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Accounting for Small Companies

Since 8 November 2006, many more small financial services companies have been able to take advantage of the option not to have their accounts audited, and of other small company accounting and reporting simplifications, as a result of changes to the Companies Act 1985. Regulations that came into force on 1 November 2007 as a result of implementation of the Markets in Financial Instruments Directive have changed this position for certain small financial services companies. Updated guidance is available below:

Guidance on changes to the accounting and auditing requirements for certain small financial services companies and LLPs  (83KB)

For a copy of the Regulatory Impact Assessment please click below:

Final regulatory impact assessment: the Companies Act 1985 (small companies' accounts and audit) regulations 2006

Fact Sheets: Accounting for Small Companies

Thresholds for small and Medium -sized Companies and Groups and audit exemption threshold

Research on the Audit Exemption Threshold

Dormant Companies - Audit Exemption