Changes in size thresholds – Companies (Accounting) Bill 2016

The Bill provides for an increase in the current size thresholds for small and medium companies together with the introduction of thresholds for a medium group and micro company thresholds.

See the existing and new proposed thresholds below:


The Bill also provides for a reduction in size criteria for holding companies exempt from preparing consolidated financial statements.  Under the proposed Bill all companies other than small or micro group’s (that can avail of the small or micro companies regime) must prepare consolidated financial statements. Currently all medium sized groups avail of this exemption which will not be permitted under the proposed Bill.


Furthermore, as a result of the increased thresholds, the Bill will signal an increase in the number of groups and small companies that can avail of the audit exemption and/or file small company abridged financial statements, if applicable.