March

ICAS publishes guide on financial reporting standards for small and micro companies

01 Mar, 2017

The Institute of Chartered Accountants of Scotland (ICAS) has published a guide on financial reporting standards for small and micro companies which aims to help them in applying the new financial reporting requirements which are effective for accounting periods beginning on or after 1 January 2016.

The guidance covers: 

  • The accounting options available to small entities under new UK GAAP
  • The requirements of the micro-entities regime under company law. and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime.
  • The key accounting changes necessitated by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 102 section 1A.
  • The filing requirements for small companies.
  • The tax implications of the new accounting standards. 

The press release and full guidance document are available on the ICAS website.

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