New ICAS guide on financial reporting standards for small and micro companies
ICAS Policy Leadership team have published a new guidance document for members, which aims to help them in applying the new financial reporting requirements for small and micro-sized entities.
With the withdrawal of the FRSSE for accounting periods beginning on or after 1 January 2016, all small entities in the UK must start preparing their accounts under one of the new UK accounting standards – FRS 105, FRS 102 or FRS 102 Section 1A.
Company law has also changed recently as result of the implementation of the EU Accounting Directive, affecting areas such as the size thresholds for small companies. The aim of the guide is therefore to summarise the key areas of change that small entities and their advisors need to be aware of.
The guidance covers the following topics:
- The accounting options available to small entities under new UK GAAP
- The requirements of the micro-entities regime under company law and FRS 105
- The key accounting changes necessitated by FRS 102 and FRS 102 section 1A
- The filing requirements for small companies
- The tax implications of the new accounting standards.
The guide also signposts other useful sources of information on the new UK financial reporting standards and company law requirements.
The guide will be available shortly.