CELEX: 51982PC0877
Language: en
Date: 1983-01-06 00:00:00
Title: Recommendation for a COUNCIL DECISION concerning the Community position to be adopted in discussions on the development of international accounting and reporting standards within the United Nations Organization (submitted to the Council by the Commission)

ARCHIVES HISTORIQUES
DE LA COMMISSION
COLLECTION RELIEE DES
DOCUMENTS "COM"
COM (82) 877
Vol. 1982/0268
 ---pagebreak--- Disclaimer
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 ---pagebreak--- COMMISSION OF THE EUROPEAN COMMUNITIES
                                                     COM ( 82 ) 877 final
                                                     Brussels , 6 January 1983
                              Recommendation for a
                                COUNCIL DECISION
  concerning the Community position to be adopted in discussions on the
  development of international accounting and reporting standards within
                        the United Nations Organization
                               f //      -k-,      p l
                 ( submitted to the Council by the Commission )
 COM ( 82 ) 877 final
 ---pagebreak---                           Explanatory Memorandum
A new UN intergovernmental expert working group on international
standards of accounting and reporting
       1 . The Economic and Social Council (ECOSOC ) of the United
Nations Organization (UN) adopted a resolution in October 1982
setting up an intergovernmental expert working group (l ). Its terms
of reference concern questions of accounting and reporting
primarily by multinational enterprises or , in UN language , trans­
national corporations . The group will commence work in February
1983 in New York . Certain Member States have been elected as
members of the new group : Prance , Federal Republic    of Germany ,
Italy , Netherlands , United Kingdom . The group is to meet for one
period of two weeks each year in New York and to report annually
to the UN Commission on Transnational Corporations on measures
to be taken in the field of international accounting and reporting
with a view to realizing the long term objective of international
harmonization of accounting and reporting . The group will meet
for a period of three years after which the UN Commission will
review its work and its mandate , with a view to deciding whether
its continuation is desirable .
        2 . The creation of the new group follows the recommendation
of the ad hoc intergovernmental expert working group on international
 standards of accounting and reporting that made its final report to
the UN Commission during 1982 (2 ). The same Community Member States
were members of the ad hoc group and the Commission representatives
 co-ordinated and presented the position of the Ccmmunity in accordance
with the Council 's decision of 26 October 1979 (})•
 (1 ) Resolution 1 982/67 of 27 October 1982 .
 ( 2) Report of the Ad Hoc Intergovernmental Working Group of
      Exoerts on International Standards of Accounting and Reporting ,
      E/c 10/1932/8 , 24 May 1982 .
 (3 ) Council document , 10096/79 «
 ---pagebreak---                                   -  /
Relationship bet . een proceedings of UN group and Community
legi si at ion on amounting and reporting
          3 . Transnational corporations almost always operate
as groups of companies . Their accounting and reporting is
based on the legal requirements applying to companies ,
whether as oarent or subsidiary undertakings . The European
Community has adopted a series of legislative measures
concerning accounting and reporting by companies (l ). Other
measures are currently in preparation , in particular the
proposed seventh directive on group accounts ( 2 ), currently
at a late stage in Council . Accordingly , the subject matter
of the discussions of the new UN group will for a large part
consist of issues covered by Community measures on accounting
and reporting as was the case in the previous group .
Procedures concerning Community position to be adopted in new group
          4 . The Commission therefore recommends to the Council that ,
 on the basis of decision of the Court of Justice of the European
Communities in the AETR case ( 3 ) and following the precedent set
 in 1979 as regards the UN 's ad hoc intergovernmental expert working
group that has recently completed its mandate , the procedures
 specified in the attached decision be adopted concerning the
 Community position to be presented during the proceedings of the
 successor group recently created .
  (1 ) In particular the first and fourth company law directives ,
        see OJ L 6 5 of 14 March 1963 , p. 8 and OJ L 222 of 14 August 1978 ,
        p. 11 .
  ( 2 ) OJ C 14/2 of January 1979 > P » 2 . Note also proposal for a
        directive on the annual accounts of banks currently before
        the European Parliament , OJ C 130 of 1 June 1931 , p. 1 .
  ( 3 ) Case 22/70 , judgement of 31 March 1971 *
 ---pagebreak---                               Recommendation for a
                                COUNCIL DECISION
    concerning the Community position to be adopted in discussions on the
    development of international accounting and reporting standards within
   the United Nations Organization .
   THE COUNCIL OP THE EUROPEAN COMMUNITIES ,
   Having regard to the Treaty establishing the European Ecancraic Community,
   Having regard to the Recommendation from the Commission,
   Whereas a decision should be taken on the Community position to be adopted
   in the discussions on the development of international accounting and
   reporting standards within the United Nations Organisation,
   HAS DECIDED AS FOLLOWS:
                                 Sole Artide
1*        Soring "the discussions of the intergovernmental Working Group
   of Experts oa international accounting and reporting standards, set up
   in October 1982 by the Economic and Social Council of the United
   Nations , the Commission shall express the Community 's position insofar
   as those discussi one relate to subjects covered by common rules .
          The CoaaaisBion shall act in consultation with the representatives
   of the Member States .
2.        The Commission shall    ensure   that the proposals which it has
   submitted to the Council for a more thorough harg-ni zation of accounting
   and reporting law are presented in such a way during the discussions of
   the Working Group referred to in paragraph 1 that they clearly show the
   importance which the Community attaches to such harmonization .
3.        The Member States and the Commission shall coordinate their
   positions with a view to reaching a common position in the nestings of
   the Working Group referred to in paragraph 1 , in particular on the
   question of what further steps should be taken i.r» the fisld o? inter­
   national accounting and reporting standards in ti     coat art of the
   proceedings of the United Nations Commission cn T :- iiiSi..atiana.l Corporations .
 Done at                                                     For the Council