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John Selwood's Q&As

Some questions crop up more often than others, so here are a few of John Selwood’s recent FAQs.

Q: The Department for Business, Innovation & Skills (BIS) has proposed an increase to the small company thresholds for periods commencing after 1 January 2016. Are these also the small company audit exemption thresholds and will they be available for earlier application? 

A: I know that this has been covered in Audit & Beyond and on the Faculty’s website before, however, due to the number of people asking me this I think it is worth addressing again. 

I’ll start with some background. In August 2014, BIS released proposals outlining how it intends to implement a new EU Accounting Directive (the Directive) in the UK. The government is expected to transpose the Directive into UK law by 20 July 2015, with changes taking effect for financial years beginning on or after 1 January 2016... 

This is an extract from an article in the December 2014/January 2015 edition of Audit & Beyond, the magazine of the Audit and Assurance Faculty. 

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