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ARTICLE · 07 AUGUST 2024

The Benefits Of Dropping A Size: Adjusted Company Size Thresholds

RDJ LLP
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The EU (Adjustments of Size Criteria for Certain Companies and Groups) Regulations 2024 (the "Regulations") represent a significant update to the regulatory framework governing the classification...

IrelandStrategy
Sarah Slevin
Sarah Slevin
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The EU (Adjustments of Size Criteria for Certain Companies and Groups) Regulations 2024 (the “Regulations”) represent a significant update to the regulatory framework governing the classification of companies and corporate groups within the European Union. These Regulations, which took effect on 1 July 2024, aim to modernise and refine the criteria used to categorise companies based on their size. This has significant implications for compliance, reporting, and eligibility for various EU programs and benefits.

The Regulations give effect to the EU delegated Directive 2023/2775/EU, which amended a 2013 Directive known as the ‘Accounting Directive', to adjust the size criteria for certain companies in line with inflation. The Regulations amend specific provisions of the Companies Act 2014 (the “Act”) dealing with the requirement for accounting records and financial statements in different size companies.

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