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ARTICLE · 31 OCTOBER 2012

Changes To Audit Exemptions And Accounting Framework

Wedlake Bell LLP
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On 6 September 2012 the Government published its response to the Department for Business Innovation and Skills’ consultation paper "Audit exemptions and change of accounting framework" which detailed the Government’s decision to reform the rules on accounts and audit for companies and LLPs.

United KingdomAccounting and Audit
Charlotte Baker
Charlotte Baker

On 6 September 2012 the Government published its response to the Department for Business Innovation and Skills' consultation paper "Audit exemptions and change of accounting framework" which detailed the Government's decision to reform the rules on accounts and audit for companies and LLPs. As a result the Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations (the Regulations) were published on 11 September 2012 and came into force on 1 October 2012.

The Regulations create a number of new exemptions and widen certain existing exemptions in relation to the requirements for companies to prepare, file and audit annual accounts under Part 15 of the Companies Act 2006.  Key changes include:

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