Company Size Threshold Changes

Posted in CRO

Regulations to allow for inflation amended the Companies Act 2014 and took effect from July 1 2024 with increased thresholds for company sizes.

They widen the eligibility for companies to benefit from audit exemption and the option to submit abridged financial statements to the Companies Registration Office under the micro and small companies’ regime.

The regulations will apply to financial years starting on or after January 1 2024 and companies with a 2023 year end can also opt to apply the new thresholds when preparing their financial statements.

The changes increase the turnover and balance sheet thresholds of micro, small and medium companies but the employee threshold remains unchanged.

                                                              Company Size Thresholds From July 1 2024

MicroSmallMedium
Turnover€900k (previously €700k)€15m (previously €12m)€50m (previously €40m)
Balance Sheet€450k (previously €350k)€7.5m (increased from €6m)€25m (previously €20m)
Employees1050250

If a company exceeds two of the three criteria for the current and preceding year it will be in that size category.

Turnover exceeding €50m is a large company.

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