New Company Size Criteria Introduced By Companies (Accounting) Act 2017

Micro Business Companies Act - Crowe Horwath

The below sets out the new criteria for companies to qualify as “small”, “medium” or “large” as well as a new “micro” category of company. The old thresholds are also highlighted.

Quick Guide to the Company Size Criteria following the 2017 Act
Mandatory for accounting periods beginning on or after 1 January 2017.
Early adoption for accounting periods beginning on or after 1 January 2015
Turnover
€ million
Balance Sheet Total
€ million
Average
No. of Employees
Micro Company pre 2017 Act N/A N/A N/A
Micro Company
post 2017 Act
≤0.7 ≤0.35 ≤10
Small Company pre 2017 Act ≤8.8 ≤4.4  ≤50
Small Company
post 2017 Act
≤12  ≤6  ≤50
Small Group pre 2017 Act Net * ≤8.8  ≤4.4  ≤50
Small
Group post 2017 Act
Net * ≤12  ≤6  ≤50
Gross ** ≤14.4  ≤7.2  ≤50
Medium Company
pre 2017 Act
≤20  ≤10 ≤250
Medium Company
post 2017 Act
≤40  ≤20 ≤250
Medium Group pre 2017 Act N/A N/A N/A
Medium
Group post 2017 Act
Net * ≤40 ≤20 ≤250
Gross ** ≤48 ≤24 ≤250
Group consolidation threshold pre 2017 Act ≤20  ≤10 ≤250
Group consolidation threshold post 2017 Act Net * ≤12  ≤6  ≤50
Gross ** ≤14.4  ≤7.2  ≤50
Audit Exempt
Company pre 2017 Act
≤8.8 ≤4.4  ≤50
Audit Exempt
Company post 2017 Act
≤12  ≤6  ≤50
Audit Exempt Group pre 2017
Act
Net * ≤8.8  ≤4.4  ≤50
Audit
Exempt Group post 2017 Act
Net * ≤12  ≤6  ≤50
Gross ** ≤14.4  ≤7.2  ≤50
* Consolidated totals with intergroup transactions and balances eliminated 
** Simple addition of totals with no elimination of intergroup transactions or balances
Small Company abridged financial statements will also disclose additional information and Medium Companies cannot abridge their financial statements. 

To find out more about the 2017 Companies Act and how it affects your business contact a member of our Audit Team.