Company Accounts: Amending Regulations
New regulations came into force on 6 April 2015 to implement in the UK Chapters 1 to 9 of the EU Accounting Directive. The Directive provides an updated EU-wide accounting framework for statutory accounts. The new regulations apply to accounting periods starting on or after 1 January 2016, though early adoption is possible.
A significant change is to reduce the financial reporting burden for small companies. In particular:
The regulations adopt the maximum turnover and balance sheet limits...
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