Over the next year or so the statutory accounts that small companies have to prepare and send to Companies House are changing because of revision to the Companies Act and some connected changes
Download the ‘Changes and choices’ briefing here.
to UK Accounting Standards, often referred to as UKGAAP.
Smaller limited companies (known as ‘micro-entities’) will often be able to choose between two version of UKGAAP, one of which is considerably simpler than the other. However, companies which are ‘small’ but not small enough to be micro-entities will not be able to take advantage of this option.
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