What does the EU Accounting Directive require for financial record keeping?
Effective: 2013-06-26 · Authority: European Parliament and Council
EU Accounting Directive 2013/34/EU sets minimum requirements for annual financial statements and accounting records across member states. While not an invoice-specific regulation, it establishes the underlying obligation for businesses to maintain complete, accurate accounting records including invoices throughout the applicable retention period.
What record-keeping obligations flow from the Accounting Directive?
The directive requires member states to ensure undertakings keep adequate accounting records sufficient to present a true and fair view of their financial position. Invoice records form the foundational transaction-level evidence supporting financial statements. Member states set specific retention periods, typically 7-10 years.
Frequently Asked Questions
- Does the Accounting Directive apply to all EU businesses?
- The directive applies to limited liability companies and other entities required to prepare annual accounts under national law. Micro-enterprises may benefit from simplified requirements. The directive is implemented through national law in each member state.
- How does the Accounting Directive relate to e-invoicing?
- The directive does not specifically address e-invoicing but establishes the accounting record-keeping obligations that e-invoice systems must satisfy. E-invoice archives must preserve complete, authentic, and legible records for the periods required by national implementation of the directive.
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