In March 2015 the UK Government approved new regulations that implement the requirements of the new EU Accounting Directive into UK company law. While the changes introduced by the regulations are wide ranging, some of the most significant relate to the small companies regime. The changes to company law are effective for financial years beginning on or after 1 January 2016. The small companies regime has now been split into two parts, micro-entities and small companies, with the split based on thresholds set for turnover, balance sheet total and average number of employees The financial reporting requirements of each regime get progressively more complex and comprehensive the further up the suite of standards that an entity goes. We will contact all our clients on an individual basis to discuss the impact of these changes on your company.