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Internal Market: Iceland given final warning for failure to implement Directive on annual and consolidated accounts


The EFTA Surveillance Authority today sent a reasoned opinion, a final warning, to Iceland for failing to implement the rules on annual and consolidated accounts as required by Directive 2006/46/EC[1]. The deadline for the EEA EFTA States to implement the Directive expired on 1 August 2010.

The Directive sets out rules harmonized at European level on annual and consolidated accounts. It  aims to facilitate cross-border investments and to improve comparability and public confidence in financial statements and reports in the entire European Economic Area.

In a letter dated 2 July 2010 the Authority drew the attention of Iceland to its obligation to implement the Directive, and formal infringement proceedings were opened by sending a letter of formal notice on 29 March 2011. Nevertheless, Iceland still has not implemented the Directive.

The purpose of a reasoned opinion is to give the State in question a last chance to take corrective measures before the Authority decides whether to bring the matter before the EFTA Court. The Icelandic Government has been given two months to take the measures necessary to comply with the reasoned opinion.


For further information, please contact:


Mr Jonas Pålshammar
Internal Market Affairs
Tel. (+32)(0)2 286 18 34



[1] Directive 2006/46/EC of the European Parliament and of the Council of 14 June 2006 amending Council Directives 78/660/EEC on the annual accounts of certain types of companies, 83/349/EEC on consolidated accounts, 86/635/EEC on the annual accounts and consolidated accounts of banks and other financial institutions and 91/674/EEC on the annual accounts and consolidated accounts of insurance undertakings.

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