Ellison quotes
'I certainly never expected to become rich ... this is surreal'
Big Content Australia just blew a big hole in its credibility
AHEDA's research on average content prices did not expose methodology, so appears less than rigourous
EMC, HP blockbuster 'merger' shocker comes a cropper
Stand down, FTC... you can put your feet up for a bit
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.