Steve Collings | AccountingWEB

Steve Collings

The new accounting standards for

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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

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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.

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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.

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On 26 March 2015, The Small Business, Enterprise and Employment Act 2015 received royal assent and forms the part of the government’

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UK GAAP is currently undergoing significant changes with FRS 102 taking effect on 1 January 2015 and the changes to the Companies Act 2006.

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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

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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. 

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Many companies in the UK and Republic of Ireland with December 2015 year-ends are in their first year of reporting under new UK GAAP - FRS 102 The Financial Reporting Standard applicable in the

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