The final deadline to file accounts with Companies House without incurring penalties is 30 September 2019. With this in mind, we share our top 10 tips for preparing your FRS 102 year-end accounts.

1. Check if eligible for reduced reporting

All UK companies are eligible to prepare their individual accounts in accordance with FRS 102. However, it is worth reviewing the other options to determine whether reduced reporting is available. Excluding the option to prepare International Accounting Standards (IAS) international accounts, the entity may be;

•  a ‘small company’ which can elect to prepare accounts with less detailed information, ie, in accordance with the small companies regime in Companies Act 2006 (CA 2006) and Section 1A of FRS 102; or
• a ‘micro-entity’ which can elect to prepare simple accounts with minimal information, ie, in accordance with the micro-entities regime in CA 2006 and FRS 105 Financial Reporting Standard applicable to the Micro-Entities Regime.

Even if your entity does not qualify as small or micro, if it is a qualifying entity it can make use of the disclosure exemptions in FRS 102.

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