The rules around information to report in company accounts are based on a couple of important factors, notably
turnover and balance sheet values. made
Proposals have been made for new measures to help reduce the complexity and burdens of the current rules. The new regulations will directly benefit preparers and users of annual reports and accounts. They are intended to concentrate on high-value information, making the reports shorter, easier to navigate and better focused.
Please note the following changes if these are adopted:
- Micro entity thresholds will move from not more than £632,000 turnover to not more than £1m.
- For small, it will increase to not more than £15m turnover, from £10.2m.
- The upper medium threshold will move to not more than £54m.
- Everything above that would classify as a large company.
- The balance sheet total thresholds would increase to not more than £500,000, £7.5m, £27m and anything above £27m respectively.
The government intends that companies will be able to benefit from the changes for financial years starting on or after 1 October 2024.
If you want more about the proposed simpler corporate reporting regulations and obtain more information you can review the statement made by Kevin Hollinrake, Minister for Enterprise, Markets and Small Business on 19 March 2024.
Please contact us if you have any questions and we can offer further advice.
