FRS 105 RULES FOR MICROS

摘要

The Financial Reporting Council (FRC) issued the final version of FRS 105, Financial Reporting Standard applicable to the Micro-entities Regime in July. While the micro-entities regime has been available in law for a couple of years and is included within FRSSE 2008, Financial Reporting Standard for Smaller Entities, and FRSSE 2015 as an option, there has so far been limited uptake. The reason is perhaps clear - if companies were already preparing FRSSE accounts, there was little to gain in changing regime as it just meant having to prepare accounts under an unfamiliar standard, with little real benefit. In addition, there was some uncertainty about the future of small company accounting so many were waiting to see where we ended up. Now we know what is required for small and micro entities, FRS 105 might become more relevant. The change though, is driven more by what is required for eligible small companies not opting for the micro regime, than by FRS 105 itself.