The Department for Business, Innovation and Skills (BIS) has published its response and draft legislation from its consultation on UK implementation of the EU Accounting Directive. Key provisions include:
· increasing the small and medium size thresholds for accounting exemptions
· changing the disclosure requirements for small companies
· removing the option to file small abbreviated accounts but permitting abridged accounts for members in certain circumstances.
These changes will come into effect for financial years beginning on or after 1 January 2016. Early adoption will also be permitted if a company"s financial year begins on or after 1 January 2015 say Harris & Co accountants Northampton