A number of changes were recently made to the Companies Act as a result of the transposition of the EU’s Accounting Directive. Some of the amendments introduce new requirements relating to the format of accounts and certain reporting by Maltese companies (new Third and Fourth Schedules).
Below are the key elements of the changes:
1. Removal of Financial Holding Company Exemption
2. Removal of Form U Mechanism
3. More Detailed Directors Reports in Annual Accounts
4. Increase in Threshold for “Small Companies” / Concept of “Abridged” Accounts
5. Additions to List of Undistributable Reserves
6. Accounts of Oversea Companies
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