More than 100,000 UK businesses could save over £600m in accountancy and administration costs every year under proposals to reduce financial reporting requirements.
The consultation on Audit Exemptions and Change of Accounting Framework sets out plans to allow more small companies and subsidiaries to decide whether or not to have an audit. Current EU rules mean that to classify as ‘small’ for accounting purposes, a company must comply with two out of three criteria relating to their turnover,…
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