TECHNICAL REGULATORY ROUND UP EU MINISTERS PASS NEW FINANCIAL REGULATION
October 1st, 2012 BY KEITH NUTHALL THE EUROPEAN Union (EU) Council of Ministers has approved a new reformed EU financial regulation - the blueprint of accounting rules for the EU's Euro EUR142 billion annual budget - affecting public accountants in Brussels and in national governments. In force from January 1, 2013, the changes are supposed to simplify the EU's financial statements. For example, EU funds recipients will no longer need a separate bank account to receive payment at the start of a project and then return interest. Grants monitoring will shift from real-cost based ...
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