Administrative burden impacts on many small enterprises
ISME, the Irish Small and Medium Enterprises Association today (June 9th) welcomes the passing into law of the Companies (Accounting) Act 2017. The Association has long sought a reduction in the administrative burden on SMEs. The Companies Act 2017 makes several changes to the Companies Act 2014. The changes in the 2017 Act mainly impact the form, content and filings of annual and consolidated financial statements.
Commenting on this, ISME Neil McDonnell said “Reducing the administrative burden for SMEs is something ISME has long lobbied government for. This enactment will remove some unnecessary red tape and bureaucracy for small businesses”.
“The exemption of micro and small sized companies from certain disclosures in their financial statements, with more extensive disclosure exemptions for micro companies, including an exemption from disclosing details of directors' remuneration is helpful”
This Act is an important piece of legislation that will have a positive impact on SMEs, but in particular micro to small enterprises, who are heavily impacted financially when it comes to administrative costs. Commencement of this Act represents a good start in tackling the red tape burden.”