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iGAAP Alert — Audit exemptions

Published on: 14 Sep 2012

This publication highlights changes to UK GAAP made by amendments to the Companies Act 2006.

The government is amending the Companies Act 2006 to:

  • provide a new exemption from audit for subsidiaries with an EEA parent that is willing to guarantee the subsidaries' debts and liabilities. Dormant subsidiaries with such a guarantee will additionally be exempt from preparing and filing financial statements; and
  • align the small companies audit exemption more closely with small company accounting exemptions. This will mostly benefit small companies with big balance sheets.

Draft regulations are being laid before parliament and, once law, these changes will take effect for accounting periods ending on or after 1 October 2012.

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