FRC brings micro-entities and small entities under New UK GAAP
16 Jul 2015
When the United Kingdom replaced local GAAP with a new standard based on the IFRS for SMEs in 2013, the Financial Reporting Standard for Smaller Entities (FRSSE) was retained. Today, the Financial Reporting Council (FRC) has issued a suite of changes that update and, in many cases simplify, UK and Ireland accounting standards and include new requirements for micro-entities and small entities and the withdrawal of the FRSSE. The changes are largely in response to the implementation of the new EU Accounting Directive.
The changes consist of:
- a new standard, FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime;
- a new Section 1A Small Entities of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and
- other changes necessary for continued compliance with company law.
Please click for more information and access to all revised documents in the press release on the FRC website.