Companies Act 2014 section 280E

Micro companies regime

Section 280E establishes that a company which qualifies as a micro company may apply a simplified set of rules, known as the micro companies regime, to its financial statements and reports.

• A company that meets the micro company criteria under section 280D may opt to apply a special simplified regime.
• This regime is formally referred to in the Companies Act 2014 as the "micro companies regime".
• The regime allows different rules to be applied to the preparation of the company's financial statements and reports.
• The simplified rules apply only for a financial year in which the company qualifies as a micro company.