Need to know — New requirements for micro-companies now in place

Published on: 10 Dec, 2013

This publication from Deloitte outlines the impact of the new Micro-Entities' Accounts Regulations recently finalised by the UK government, as well as the changes to the Financial Reporting Standard for Smaller Entities (FRSSE) proposed by the UK Financial Reporting Council (FRC) as a consequence of the new Regulations.

The Small Companies (Micro-Entities' Accounts) Regulations 2013 (SI 2013 3008) are effective for periods ending on or after 30 September 2013, provided that accounts for such periods have not yet been filed.

The FRC has issued Financial Reporting Exposure Draft (FRED) 52 which proposes updates to the FRSSE to allow a company complying with the new regulations to also comply with the FRSSE.


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