FRSSE updated for micro-entity reporting
Steve Collings presents an overview of the new reporting requirements that apply to micro-entity accounts for years ending on/after 30 September 2013.
On 29 April 2014, the Financial Reporting Council (FRC) issued amendments to the FRSSE (effective April 2008) and (effective January 2015) relating to the micro-entities reporting legislation that now applies for financial years ending on or after 30 September 2013.
The new amendments apply to financial statements that are filed on or after 1 December 2013 and only relate to UK micro-entities; the Republic of Ireland does not currently have an equivalent regime, but if such legislation is issued in the Republic of Ireland, the FRSSE will be further amended.
Financial reporting in the UK is undergoing a substantial period of change, most notably with the introduction of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for accounting periods commencing on or after 1 January 2015 and also small company financial reporting changes.
The micro-entities legislation allows qualifying companies to take advantage of certain exemptions in the preparation of their financial statements. This new regime forced the FRC to make changes to the FRSSEs (effective April 2008 and January 2015) because without such changes, a micro-entity would not be complying with the requirements of the FRSSE.
The micro-entities accounting regime in the FRSSEs are effective for accounting periods ending on or after 30 September 2013 for those companies filing accounts with Companies House on or after 1 December 2013. Early adoption is not permissible.
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- Qualification criteria
- Accounting policy amendments
- Notes and additional disclosures
- Financial statement presentation