The EU Single Accounting Directive: The EU Single Accounting Directive Was Approved On 12 June 2013

The Directive sets out EU accounting rules for micro, small, medium and large entities, of which the thresholds are set out in the table below. The rules govern the preparation of statutory financial statements, and do not concern internal management accounting which remains a private internal matter.  Also, the requirement under various laws and regulations to maintain appropriate underlying accounting records is not affected by these provisions.

In 2009 Malta had published local accounting rules, known as General Accounting Principles for Smaller Entities (or GAPSE), as an option available to those qualifying entities that preferred to move away from the EU-IFRS default accounting requirements. The applicable GAPSE quantitative thresholds for non-State Owned entities were based on the EU Medium levels, as also shown below.