The headlines around the new UK GAAP 2024 Periodic Review regime have focused on lease accounting and new revenue model – complex, balance-sheet shifting changes that feel like they belong in the world of larger entities. Smaller businesses, the thinking goes, probably don’t need to worry too much.

For micro-entities applying FRS 105, that is largely – though not entirely – true. But for small entities applying FRS 102 Section 1A, the recognition and measurement changes apply in full, and the disclosure requirements have actually expanded. Here is what you need to know.

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