The option to prepare micro-entity accounts is not a new one. In fact, it has been available since 2013, although uptake does not seem to have been as high as originally expected. But with the introduction of the specialist micro-entity standard, FRS 105 Micro Entities Regime, and the withdrawal of the FRSSE Financial Reporting Standard for Smaller Entities, now could be the time to make the move.

In the first of a series of articles focused on SMEs, we set out the key things preparers need to know about the regime when deciding whether it is worthwhile.