micro entity accounts

micro entity accounts

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we all know about the standards changes coming up and the adjustments needed to adopt the new standards

if we want to adopt micro entity accounts rather than use the frsse and have to make adjustments can we just switch over or are any adjustments / conditions needed?

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By martinscutt
14th Nov 2014 15:09

Are you talking about micro entity or cash accounting?

Micro entity for me is to tick a box in Iris that files some nonsense at companies house based on accounts I have prepared in the normal way.

Cash accounting on the other hand certainly does have transitional adjustments entering and leaving and some special rules for capital allowances on cars and interest relief for additional fun.

 

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By howdomonty
14th Nov 2014 15:10

micro entity accounts for cos house

 

assume we can just adopt?

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By Rowberry
14th Nov 2014 15:23

Depending on the contents of the Balance Sheet there could certainly be more to consider than just pressing the relevant button on your account software.

For example, I believe that fixed assets are a key area as they can only be carried at historical cost and so any previous policies of revaluation will need to be corrected.

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