The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 were made last week and come into force on 6 April 2015: see here or here (pdf). The purpose of the Regulations is to update and consolidate existing legislation on the content and presentation of company accounts, making amendments to Part 15 (Accounts and reports) of the Companies Act 2006 and other legislation, and in doing so implement Chapters 1-9 of Directive 2013/34/EU.
The Regulations will, for example, permit small companies to prepare an abridged balance sheet and abridged profit and loss account; they also remove the requirement for micro-entity companies (as defined by sections 384A and 384B of the Companies Act 2006) to prepare a Directors’ Report. Further information is available in the accompanying explanatory memorandum (here, pdf), impact assessment (here, pdf) and transposition note (here, pdf).
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