2017 is a big year for small companies as the new UK accounting regime finally takes a firm hold. For the first time, many small companies, limited liability partnerships (LLPs) and other types of entity will need to apply many of the same requirements that are already followed by medium and large companies – with only the very smallest companies able to escape the challenging areas of deferred tax, fair value and, of course, the dreaded derivative.

Over the next few months we will consider each aspect in detail, providing an essential transition guide for anyone currently reporting under FRSSE (the now withdrawn Financial Reporting Standard for Smaller Entities (FRSSE).