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.


Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.