Improved Accounting Standard for Small Businesses

The improved standard focuses on accounting and financial reporting requirements applicable for small businesses.

  • Small businesses (including entrepreneurs conducting their activity as physical persons or as juridical persons) that in the two last subsequent years have employed less than 10 employees and have reported an annual turnover and/or total assets of less than ALL 10 million will be required to use Accounting Standard No.15.
  • Entrepreneurs registered as physical persons having an annual turnover of less than ALL 2 million will be required to use cash-basis accounting.

This accounting standard is effective for annual financial statements issued for fiscal years beginning after January 01, 2017.

 

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