MICRO ENTITY STANDARD FRS 105 RELEASED

摘要

The Financial Reporting Council (FRC) has published FRS 105, The Financial Reporting Standard applicable to the Micro-entities Regime, marking the end for the Financial Reporting Standard for Smaller Entities (FRSSE). FRS 105 is based on FRS 102, Financial Reporting Standard applicable in the UK and Republic of Ireland, but its accounting requirements are adapted to satisfy the legal requirements for micro entities and to reflect the size of micro entities. FRS 105 takes into account the latest changes made to FRS 102, also released last month.