Overall we support the proposals. Our key comments are as follows:

• we believe that, since compliance with UK accounting standards is generally accepted as being necessary to give a true and fair view, the role of UK accounting standards will be significant under the new regime in guiding directors of small companies as to whether further disclosures may be necessary, in addition to those mandated by law, in order to present true and fair accounts;
• we agree that a new accounting standard for micro-entities should be developed;
• we agree that the FRSSE should be withdrawn and that small entities (other than micro-entities) should be brought within the scope of FRS 102;
• we strongly support the provision of increased flexibility in the layout of primary statements, particularly to accommodate the application of IFRS layouts and terminology for companies adopting FRS 101; and
• we recommend that the Financial Reporting Council (FRC) work closely with the Department for Business, Innovation and Skills (BIS) to make the new regime available to companies as soon as possible, including permitting early adoption.

• Our response to the consultation
• Our previous news story on the consultation