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EU rule change on small business accounting will impair growth, says ISM chiefThe possible EU rule change that could exempt the smallest firms from filing annual accounts is "utterly absurd" according to the chief executive of the Institute of Credit Management (ICM). He claims that this could impair the growth of small businesses because the absence of annual accounts will adversely affect the credit rating of many businesses. MEPs have so far approved the rule change, which could mean that micro businesses (those that employ ten people or less or have a turnover of less than one million euros) are exempt from the reporting requirements.
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