Accounting updates: March 2015

In a busy month for accounting, FRSSE is withdrawn as Financial Reporting Council outlines plans for replacement for small companies and FRS 105 standard for micro-entities, threshold limits for new EU Accounting Directive are confirmed by BIS, and National Grid confirms decision to stop publishing quarterly reports

FRC set to withdraw FRSSE to meet EU accounting directive framework

The Financial Reporting Council (FRC) is to withdraw the Financial Reporting Standard for Smaller Entities (FRSSE) and plans to release a new FRS 105 for micro-entities which will come into force for accounting periods starting 1 January 2016.

This, along with other significant proposals to amend UK GAAP, was announced on 19 March as part of a raft of consultations, with a tight closing date for feedback of 30 April with a full standard by July 2015.

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FRC set to withdraw FRSSE to meet EU accounting directive framework

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