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Ten things you need to know about FRS 105: accounting for micro businesses

The new accounting rules for micro businesses under FRS 105, Financial Reporting Standard applicable to the Micro-entities Regime, will replace FRSSE from January 2016. Here we provide tips and advice to avoid potential pitfalls when you start preparing and planning for the accounting changes, by Julia Penny, SWAT divisional director (technical)

The Financial Reporting Council (FRC) issued the final version of FRS 105, Financial Reporting Standard applicable to the Micro-entities Regime in July. While the micro-entities regime has been available in law for a couple of years and is included within FRSSE 2008, Financial Reporting Standard for Smaller Entities, and FRSSE 2015 as an option, there has so far been limited uptake.

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