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:
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FRS 105, a new financial reporting standard for micro-entities.
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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.
Related Topics
- FRED 57: Draft amendments to FRS 101 'Reduced Disclosure Framework' (2014/15)
- 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
- FRED 61 — Draft amendments to FRS 102 – Share-based payment transactions with cash alternatives
- FRSSE (effective January 2015)