Previously the demands regarding company bookkeeping and financial statements were generally the same for all companies, regardless of their size. Now in the reformed act smaller companies have received relieves, so that the bookkeeping demands would not be same as that of larger companies. You can read more about the changes here.
Micro entity
Micro entity is a company liable for bookkeeping that has exceeded at least one of the three values, at the end of an accounting period, from both the current and previous accounting periods:
1. Balance sheet total amount of 350 000 €
2. Revenue of 700 000 €
3. The average number of employees during an accounting period of 10 people.
Small and medium
A small company liable for bookkeeping must exceed at least one of the following three values, from both the current and previous accounting periods. The so called medium sized companies are also included in the same class as small companies.
1. Balance sheet total amount of 6 000 000 €
2. Revenue of 12 000 000 €
3. The average number of employees during an accounting period of 50 people.
Large
Large companies are companies that have exceeded at least two of the following three values, from both current and previous accounting periods.
1. Balance sheet total amount of 20 000 000 €
2. Revenue of 40 000 000 €
3. The average number of employees during an accounting period of 250 people.
