The Financial Reporting Council issued amendments (27th July 2015) to the UK accounting standards, ushering in a new financial reporting framework for small and micro-entities. The changes are mainly as a result of the new EU Accounting Directive.
The key changes are:
- FRSSE has been withdrawn
- FRS102 – A new section has been added to FRS102 with disclosure requirements for Small Companies
- FRS105 will be the new reporting standard for Micro-Entities
The changes come into effect from 1st January 2016.
This is a big change, are you ready for it?