L 164/42 Official Journal of the European Union 26.6.2009 DIRECTIVES DIRECTIVE 2009/49/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 18 June 2009 amending Council Directives 78/660/EEC and 83/349/EEC as regards certain disclosure requirements for medium-sized companies and the obligation to draw up consolidated accounts (Text with EEA relevance) THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE (3) EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Article 44(1) thereof, Having regard to the proposal from the Commission, Having regard to the opinion of the European Economic and Social Committee ('), Acting in accordance with the procedure laid down in Article 251 of the Treaty (), Whereas: (1) In its Presidency conclusions, the European Council of 8 The Commission’s communication of 10 July 2007 on a simplified business environment for companies in the areas of company law, accounting and auditing identifies amendments that need to be made to Fourth Council Directive 78/660/EEC of 25 July 1978 on the annual accounts of certain types of companies (°) and Seventh Council Directive 83/349[/EEC of 13 June 1983 on consolidated accounts (¥). Special attention has been given to further relieving the reporting burden imposed on small and medium-sized companies. In the past, a number of changes have been made in order to enable companies falling within the scope of Directives 78/660/EEC and 83/349/EEC to use accounting methods in accordance with international financial reporting standards (IFRS). Pursuant to Regu- lation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards (°), companies the sec- urities of which are admitted to trading on a regulated market of any Member State have to prepare their conso- lidated accounts in accordance with IFRS, and are conse- quently relieved from most of the requirements set out in Directives  78/660/EEC  and  83/349/EEC.  Those Directives, however, still form the basis for small and medium-sized companies’ accounting in the Community. . . - Small and medium-sized ies ften subject t and 9 March 2007 underlined that reducing administra- Gl t}zel asazﬂrlle rrl:lee Sluarzl ?;reerazgqrgaz;eiesariti)t f:}rlleiru sjegcifi(; tive burdens is important for boosting the European . g P ’ P . L . . accounting needs have rarely been assessed. In particular, economy, especially in view of the benefits that this he i . ber of discl . . 1d brine for small and medium-sized companics. It the increasing number of disclosure requirements raises cou g . P ) concerns for such companies. Extensive reporting rules stressed that a strong joint effort on the part of both the financial burd d hinder effici ¢ European Union and the Member States is necessary in create a tnancial burden and can inder efficient use o p o capital for productive purposes. order to reduce administrative burdens. (2)  Accounting and auditing have been identified as areas in (6)  The application of Regulation (EC) No 1606/2002 has which the administrative burdens on companies within also highlighted the need to clarify the relationship the Community can be reduced. between the accounting standards required by Directive 83/349/EEC and IFRS. () O] C 77, 31.3.2009, p. 37. () Opinion of the European Parliament of 18 December 2008 (not yet () OJ L 222, 14.8.1978, p. 11. published in the Official Journal) and Council Decision of 11 May () OJ L 193, 18.7.1983, p. 1. 2009. (°) OJ L 243, 11.9.2002, p. 1.