The Companies (Accounting) Bill 2016


The Companies (Accounting) Bill 2016 was finally published on 5 August 2016.This Bill transposes the EU Accounting directive 2013/34/EU which was expected to be enacted in mid July 2015.

It is important to note that this is currently at Bill stage and no time period has been given as to when this will be enacted into law. The contents of this Bill cannot be utilised until it is enacted into law. It is expected this will be in the near future so that accountants and companies can finally utilise Section 1A of FRS 102 and FRS 105.

A number of differences from the existing legislation are:

See existing and new proposed thresholds below:

 

Small Company

Small Company

Medium Company

Medium Company

 

Existing

Proposed

Existing

Proposed

Turnover

</= €8.8m

</= €12.0m

</= €20.0m

</= €40.0m

Balance Sheet total

</= €4.4m

</= €6.0m

</= €10.0m

</= €20.0m

Average EEs

</= 50

</= 50

</= 250

</= 250

Contact Dylan Byrne Director in OSK Accountants for further details on the Companies (Accounting) Bill 2016 or in relation to our tax and accounting services.

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