17th May 2017 |
The Companies (Accounting) Act 2017 introduces a new category of company, the micro company, and greatly reduces the financial reporting obligations on those very small companies. It also increases the thresholds for the “small company” category so more companies will qualify as small in future and become eligible for cost saving provisions such as the audit exemption. The Act also raises the size threshold for medium sized companies and groups, which brings some larger companies into this category. As a result, there are a small number of new reporting requirements for medium sized companies and groups.
The Act also increases transparency by introducing new reporting requirements for companies that are active in extractive industries and by obliging some unlimited companies, funds and investment companies to file financial statements publicly.
Commerce, Consumer and Competition