EU FINANCIAL REGS
June 1st, 2002
Keith NuthallTHE EUROPEAN Union Council of Ministers has approved a root-and-branch reform of the European Union's Financial Regulation, its accounting bible, which is designed to make the budgetary management of the EU more simple and efficient. The new system comes into force on January 1, 2003. It will, for instance not only permit cash accounting, but also integrated accrual accounting.Said a European Commission statement: "All rules and procedures for the implementation and discharge of the budget have been rationalised and modernised, and financial ...
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