(3)The Commission’s communication of 10 July 2007 on a simplified business environment for companies in the areas of company law, accounting and auditing identifies amendments that need to be made to Fourth Council Directive 78/660/EEC of 25 July 1978 on the annual accounts of certain types of companies 3 and Seventh Council Directive 83/349/EEC of 13 June 1983 on consolidated accounts 4 . Special attention has been given to further relieving the reporting burden imposed on small and medium-sized companies.