With effect on financial statements commencing the 1st January 2016 onwards, statutory instrument 2015/980 is changing the format of UK accounts. Let’s look at the main changes for medium companies and group accounts:
The new size limits for medium companies are as follows:
- Turnover less than £36m
- Gross balance sheet total less than £18m
- Less than 250 employees
Changes for medium sized companies:
- Disclosures with regard to subsidiaries and other significant investments are expanded to include the address of the registered office of all such entities, whether inside or outside the UK.
- The maximum useful life of goodwill and intangible assets is set at ten years.
The new size limits for groups requirement consolidation are as follows:
- Turnover less than £43.1m
- Gross balance sheet total less than £21.6m
- Less than 250 employees
Order of the notes
The 2015 Regulations bring in requirements about the order notes must be presented in the accounts. Notes must now be presented in the corresponding order of presentation in the profit and loss accounts and balance sheet.
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