Short Consultation on Micro-Entities Accounting Issued by BIS

The Department of Business on February 27 announced a short consultation on the plans for putting into practice the new EU-led rules for the accounting of micro-entities. This mainly focuses on plans relating to exemptions. This short consultation of three weeks seeks for response on proposals of the European Directive’s UK implementation that exempts smaller businesses from certain obligations on financial reporting. The government is mainly trying to find the costs that will be incurred in implementing the proposals and the potential benefits and unpredic