A new EU Accounting Directive became law in the European Union (EU) in 2013 and was implemented in the UK in 2015. The 2015 legal changes amend the key components of the UK legal framework for a company’s annual report and accounts.

All companies that are required by law to prepare accounts will be affected by the changes made in 2015.

Many of the changes to UK company law are relevant only to companies that prepare their accounts under UK GAAP. When a company prepares its accounts in accordance with International Financial Reporting Standards (IFRSs) adopted by the EU, the changes to legal requirements on the form and content of accounts will not usually be relevant as the detailed UK legal requirements do not apply to such accounts. However, some changes will affect the form and content of accounts, even where they are prepared under IFRSs.

Although the most significant changes are likely to affect small companies (including whether they qualify based on size), some changes will affect large and medium-sized companies.

This publication addresses the significant changes and how they will affect companies of different sizes.

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