The European Commission has published a consultation paper on the review of the Accounting Directives. The consultation is the Commission’s third step in the simplification of accounting rules for small and medium sized enterprises and other companies that are within the scope of the Fourth and Seventh Company Law Directives (Accounting Directives). The consultation looks at issues relating to the modernisation and simplification of the Accounting Directives. Comments are invited by 30 April 2009. Following an analysis of the comments received to the consultation paper, a legislative proposal will be presented before the end of 2009.