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On 22 March 2024, the Bundesrat approved the law passed by the Bundestag on 22 February 2024 to transpose Commission Delegated Directive (EU) 2023/2775 of 17 October 2023 amending Directive 2013/34/EU of the European Parliament and of the Council to adapt the size criteria for micro, small, medium-sized and large enterprises or groups into German law.

The new thresholds are mandatory for financial years beginning after 31 December 2023. In addition, companies are granted the option of applying the higher thresholds to (consolidated) financial statements and (group) management reports beginning after 31 December 2022.

The law has yet to be promulgated.

We reported on this in Express Accounting News 2/2024. You can find the draft law passed by the Bundestag here. The resolution of the Bundesrat can be found here. Explanations on the legislative process are available here.

KPMG Express Accounting News

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