Friday 17 July 2015

UK: FRC publishes new financial reporting standard for micro-entities

The Financial Reporting Council yesterday published amendments to several existing accounting standards, including FRS102, and also a new financial reporting standard, FRS105, for micro-entities: see here. As a result of these changes, the Financial Reporting Standing for Smaller Entities (FRSSE) is being withdrawn. The FRC has also published a document providing an overview of the financial reporting framework that will apply to accounting periods beginning on or after 1 January 2016: see here (pdf).

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