FRC brings micro-entities and small entities under New UK GAAP

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16 Jul 2015

When the United Kingdom replaced local GAAP with a new standard based on the IFRS for SMEs in 2013, the Financial Reporting Standard for Smaller Entities (FRSSE) was retained. Today, the Financial Reporting Council (FRC) has issued a suite of changes that update and, in many cases simplify, UK and Ireland accounting standards and include new requirements for micro-entities and small entities and the withdrawal of the FRSSE. The changes are largely in response to the implementation of the new EU Accounting Directive.

The changes consist of:

  • a new standard, FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime;
  • a new Section 1A Small Entities of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and
  • other changes necessary for continued compliance with company law.

Please click for more information and access to all revised documents in the press release on the FRC website.

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