Fri, Sep 21, 2012
The Minister for Jobs, Enterprise and Innovation signed the following Regulations into law in August 2012:
- Statutory Instrument No. 304 of 2012 - European Union (Accounts) Regulations 2012 (increasing the ‘small company’ thresholds); and
- Statutory Instrument No. 308 of 2012 - Companies (Amendment) (No. 2) Act 1999 (Section 32) Order 2012 (increasing the ‘audit exemption’ thresholds).
Chartered Accountants Ireland, in conjunction with its fellow CCAB-I bodies, has produced Information Sheet IS 03/2012 Increase in Small Company and Audit Exemption Thresholds, which discusses some of the implications of the increased thresholds for:
- financial reporting,
- availing of the audit exemption; and
- filing small company abridged accounts.
The statutory instruments do not contain provisions establishing commencement dates or financial periods in which the changes are to take effect. Legal advice has been received in this regard.
IS 03/2012 Increase in Small Company and Audit Exemption Thresholds can be accessed by clicking here.
For more on this story, check out Accountancy Ireland’s October 2012 podcast where Mark Kenny (Chartered Accountants Ireland) explains what has changed and why the Institute has issued guidance on the changes: Accountancy Ireland Podcast (iTunes); Accountancy Ireland Podcast (Web – flash player)
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