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Small business accounting regulations to come into force

The latest rules for small companies business accounting move a step closer today with the publication of the statutory instrument setting out the final wording of the regulations to implement the EU Accounting Directive in the run-up to the release of the replacement FRSSE this July

The changes to the Companies, Partnerships and Group (Accounts and Reports) Regulations 2015 were made on 26 March 2015. The Regulations will come into force on 6 April 2015.

The amendments made by these Regulations will take effect in relation to:

  • financial years beginning on or after 1 January 2016, and
  • a financial year of a company beginning on or after 1 January 2015, but before 1 January 2016, if the directors of the company so decide.

Note that these regulations do not apply to Limited Liability Partnerships (LLPs) at this stage as there was insufficient time to draft the rules to cover partnerships. It is expected to be added to the framework after the new parliament resumes post- general election. 

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