ICAEW SLATES TIMETABLE FOR SMALL BUSINESS ACCOUNTS

摘要

With the Financial Reporting Council's (FRC's) consultation on changes to accounting standards for small entities yet to publish its findings, the ICAEW is warning there may not be enough time left for small business to prepare adequately for a radical new accounting regime, which is set to replace the existing FRSSE framework. The UK has until 16 June 2015 to legislate the changes required under the new EU Accounting Directive. However, ICAEW says there are already 'seismic changes' to the UK accounting regime underway, with many medium and large private businesses expected to follow the new UK GAAP, FRS 102, from 1 January 2015.