Federal government allows company accounting rulings

Federal government allows company accounting rulings
New moves afoot to expand the remit of the Accounting Standards Commission.

On July 15th, the federal government approved a text allowing the Accounting Standards Commission to make decisions specific to individual companies.
The state is trying to broaden the remit for rulings from simply the tax sphere to include accounting as well. This features in L'Echo today (Friday).

The Commission for Accounting Standards is presently responsible for developing accounting doctrine and for formulating regular accounting principles. It has several private sector representatives in its midst, and is within the portfolio of the Minister for the Economy, Kris Peeters.

L'Echo says, this manoeuvre risks reaching the European Commission radar.

In January, the Commission ruled that Belgium should recoup some 700 million euros from various businesses for tax rulings considered both excessive and illegal.

The texts on accounting standards are currently with the State Council and they may yet be adapted, and therefore those around Kris Peeters are not speaking publicly about the matter.

The Brussels Times

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