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Senate agrees to delay accountancy changes until 2016

Wednesday 28 November 2012

The senate on Tuesday voted to bring in new rules forcing large firms to switch auditors but agreed to delay the changes until 2016.

Finance minister Jeroen Dijsselbloem was able to persuade senators to delay the implementation of the legislation, giving breathing space to accountants groups and big companies, the Financieele Dagblad said.

The new rules will force large companies to change their accountant every eight years and ban them from providing commercial advice to companies which they also audit.

Financial crisis

This means hundreds of firms will be forced to switch accountant in 2016 rather than next year as suggested earlier.

The legislation stems from the 2008 financial crisis and unease over the role of accountancy firms.

Dijsselbloem urged companies to start taking steps now to ensure they are prepared when the new rules come into effect in three years time.

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Readers' Comments

The decision to postpone auditor rotation is welcom, as it gives time for the rest of the EU to conclude an agreement and so avoid a potential nightmare scenario for large companies with HQ in NL

By Stephen Huyton | 29 November 2012 3:15 AM

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