Consultation outcome

Simpler financial reporting for micro-entities: implementing the Micros Directive

This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

This consultation has concluded

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Detail of outcome

This report summarises public responses to the consultation, and explains the government’s response and next steps.

Measures to reduce burdensome accounting red tape for micro-business are now in place. Business Minister Jo Swinson said:

Efforts to reduce the burdens on the smallest companies, so that they can focus growing their businesses and creating jobs, should be welcomed. The creation of the micro-entity, a new category of company, means we’ve reduced the bureaucracy for the very smallest companies to a level which is fair according to their size.

Original consultation

Summary

Consults on how the UK will implement the European Directive exempting micro-entities from certain financial reporting obligations.

This consultation ran from
to

Consultation description

The European Union has recently defined a new category of company, the ‘micro-entity’. Micro-entities are very small limited liability companies and qualifying partnerships.

This consultation sets out proposals for how the UK will implement the European Directive exempting micro-entities from certain financial reporting obligations. We are seeking views on how best to implement the Micro Directive, which permits several exemptions. We describe each exemption in detail and outline the related issues.

We welcome views and suggestions from companies, preparers and users of statutory accounts, and professional accountancy bodies. In particular, we are looking for evidence on potential benefits or costs of the proposals, or any unforeseen consequences.

Documents

Published 27 February 2013