The Companies (Accounting) Bill 2016
Introduction
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.
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