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Micro-entities accounting option in Europe

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22 May 2019

The European Federation of Accountants and Auditors for SMEs (EFAA) has published the results of a survey on the acceptance of the micro-entities accounting option in Europe, which was introduced to ease the administrative burden on very small companies.

Over 700 practitioners from 7 countries responded to the survey which revealed that accountants are instrumental in the decision of micro-entities to take-up the option for simplified accounting. Nevertheless, many eligible micro-entities are unaware of the option.

The key findings presented in the survey report include:

  • The level of awareness of the existence of the micro-entities option varies significantly from country to country;
  • A clear majority of accountants recommended their eligible clients to take-up the micro-entities option and actual rates of take-up closely mirror this;
  • The main reasons accountants gave for recommending the micro-entities option were cost savings and greater privacy from reduced disclosures; and
  • While most accountants did not expect to change their view of the micro-entities regime most did expect the take-up to increase in the future.

Please click to access the full survey report on the EFAA website.

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