Plans for a radical overhaul of UK small business accounting as a result of implementing the EU Accounting Directive have been welcomed by the profession, although there are concerns over the transition timetable to the new regime.

The dual consultations from the Department for Business, Innovation and Skills (BIS) and the Financial Reporting Council (FRC) will see the introduction of the new EU Accounting Directive and the withdrawal of the existing Financial Reporting Standard for Smaller Entities (FRSSE).