Simplifications for micro companies and modernization of the accounting law are already for consultation.

At the moment the government has taken a step closer to the long-awaited modernization of the accounting law. There are proposals for simplifications for micro-enterprises and modernization of the Accounting Act that have been sent for consultation and the consultation board have until 24 January to submit comments on the proposals. Among those who are given the opportunity to submit comments are  the authorities, business organizations and industry organizations, and also individual smaller companies.

The commission are to identify which regulations are vexatious for small businesses and to submit proposals on how the regulations can be simplified. The inquiry would also suggest changes to the rules for archiving accounting information in accordance with the Accounting Act and in particular look at the requirement that original material must be saved.

One of the proposals is that the requirement to save accounting material in its original condition be abolished. For example, you can just take a photo of a paper receipt or scan a paper invoice and discard the original directly. If this is implemented, it is believed to have a significant effect in the form of time savings and lower administrative costs for companies.

This can also be applied, for example, to the limit values ​​for the audit obligation and the requirements when the limited companies are obliged to prepare a control balance sheet. In these aspects, the inquiry will have various reasons chosen not to submit concrete proposals for changes to the law, but instead writes that the issues need to be investigated further.

This will be exciting to see and what the consultative bodies think!


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