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End of FRSSE: Micro entity accounting proposals under FRS 105

In the second of two articles on the new accounting rules to replace FRSSE, Julia Penny FCA looks at FRC proposals for micro entities and the smallest businesses with 10 employees or less under the planned FRS 105, Financial Reporting Standard applicable to the Micro-entities Regime

In February 2015, the Financial Reporting Council (FRC) issued the new Financial Reporting Exposure Drafts (FREDs) dealing with the changes to the requirements for small and micro entities, and the implementation of the new EU Accounting Directive, all of which are inter-related:

Consultation overview: FREDs 58, 59 and 60 - a helpful 20-page summary of the proposals. Given the length of the FREDs, at 234 pages, and perhaps incomprehensibility of the proposals, this document shows what the FRC is trying to achieve and how it intends to do this.

FRED 58: the Draft FRS 105: Financial Reporting Standard applicable to the Micro-entities Regime.

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