What are the requirements for the financial statements?

The rules on drawing up the financial statements and the requirements for their content are less strict for small and medium-sized companies than the rules for big companies. Although medium-sized and small companies have to include a profit and loss account in their financial statements, they do not have to specify it. Small companies do not need to have their financial statements checked and audited by an external accountant.

Companies fulfilling two of the following requirements qualify as medium-sized companies, companies not fulfilling two of the following minimum requirements qualify as small companies,  companies exceeding two of the requirements qualify as ‘big’:

  1. The value of its assets on the balance sheet is more than EUR 4.4 million but less than EUR 17.5 million.
  2. The net turnover during the past financial year exceeded EUR 8.8 million but did not exceed EUR 35 million.
  3. The average number of employees during the past financial year was more than 50 but less than 250.

 

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