Accountants across Europe urged to look at simplified accounting for micro entities
Released 16 May 2019
The European Federation of Accountants and Auditors for SMEs has released an 11 page report entitled ‘Acceptance of micro-entities accounting option in Europe’ which investigated the uptake of reduced regulation for micro entities.
The report found that:
•There was a wide variation in the awareness of micro-entity options between countries;
•The majority of accountants recommended eligibility to clients, and a similar percentage took up the option;
•cost savings and increased privacy were the key factors used to ‘sell’ the regime to clients;
•most accountants expected uptake to increase in the future;
The report also looks at increasing the awareness of companies of their eligibility, and places the onus on accountants to achieve this.
Croner-i has published the Preparing Small and Micro Company Accounts which gives a step-by-step guide to applying the Micro-Entities regime in the UK.