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. Now 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 contact us for more information. Access to all of the revised documents is available on the FRC website.