PracticeConsultingBrussels forces accounts reforms in crackdown.

Brussels forces accounts reforms in crackdown.

The European Union is to force all organisations that receive assistance from local and central governments for supplying public services to produce separate accounts for this element of their business. European Commission officials approved the reform to EU accounting regulations following consultation with EU member states to crackdown on anti-competitive behaviour. It will amend the EU Transparency Directive and force organisations to split such activities in their accounts from normal commercial activities. Competition commissioner Mario Monti said: ‘Such separation of internal accounts will make the costs of the public service obligations more apparent and provide the Commission with the data to examine complaints about alleged over-compensation of public service costs and cross-subsidisation of commercial activities.’

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