Small firms could become exempt from lodging their annual accounts if new European Union (EU) changes get the go-ahead.
Despite the modifications already receiving backing by European members of parliament, each EU country has to decide whether to adopt the new rules.
The European Small Business Alliance (ESBA) has praised the changes, referring to them as a step closer to cutting red tape across Europe.
ESBA president Tina Sommer said: "Today's decision of the European Parliament to adopt the Commission's proposal is a much awaited signal from the EU towards the small business community in Europe, showing that the European Union indeed has their interest at heart and is willing to help them survive the crisis.
If the changes are adopted by countries it will increase the trust of small firms in the EU's efforts to support small and vulnerable organisations, according to Ms Sommer.
The National Association of Pension Funds chairman Lindsay Tomlinson recently referred to the current pension accounting standards as "broken". Standard setters should remove excess volatility and exercise rational thinking, he advised.
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