New accounting rules for small businesses

 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