Draft legislation adjusting the size criteria applied to undertakings and groups for corporate reporting purposes (published on the Ministry of the Economy, Trade and Business website on 2 April 2024)
The purpose of this future law is to transpose Delegated Directive (EU) 2023/2775 to introduce the adjustments to the size criteria for small- and medium-sized undertakings or groups (as the adjustments for micro and large undertakings and groups will be enacted in the legislation that transposes the Corporate Sustainability Reporting Directive (Directive (EU) 2022/2464, or the CSRD) into Spanish law. The consultation ended on 7 May 2024.

In brief, the draft bill amends the following pieces of legislation:

• The Corporate Enterprises Act (Royal Legislative Decree 1/2010): introducing adjustments in relation to the thresholds for presenting a short-form balance sheet, increasing the balance sheet total (from €4 million to €5 million) and net turnover (from €8 million to €10 million). The average number of employees is unchanged at 50;
• The Financial Statement Audit Act (Law 22/2015): adjusting the criteria for classifying the following company sizes- (i) small-sized enterprises: increasing the thresholds for the balance sheet total (from €4 million to €5 million) and net turnover (from €8 million to €10 million), leaving the average number of employees unchanged at 50; and (ii) medium-sized enterprises: increasing the thresholds for the balance sheet total (from €20 million to €25 million) and net turnover (from €40 million to €50 million), leaving the average number of employees unchanged at 250; and,
• The General Accounting Plan for SMEs (Royal Decree 1515/2007): the criteria and thresholds for qualifying as a small-sized enterprise are adjusted as above. 

Lastly, the thresholds contemplated in Royal Decree 1491/2011 whereby all non-profits can apply the General Accounting Plan for SMEs have also been increased, albeit by less than for a small-sized enterprise.

The new legal provisions will apply in reporting periods beginning on or after 1 January 2024.