EU Accounting Directive—summary of main provisions
Produced in partnership with Tessa Park of Moore Kingston Smith
EU Accounting Directive—summary of main provisions

The following Corporate practice note produced in partnership with Tessa Park of Moore Kingston Smith provides comprehensive and up to date legal information covering:

  • EU Accounting Directive—summary of main provisions
  • Background
  • Regulatory framework and overview
  • Micro-entities
  • Qualifying conditions
  • Excluded companies
  • Financial Reporting Standards
  • Key elements of the micro-entities regime
  • Small companies
  • Qualifying conditions
  • More...

This Practice Note provides an overview of the main provisions of the EU Accounting Directive (2013/34/EU) and the Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 which originally transposed the requirements of the Directive into UK law.

Background

The EU Accounting Directive, Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (the Directive) set out a new regime for the form and content of annual financial statements, and had the fundamental objective of modernising and streamlining reporting requirements for the smallest entities (the ‘think small first’ approach).

The UK implemented the Directive through the Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (the 2015 Regulations). Companies were required to apply the new financial reporting framework for financial years commencing on or after 1 January 2016.

The Directive was subsequently amended by Directive 2014/95/EU of the European Parliament and of the Council of 22 October 2014 as regards disclosure of non-financial and diversity information by certain large undertakings and groups (the 2014 Directive, see 2014 Directive amendments below).

The corporate reporting regime has been impacted by Brexit. However, as the requirements of the Directive have been transposed

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