The option to file ‘filleted’ accounts has been around for some time, but has not been used until recently because the option to file abbreviated accounts suited companies better, in general. However now that this option has been removed, this filling exemption has come into sharper focus. Contained in CA 2006, s. 444, small companies and micro-entities are entitled to ‘fillet’ their accounts for filing. This exemption is available to all companies that meet the Companies Act definition of small (or micro, although this is unlikely to be relevant for IFRS preparers), regardless of which accounting standard or framework they apply.
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