FRS 105 The Financial Reporting Standard applicable to the Micro‑entities Regime
FRS 105 The Financial Reporting Standard applicable to the Micro‑entities Regime
This FRS is intended for use in the preparation of the financial statements of companies that qualify for the micro-entities regime. The accounting requirements are adapted to satisfy the legal requirements applicable to micro-entities and reflect the simpler nature and smaller size of micro-entities. The application of the micro-entities regime is optional, however, a micro-entity that chooses to prepare its financial statements in accordance with the regime is required to apply FRS 105. An entity that qualifies for but chooses not to apply the regime is required to apply another standard.
The Table of Differences describes the relationships between UK and Ireland financial reporting standards and IFRS Accounting Standards.
FRS 105 is subject to a periodic review approximately every five years. The first periodic review, the Triennial Review 2017, was completed in December 2017, with an effective date of 1 January 2019. The second periodic review, the Periodic Review 2024, was completed in March 2024, with an effective date of 1 January 2026.
Related impact assessments and feedback statements to the following publications.
Current edition
| Name | FRS 105 The Financial Reporting Standard applicable to the Micro‑entities Regime (September 2024) |
|---|---|
| Publication date | 10 September 2024 |
| Type | Standard |
| Notes | The September 2024 edition of FRS 105 incorporates all amendments issued up to September 2024. Some requirements, including those introduced by the Periodic Review 2024 amendments, are not mandatory at the time of publication. See Section 1 Scope for details. |
| Format | PDF, 1.1 MB |
| Name | Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime – UK company size thresholds |
| Publication date | 21 March 2025 |
| Effective from | 6 April 2025 |
| Type | Amendment |
| Notes | The amendment reflects an amendment to UK law which applies for financial years beginning on or after 6 April 2025. |
| Format | PDF, 180.3 KB |
Superseded editions
| Name | FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime (January 2022) |
|---|---|
| Publication date | 31 January 2022 |
| Type | Standard |
| Notes | The January 2022 edition of FRS 105 incorporates all amendments issued up to January 2022. |
| Format | PDF, 2.3 MB |
| Name | Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime – Irish company size thresholds |
| Publication date | 30 August 2024 |
| Type | Amendment |
| Notes | The amendment reflects an amendment to Irish law which applies for financial years beginning on or after 1 January 2024, with early application permitted for financial years beginning on or after 1 January 2023. |
| Format | PDF, 238.7 KB |
| Name | Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review 2024 |
| Publication date | 27 March 2024 |
| Effective from | 1 January 2026 (Early application permitted) |
| Type | Amendment |
| Format | PDF, 31.2 KB |
| Name | FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime (Jul 2015) |
|---|---|
| Publication date | 16 July 2015 |
| Type | Standard |
| Format | PDF, 642.7 KB |
| Name | Triennial review 2017 amendments |
| Publication date | 14 December 2017 |
| Type | Amendment |
| Format | PDF, 790.8 KB |
| Name | Amendments to FRS 105 - Limited Liability Partnerships and Qualifying Partnerships |
| Publication date | 17 May 2016 |
| Type | Amendment |
| Format | PDF, 341.9 KB |