Increased Size Thresholds to benefit Irish SME's with Audit & Reporting Requirements
The EU has updated the size criteria for companies and groups, increasing the balance sheet and turnover limits by 25% to account for inflation. This will help more Irish companies qualify as "micro" or "small" and benefit from simpler reporting and audit exemptions, reducing their regulatory burden. Some companies may also avoid new reporting requirements under the Corporate Sustainability Reporting Directive (CSRD).
Micro Companies
- Balance sheet: up to €450,000 (was €350,000)
- Turnover: up to €900,000 (was €700,000)
- Employees: up to 10 (unchanged)
Small Company
- Balance sheet: up to €7.5 million (was €6 million)
- Turnover: up to €15 million (was €12 million)
- Employees: up to 50 (unchanged)
Small Groups
- Group balance sheet: up to €7.5 million net or €9 million gross (was €6 million net or €7.2 million gross)
- Group turnover: up to €15 million net or €18 million gross (was €12 million net or €14.4 million gross)
- Employees: up to 50 (unchanged)
Medium Companies
- Balance sheet: up to €25 million (was €20 million)
- Turnover: up to €50 million (was €40 million)
- Employees: up to 250 (unchanged)
Medium Groups
- Group balance sheet: up to €25 million net or €30 million gross (was €20 million net or €24 million gross)
- Group turnover: up to €50 million net or €60 million gross (was €40 million net or €48 million gross)
- Employees: up to 250 (unchanged).
Large Companies or Groups
- Exceeds the thresholds for Medium Companies or Groups.
Tip
These changes are effective from 1 July 2024 and apply to financial years starting from 1 January 2024. Companies can also choose to apply these new thresholds for financial years starting on or after 1 January 2023.
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