New small company accounting rules

The Small Companies (Micro-Entities’ Accounts) Regulations 2013 introduce exemptions from certain financial reporting requirements for very small companies. They permit such companies to prepare and file abridged accounts and introduce a presumption that accounts prepared in accordance with minimum requirements give a true and fair view of a company’s financial position. The regulations come into force on the first day of the month following that in which they are made (i.e. 1 December 2013)  say Harris & Co accountants Northampton, the specialist small business accountants.