For small company’s ( currently with turnover less than £6.5million ) the Europeon Commiission has proposed measures to reduce the administration burden. The proposals allow small firms to meet their statutory accounting requirements with a simpler profit and loss account, balance sheet and reduced accompanying notes. Simplifying the preparation of the accounts would also make these more comparable, easier to understand. Shareholders, banks and suppliers would be able to get a better understanding of a company’s performance and financial position.
At a&c chartered accountants we will keep you informed all the way to implementaiton. ( call us on 0161 962 1855 )