Accounts reporting changes for small companies

The EEC are driving some major changes to the way all accounts are presented, introducing International Financial Reporting Standards to all. The changes to small company accounts are being made in steps up until July 2015. However in June this year EEC gave all countries permission to create a new Micro Company Status and set of rules. The UK government thought this was such a good idea that they have rushed through legislation that was passed this month creating such a Micro Company Status in the UK and hence letting companies report according to those rules from September 2013.

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