The European Parliament approved on 10 March a legislative resolution on the proposal for a directive of the European Parliament and of the Council amending Council Directive 78/660/EEC on the annual accounts of certain types of companies as regards micro-entities.
This vote in first reading does not mean that the proposal is approved; it now requires approval by the Council of Ministers and will come back to the Parliament for a second reading unless Council has no amendment or approves all amendments from Parliament which seems unlikely at this stage as it is understood that there is still a blocking minority in Council. Click here for more details.