The publication of the long-awaited Companies (Accounting) Bill 2016 has been welcomed today by Chartered Accountants Ireland (CAI).
The CAI claim the bill contains some very beneficial and important simplifications in financial reporting for small and micro companies which are likely to reduce the administrative and cost burdens on these companies.
Furthermore, they also believe it will put these companies on a level playing field with their counterparts in Northern Ireland, the rest of the UK and in other European Member States where the Directive has already been implemented.
The CAI welcome the proposed raising of the thresholds for small companies to the EU maximum levels of turnover not exceeding €12 million and balance sheet total not exceeding €6 million.
Director of Technical Policy at Chartered Accountants Ireland, Mark Kenny said, "The Companies (Accounting) Bill 2016 when enacted will transpose the requirements of the EU Accounting Directive, which itself was finalised during Ireland’s EU Presidency in 2013."
He added, "Whilst the delay of over a year in transposing the Directive has caused difficulties for many small and micro companies in Ireland in meeting their financial reporting requirements, the publication of the Bill is nonetheless welcome."
Source: www.businessworld.ie
