Find out if your type of business should follow EU or national accounting rules. Small companies with no more than 50 employees enjoy simplified accounting rules and micro-companies even simpler rules - depending on the where your company is based.

Accounting rules and standards

If you have a listed EU company, consolidated accounts must be prepared in accordance with the International Financial Reporting Standards (IFRS). Most EU countries also permit the use of the IFRS for non-listed companies. Non-EU firms trading with the EU are recommended to follow IFRS or equivalent national accounting standards.

Annual accounts

Keeping annual accounts is not only a legal obligation, it enables you to monitor the health of your business by keeping track of receipts and expenses. Companies with limited liability doing business in the EU, whatever the size, have to prepare a set of financial statements and file it with the relevant national business register.