New EU accounting rules

The European Parliament adopted the long awaited revised Accounting Directive on the 12th June 2013.The next step is for the Directive to be adopted by the European Council and then published in the Official Journal. At that point BIS in the UK is likely to launch a consultation and we will get some idea of when the Companies Act 2006 will be amended, and in what particular ways sayNorthampton accountants Harris & Co.
The main impact on most owner managed entities will be to reduce the detailed disclosure in the published accounts and to increase the number of small companies by increasing small company size limits.