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ICAEW discussion forum on the FRC’s proposed revisions to accounting standards for small and micro entities

  • ICAEW (Institute of Chartered Accountants in England and Wales) (lt green) Image

17 Mar 2015

The Institute of Chartered Accountants in England and Wales (ICAEW) is to hold a half day discussion forum on 27 April 2015 to discuss the Financial Reporting Council’s (FRC’s) proposed revisions to accounting standards for small and micro entities, most notably the withdrawal of the Financial Reporting standard for Smaller Entities (FRSSE) and the proposed new standard for micro-entities.

In September 2014 the FRC consulted on the future of accounting standards for micro-entities, small entities and other amendments to accounting standards necessary as result of the UK implementation of the EU Accounting Directive (2013/34/EU) ("the Directive"). This followed a consultation issued by the Department for Business, Innovation and Skills (BIS) on the implementation of the Directive, which sought to consolidate existing legislation on financial reporting and reduce the regulatory burden on smaller companies. 
Following the recent government response on the UK implementation of the Directive, the FRC has now issued three Financial Reporting Exposure Drafts (FREDs) for public comment which propose changes to the existing UK financial reporting framework.  These are FRED 58 - Draft FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime, FRED 59 - Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Small entities and other minor amendments and FRED 60 - Draft amendments to FRS 100 Application of Financial Reporting Requirements and FRS 101 Reduced Disclosure Framework.
Finalised standards and amendments are expected to be issued in July 2015.  Once finalised, they will be effective for accounting periods beginning on or after 1 January 2016 with earlier application permitted subject to some restrictions.

The discussion forum will bring together speakers involved directly with the FRC consultations and provide an opportunity for participants to share their views.  The forum will comprise of three short presentations followed by a question and answer session.

Further information and registration details are available on the ICAEW website.

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