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Need to know — Changes to accounting standards as a result of implementation of the EU Accounting Directive

Published on: 28 Jul 2015

This publication from Deloitte discusses the changes to UK accounting standards largely as a result of the UK implementation of the EU Accounting Directive.  The changes include:

  • FRS 105, a new financial reporting standard for micro-entities.
  • Amendments to FRSs 100, 101 and 102 to introduce a new regime for small companies to replace the FRSSE and to make other necessary amendments as required by the changes in UK company law.
  • FRSs 101 and 102 now include flexibility to permit the use of formats based on IAS 1 for the balance sheet and profit and loss account.

The new reporting standard and amendments will be effective for accounting periods beginning on or after 1 January 2016 with earlier application permitted, subject to some restrictions.

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