F.E.E. supports Commission's measures to reduce excessive administrative burdens

Commenting on the announcement by Commissioner Charlie McCreevy of four proposals for fast track measures to reduce administrative burdens in the area of company law and accounting, F.E.E. President Jacques Potdevin stated that "these simplification measures are helpful and well targeted: they concern excessive, costly and outdated administrative requirements, which could be eliminated without detriment to the public interest. F.E.E. has always made it clear that it strongly supports such simplification."

"F.E.E and other organisations have repeatedly highlighted the need to preserve and enhance public policy objectives such as transparency, stakeholders'  information, investor protection and the overall stability of markets, as well as the need to reduce transaction costs and the cost of capital, all of which accounting and auditing help achieve. We have  in the past been concerned with the occasional characterisation of various accounting and auditing requirements as "burdens or costs", without consideration of the benefits they bring to the market and the public interest" emphasised Mr. Potdevin. 
 
F.E.E. CEO Olivier Boutellis-Taft was satisfied to see the Commission had listened to stakeholders: "The Commission adopted the correct approach and I hope it will continue supporting the principles of better regulation and impact assessment, resisting political pressure to rush. This approach is key to balancing different policy goals at stake in consideration of the public interest. The EU represents a global benchmark in achieving this balance and we hope it can continue to lead by example. We will continue to support the Commission's efforts to simplify the EU  economy, while taking into account the role that proportionate regulation plays in the internal market.  Financial reporting enables stakeholders to manage, understand, invest and trade in confidence; similarly, EU legislation facilitates the integration of the internal market. We should therefore examine proposals very carefully in order to move forward without undermining these foundations.  Let's not forget that most red tape originates from Member States
administrations, not the EU", concluded O. Boutellis-Taft.

F.E.E. is committed to helping the Commission identify real opportunities to reduce excessive
administrative burdens based on high quality impact assessment to prevent hindering the public interest
or the internal market.

FE.E. (Fédération des Experts Comptables Européens – Federation of European Accountants) represents 43 professional institutes of accountants and auditors from 32 European countries, including all of the 27 EU Member States.