The Companies (Accounting) Bill 2016


The Companies (Accounting) Bill 2016, published on the 5 August 2016, aims to transpose the EU Accounting Directive (2013/2014/EU). This Directive deals with annual financial statements, consolidated financial statements, and related reports of certain types of undertakings. It aims, among other things, to create a single directive on the form and content of financial statements.

The Directive states that it is principles-based and should ensure that it is not possible for an undertaking to exclude itself from the Directive’s scope by creating a group structure containing multiple layers of undertakings established inside or outside the European Union.


The principle changes

  • Expanded definition of whether a lower company is a subsidiary company of a superior company to include persons acting in their own name or on behalf of the superior company;
  • Changes in size thresholds for classifying companies;
  • The introduction of the small companies regime;
  • The introduction of the micro companies regime;
  • The abolition of the ‘non-filing regime’; and
  • Other technical changes.


Click on any of the links below to learn more about that part of the Bill.

A. Changes in size thresholds

B. The small company regime

C. Micro company regime

D. Abolition of the non-filing regime

E. Changes to accounting practices