For tens of thousands of companies, an abbreviated balance sheet is now sufficient for their annual financial statements. The annual relief for the economy is estimated at around 650 million euros.
The Bundestag is making it easier for tens of thousands of companies to prepare their annual financial statements. Late in the evening, MPs raised the thresholds for total assets and sales revenue, on the basis of which companies are divided into small, medium-sized and large corporations. This assignment decides whether an abbreviated balance sheet is sufficient for the annual financial statements or whether a detailed balance sheet including a management report and a profit and loss statement is required instead.
The new thresholds, through which it is estimated that around 52,000 companies will slip into a lower category with lower requirements, already apply retroactively to the 2023 annual financial statements. The annual relief for the economy is estimated at around 650 million euros. “Our goal is to give our entrepreneurs more time for business and more freedom,” explained Justice Minister Marco Buschmann (FDP).
Source: Stern
