ICAEW webinar on the new EU Accounting Directive
12 Mar, 2015
The Institute of Chartered Accountants in England and Wales (ICAEW) will be hosting a webinar on 19 May 2015 on the key changes introduced as a result of the EU Accounting Directive.
The European Union published the EU Accounting Directive 2013/34/EU (‘the Directive’) on 26 June 2013, which amended Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC. The Directive aimed to simplify the accounting requirements for small companies and improves the clarity and comparability of companies' financial statements within the Union.
The Directive will have a significant impact on the accounting and reporting by small and micro-entities and will require a number of other amendments to UK accounting standards.
The webinar will cover:
- Revised accounting thresholds
- Changes to small company disclosures
- Flexibility in account formats
- Abridged accounts
- Changes to filing requirements
- Interaction with UK accounting standards
- Timing
In September 2014 the Financial Reporting Council (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 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.
Registration details for the webinar can be found on the ICAEW website.
Related Topics
- FRED 50 Residential Management Companies' Financial Statements
- FRED 52: ‘Draft amendments to the Financial Reporting Standard for Smaller Entities (effective April 2008) - Micro-entities
- 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
- FRED 60 — Draft amendments to FRS 100 Application of Financial Reporting Requirements and FRS 101 Reduced Disclosure Framework
- FRSSE (effective January 2015)
