I am not yet sure that the EU simplification means that we get the BIS cash accounts.
My understanding is that we still require a balance sheet and profit and loss account - including stock and material accruals and prepayments in the trading account.
What disappears is the vast realm of notes which most small companies never file, nor do management care about.
I wait to read the detailed text of the directive with interest and see how BIS reacts.
Dont forget that this is the start of a domino effect as it will have an impact on FRSSE, future of UK GAAP etc In addition of course there is the tax implication to address.
Hopefully we can concentrate on producing meaningful accounts and management information which the client values.
My answers
Are we confusing apples and pears?
I am not yet sure that the EU simplification means that we get the BIS cash accounts.
My understanding is that we still require a balance sheet and profit and loss account - including stock and material accruals and prepayments in the trading account.
What disappears is the vast realm of notes which most small companies never file, nor do management care about.
I wait to read the detailed text of the directive with interest and see how BIS reacts.
Dont forget that this is the start of a domino effect as it will have an impact on FRSSE, future of UK GAAP etc In addition of course there is the tax implication to address.
Hopefully we can concentrate on producing meaningful accounts and management information which the client values.