Regulations have been signed into law which increase by 25% the balance sheet and turnover thresholds for ‘micro’, ‘small’, ‘medium’ and ‘large’ companies under the Companies Act 2014.

Minister for Enterprise, Trade and Employment, Peter Burke has enacted (21 June) the European Union (Adjustments of Size Criteria for Certain Companies and Groups) Regulations 2024.

Requirements

This change will mean that more companies will move into the micro and small categories and thus benefit through abridged reporting requirements and the audit exemption.

The regulations will take effect from 1 July and the new thresholds will apply for financial years commencing 1 January 2024, with companies also having the option to apply them from 1 January 2023.

Minister Burke said: “We have moved as quickly as possible to give effect to these new rules, to maximise the benefit of the reduction in reporting obligations and cost burden to companies, and to make a real difference in easing the cost of doing business, especially for our small companies, in key sectors, across the country.”