FRS 105 was introduced by the FRC to offer a more simplified accounting standard that replaces the FRSSE for qualifying micro entities. The commencement of the Companies (Accounting) Act 2017 (‘Companies Act 2014’) allows micro companies to adopt FRS 105 for periods commencing on or after 1 January 2015.
FRS 105 (The Financial Reporting Standard applicable to the Micro Entities Regime) offers a simplified approach to recognition and measurement in a number of areas in comparison to the equivalent Small Entities requirements in FRS 102 (Section 1A), applicable from the same date.
To qualify as a Micro-Entity and prepare accounts under FRS 105 companies must satisfy at least TWO of the following conditions for two consecutive years (except newly incorporated companies who can apply the criteria in their first accounting period):
In order to assist our clients with the transition to FRS 105 an option is given in the program to Follow FRS 105. This option will provide the user with financial statements prepared with minimum disclosures.
Additional disclosure options are also available to allow the user to prepare financial statements suitable for their clients, for example additional user defined notes can be added to the standard set of FRS 105 accounts.
For companies incorporated in the Republic of Ireland they may choose to follow Schedule 3A or Schedule 3 of the Companies Act 2014, to provide more information, rather than the standard Schedule 3B.
The new legislation will usher in the most comprehensive overhaul of Irish company law in over 50 years and we will provide you with a detailed synopsis of the highlights and notable changes that are to be introduced.
ACIS, Corporate Law & Company Secretarial Practice
A concise guide to the practical measures that Accounting Firms need to take from a tax perspective in adhering to FRS102.This will link up and follow on smoothly from the earlier presentation on the Accounting implications of FRS 102 covered by previous speakers.
The Statement of Recommended Practice applies to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and ROI (FRS 102) - effective date January 2015.