It highlights that more companies will be able to benefit from fewer requirements regarding corporate information, balance sheets, annual accounts or audits.
MADRID, 19 (EUROPA PRESS)
The National Commission on Markets and Competition (CNMC) has not identified any risks to competition in the reform that reduces accounting obligations for SMEs, although it has proposed better justification of the chosen thresholds and suggests measures to avoid possible negative effects.
The CNMC has approved the report on the preliminary draft law amending the size criteria for companies or groups of companies for corporate reporting purposes.
The reform, which transposes European regulations, will allow a greater number of companies (SMEs) to reduce their accounting obligations. Among other effects, more entities will be able to prepare abbreviated balance sheets and statements of changes in equity, be exempt from auditing, or be considered SMEs for the purposes of the Audit Law.
However, the CNMC has positively assessed the introduction of modulation measures to allow operators of different sizes, such as SMEs, to compete in the market.
Although it does not see any unnecessary or disproportionate restrictions on competition, the CNMC suggests considering the use of an instrument to automatically update thresholds when certain circumstances (e.g., high inflation) are met throughout the EU.
It also recommends strengthening the justification for the thresholds chosen in Spain within the scope permitted by European regulations. It also suggests minimizing potential negative effects of the regulations (for example, operators offering less reliable financial solvency to third-party investors) with complementary measures.
Finally, it proposes coordinating the new thresholds with other European instruments that also use business size criteria, such as those related to state aid.
