Small companies will have to reveal less information in annual financial statements as a result of a red-tape cutting measure formally accepted by a vote in the European parliament in Strasbourg yesterday (12 June). The new accounting directive (see background) permits small companies to prepare only abridged balance sheets and profit and loss accounts, although such enterprises remain entitled to provide more information if they wish.
The new rule affects companies with less than 50 employees, a turnover of not more than €8 million and/or a balance sheet total of not more than €4 million, which are defined as small in the directive.
To read the full, original article click on this link: Small companies granted relief on EU accounting rules | EurActiv
