Changes to accounting regulations
New regulations bring changes for company accounts
The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 came into force on 6 April 2015. These set out a number of changes to what companies have to do when preparing and filing their accounts.
For accounting periods that begin or after 1 January 2016 small or medium-sized companies can’t file abbreviated accounts with us any more. The very smallest companies can prepare micro entity accounts, while other small companies can prepare a set of abridged accounts for their members, which can also be filed with us. Abridged accounts and the relevant balance sheet formats can be found in the regulations.
Some of the main changes:
- A new statement is required to be delivered in a set of small company abridged accounts to indicate the members have agreed to the abridgement.
- The thresholds for a company size have changed. For a small company the: * turnover limit rises from £6.5m to £10.2m * balance sheet total limit rises from £3.26m to £5.1m * total number of employees remains at a maximum of 50
- For a medium-sized company the turnover limit rises from £25.9m to £36m and the balance sheet total limit rises from £12.9m to £18m. The total number of employees remains at a maximum of 250
We’ve recently uploaded a blog which has an overview of the changes.