Click here for the full text of “Uitvoeringswet richtlijn jaarrekening” (in Dutch only).
New rules for financial reporting as of 1 November 2015
As of 1 November, new accounting rules apply to the annual financial reporting of Dutch entities. The asset-value and turnover thresholds have been raised. This means that more companies qualify as small and medium-sized enterprises subjecting them to less stringent rules. When a company no longer qualifies as a “large entity”, this can affect the applicability of other provisions, such as the restrictions on the number of supervisory positions held by managing and supervisory directors. Furthermore, public-interest entities, such as listed companies banks and insurers can no longer apply the group exemption of article 2:403 Dutch Civil Code. Under the new rules, the annual report is to be referred to as a management report. In addition, the deadline for the publication of annual reporting has been reduced from 13 to 12 months, and the period by which the deadline for preparing the annual reporting can be extended is now five months for BVs and unlisted NVs. The new provisions apply to annual reporting for financial years starting on or after 1 January 2016, but may also apply to financial reporting for earlier financial years. We recommend that companies look at the new rules and establish how they are affected.