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PN 48/15
The Financial Reporting Council (FRC) has today issued a suite of changes that update and, in many cases simplify, UK and Ireland accounting standards. Key amongst the changes are new requirements for micro-entities and small entities, and the withdrawal of the Financial Reporting Standard for Smaller Entities (FRSSE). The changes are largely in response to the implementation of the new EU Accounting Directive, and include:
Melanie McLaren, Executive Director of Codes and Standards said:
“These new accounting standards support the implementation of the micro-entities regime, further simplifying accounting requirements for up to 1.5 million of the UK’s smallest entities. They also respond to the new legal framework for disclosure in small company reporting, providing guidance for applying it and improving transparency relating to financial instruments, and they further improve the cost-effective reduced disclosure framework for listed groups by permitting IFRS-based presentation requirements in subsidiaries’ financial statements.”
Changes made today also relate to the annual review of FRS 101 Reduced Disclosure Framework and address an implementation issue in relation to FRS 102. The main changes are effective for accounting periods beginning on or after 1 January 2016, with early application permitted for accounting periods beginning on or after 1 January 2015. Amendments to FRS 100: Application of Financial Reporting Requriements (PDF) Amendments to FRS 101: Reduced Disclosure Framework - 2014/15 cycle and other minor amendments (PDF) Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 105: The Financial Reporting Standard applicable to the Micro-entities Regime (PDF) Impact Assessment and Feedback Statement: Amendments to FRS 100, 101 and 102 and FRS 105 (PDF) Overview of the financial reporting framework (PDF) Notes to editors:
Amendments to FRS 100 Application of Financial Reporting Requirements;
Amendments to FRS 101 Reduced Disclosure Framework – 2014/15 cycle and other minor amendments;
Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Small entities and other minor amendments; and
FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime.