Мошенник шепелев дмитрий юрьевич it service aris (aris org ua)
Accounting by small and medium-sized entities Rep aris Workshop
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Transcript of Accounting by small and medium-sized entities Rep aris Workshop
Accounting by small and medium-sized entities
Reparis Workshop
Annette DavisMarch 2006
Topics• EU law for limited liability companies• Unlisted companies: SME criteria• Unlisted companies: accounting requirements• SME exemptions• Implementation of SME exemptions• IASB SME project: Commission view• EFRAG / FEE joint working group
EU law for limited liability companies
Unlisted companies:
– Fourth Directive 1978
– Seventh Directive 1983
– as transposed into National legislation
– Local accounting standards
Listed companies:
– 2002 IAS Regulation
– Apply “endorsed” IASB Standards and Interpretations
– From 1 January 2005
Unlisted companies: SME criteria
Criteria Small companies
Medium-sized companies
Turnover €7 300 000 €29 200 000
Balance sheet total (i.e. gross assets)
€3 650 000 €14 600 000
Number of employees
50 250
Population of Fourth Directive and IFRS companies in Europe
5 000 000 – 7 000 000Total number of companies8 000
Listed companies
3 700 000Small companies
66 000Medium-sized
companies
Large unlistedcompanies
Unlisted companies: accounting requirements
• Publication of annual accounts to include– Balance sheet– Profit and loss account– Notes to the accounts– Using prescribed formats
• Must show true and fair view• Publication of annual report • Must be audited
Small company exemptions from accounting requirements
• Publication of abridged balance sheet
• Publication of abridged notes to the accounts
• Omit publication of profit and loss account
• No requirement for an annual report
• No requirement for a statutory audit
Medium-sized company exemptions from accounting requirements
• Publication of a partially summarised profit and loss account
• Publication of abridged balance sheet
• Omit non-financial information from the annual report
• No requirement to draw up consolidated financial statements
Implementation of small company exemptions
Exemption MS using exemption*
No publication of profit and loss account
14
No publication of annual report 7
Publication of abridged balance sheet 15
Publication of abridged notes to the accounts
16
No audit 9 (fully)
4 (partially)
* From survey of 19 MS
Implementation of medium-sized company exemptions
Exemption MS using exemption*
Publication of abridged balance sheet 9
Publication of different profit and loss account
7
No publication of non-financial information in the annual report
6
No consolidated financial statements Unknown
* From survey of 19 MS
IASB SME project: Commission view
• IASB SME working group– Commission is a member
• Once Exposure draft is issued we will consult Member States on their views
• Any decision taken would require a separate legal measure
EFRAG / FEE joint working group
• Proactive group–Met in January to discuss IASB’s tentative decisions so far
• There concerns are:–That some simplifications proposed by EFRAG were not taken into account
–Discussed further simplifications–That it should be a simplification of principles rather than extracts from full IFRS
Contacts
• Internal Market and Services website:
– http://europa.eu.int/comm/internal_market/en/index.htm