Accountants Accounting and Reporting Policy UK Accounting Standards Standards in issue 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 Standards.

Related impact assessments and feedback statements to the following publications.

Extant publications

Current edition: January 2022

FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime (January 2022) (PDF)
This edition of FRS 105 updates the previous edition issued in March 2018 and reflects the amendments listed below:
 

From 1 January 2021 

June 2021

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 - COVID-19-related rent concessions beyond 30 June 2021 (PDF)

December 2020

Amendments to UK and Republic of Ireland accounting standards - UK exit from the European Union (PDF) 

From 1 January 2020 (early application permitted)

October 2020

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 - COVID-19-related rent concessions (PDF)

Earlier publications

March 2018 

FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime (March 2018) (PDF)

December 2017 

Triennial review 2017 amendments (PDF)


May 2016

Amendments to FRS 105 - Limited Liability Partnerships and Qualifying Partnerships (PDF)

July 2015

FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime (Jul 2015) (PDF)