Simpler financial reporting for micro-entities: implementing the Micros Directive
Consults on how the UK will implement the European Directive exempting micro-entities from certain financial reporting obligations.
The European Union has recently defined a new category of company, the ‘micro-entity’. Micro-entities are very small limited liability companies and qualifying partnerships.
This consultation sets out proposals for how the UK will implement the European Directive exempting micro-entities from certain financial reporting obligations. We are seeking views on how best to implement the Micro Directive, which permits several exemptions. We describe each exemption in detail and outline the related issues.
We welcome views and suggestions from companies, preparers and users of statutory accounts, and professional accountancy bodies. In particular, we are looking for evidence on potential benefits or costs of the proposals, or any unforeseen consequences.