Exemption from EU Financial Reporting Rules for Micro Enterprises

The European Commission has proposed to exempt very small businesses (“micro-entities”) from current EU rules on financial reporting.

Micro entities are defined as those companies that on their balance sheet dates do not exceed the limits of two of the three following criteria: balance sheet total of EUR 500.000, net turnover of EUR 1.000.000 and an average number of employees during the financial year of 10.

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