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Accounting for Change: Audits and Annual Accounts
This article looks at the accounts that companies need to keep.
The threshold for compulsory filing of audited financial statements rose on 6 April 2015 to those businesses with a turnover of £10.2 million or more for periods commencing from 1 January 2016.
This is part of a new European Commission directive which allows member states to choose whether to significantly raise the existing threshold to reduce unnecessary and burdensome red tape. The UK chose to do so and the new threshold was written into the statute under the Companies Partnership and Groups (Accounts and Reports) Regulations 2015.
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