Ændringer til Årsregnskabsloven i 2015

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Ændringer til Årsregnskabsloven i 2015

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Title: Ændringer til Årsregnskabsloven i 2015
Omhandlende administrative lempelser, implementering af EU Direktiv 2013/34/EU og IFRS-tilpasninger
Author: Jessen, Mathias; Skovby, Dennis
Abstract: The Danish Financial Statements Act was amended in 2015 with the purpose of adjusting the administrative burdens of small and medium size enterprises, implementing EU directive 2013/34/EU of 26 June 2013 and IFRS amendments. This thesis focuses on the administrative easing for micro-enterprises, primarily with regard to business combinations. We will address the amount limits relating to the reporting classes, and the statement of revenue in order to determine the reporting class in regards to consolidated financial statements and IFRS amendments. The thesis discusses the reason for the amendments and the purpose of the introduction and the consequences of the amendments. The analysis presented in the thesis takes its starting point in the preparatory work for the act, including the hearing during which the individual amendments were widely criticised. In addition, the analysis comprises interviews with banks, auditors and FSR - Danish Auditors as well as publicised professional material regarding the amendments. The analysis presented in the thesis takes its starting point in the preparatory work for the act, including the hearing during which the individual amendments were widely criticised. In addition, the analysis comprises interviews with banks, auditors and FSR - Danish Auditors as well as publicised professional material regarding the amendments. Based on the performed analysis, we can conclude that for micro-enterprises the savings will be very individual as a number of external factors will affect the actual savings achieved by the enterprise, including the stakeholders’ need for information in the financial statements and the enterprise’s dependence on the bank. Trust in the financial statements is expected to be lower if the annual report is presented in accordance with provisions applying to micro-enterprises, as the transparency of certain special items, including revaluation and impairment and a lack of accounting policies, will not be shown. As a result, the stakeholders will require more information that will probably lead to an increase in the ongoing administrative burden for the enterprises if they utilise the exemptions applying to micro-enterprises. The administrative relaxation which is expected in connection with the introduction of micro-enterprises is considered limited with regard to the preparation of the annual report. On the other hand, for a large number of micro-enterprises administrative burdens will arise as a result of the lack of information to the stakeholders in the annual report as they will probably request the information separately. This will most likely balance out the administrative relaxation achieved in relation to the preparation of the annual report. The increased amount limits in regard to determining the reporting class entails that more enterprises can prepare the financial statements in accordance with the provisions applying to a more advanced reporting class. However, the result may also be that the financial statements of the enterprise alternate between two reporting classes over a number of years, which causes administrative burdens for the enterprises. Another result may be that the enterprise decides to prepare the financial statements in accordance with the provisions applying to a more advanced reporting class than required in order to accommodate the stakeholders and thereby impose more administrative burdens on the enterprise. As a consequence of the changes to the statement of revenue in regard to determining the reporting class, more enterprises will be subject to the audit obligation. This means that an auditor must perform an audit, which will most likely lead to administrative burdens for the enterprise as it must carry out additional work in connection with the presentation of the financial statements. When the enterprise is covered by the provisions applying to a more advanced reporting class, the amendments may also require a higher degree of involvement by the auditor in connection with the format and the preparation of the financial statements that is consequently more complicated. This is expected to be an administrative burden for the enterprises covered by the new computation regardless of how they decide to address the consequences of the amendment. This is not in accordance with the overall objective of the amendment of the Danish Financial Statements Act. The changes relating to the consolidated financial statements will affect the degree to which the enterprise involves the auditor, and with regard to the changes to the quality requirements and the new requirements for notes, these will result in increased work for the auditor and impose more burdens on the enterprises in connection with the preparation of the annual report and the preparatory work for the audit. When changing the amount limits and the possibility of subsidiaries to present the annual report in accordance with the provisions applying to reporting class B, the work of the auditor is reduced as more groups, including subsidiaries, may choose a less advanced reporting class, which will lead to fewer administrative burdens for the enterprise due to less extensive disclosure requirements, etc. 5 enterprises covered by the new computation regardless of how they decide to address the consequences of the amendment.
URI: http://hdl.handle.net/10417/5877
Date: 2016-06-17
Pages: 122 s.
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