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The Financial Reporting Council (FRC) has updated and simplified UK and Ireland accounting standards.
The Financial Reporting Council (FRC) has updated and simplified UK and Ireland accounting standards. The changes are in response to the implementation of the new EU Accounting Directive and include:
- a new standard FRS 105 Financial reporting standard applicable to the micro-entities regime and the withdrawal of the Financial reporting standard for smaller entities;
- a new section 1A “small entities” in FRS 102 Financial reporting standard applicable in the UK and Republic of Ireland; and
- other changes necessary for continued compliance with company law.
According to Danielle Stewart Baker Tilly’s head of financial reporting the changes will have the effect of cutting red tape for any small company in the UK that chooses to take up the exemptions.
She said: “While some accountants may...
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