Accounting Directive

Definitions

Abbreviated Accounts Small Companies Annual Accounts Companies Act Accounting Directive Abridged Accounts

Abbreviated accounts were formerly a simplified form of annual accounts that small qualifying companies could file under the Companies Act to cut costs and save time, while minimizing the disclosure of business information.

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Definitions

Accounting Directive (EU Directive 2014/95/EU)

Accounting Directive EU Directive 2014/95/EU Small Companies Abridged Accounts Micro-Entities Financial Reporting UK Law

The Accounting Directive (2014/95/EU) aims to simplify the disclosure requirements for small companies, notably through the introduction of abridged accounts, and includes special rules for micro-entities. The directive was incorporated into UK law in 2015 and applies to financial periods beginning on or after 1 January 2016.

Definitions

Micro-Entity

Micro-Entity Small Company Net Worth Turnover Company Reporting Directive Companies House Fair Value Accounting Alternative Accounting Rules Accounting Directive FRS 105

A micro-entity is a very small company that meets specific criteria for turnover, net worth, and number of employees, allowing it to present simplified annual accounts under certain regulatory frameworks.