The introduction of the new UK GAAP for small and micro-entities by the Financial Reporting Council (FRC) on 16 July 2015 means that many practitioners dealing with such clients will now be turning
FRS 105 ‘The Financial Reporting Standard applicable to the Micro-entities Regime’ becomes mandatory for micro-entities choosing to report under the micro-entities’ regime for accounting period
According to a report on our sister site AccountingWEB .com
FRS 102 has now kicked in for accounting periods commencing on or after 1 January 2015 and will apply to small companies on or after 1 January 2016 with earlier adoption permissible.
FRS 102 became mandatory for accounting periods commencing on or after 1 January 2015 and therefore some companies will have already begun their transition to this new regime.
On 26 March 2015, The Small Business, Enterprise and Employment Act 2015 received royal assent and forms the part of the government’
UK GAAP is currently undergoing significant changes with FRS 102 taking effect on 1 January 2015 and the changes to the Companies Act 2006.
Over the last couple of months I have lectured across the country on the new small companies’ regime which is going to be introduced for accounting periods commencing on or after 1 January 2016
FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland has now come into mandatory effect for accounting periods commencing on or after 1 January 2015.