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The amendment of the Accounting Act introduces, among other things, from the 1st of January 2016, the categorisation of consolidation groups. This means that a group of companies will have to calculate the value of the total assets, net turnover and the average number of employees on the consolidated basis from the data as of 31.12.2015, and according to significantly lower limits for consolidation they will carry out the categorisation into small, medium and large groups.
If a small group of companies does not exceed two of three criteria:
If you find out that you don´t belong to a small group, then you are obliged to prepare the consolidated financial statements for the accounting period commencing from 1.1.2016. We recommend that you work closely with an auditor given that the Accounting Act stipulates a number of obligations that you will have to meet.