New accounting regimes for small entities
Posted on April 13, 2017 by Wylie & Bisset
With effect from 1st January 2016 (impacting on financial year ends of 31st December 2016 onwards), accounts of small entities in the UK must now be prepared under new accounting regimes. The new rules have brought in a choice of regime for many small entities, with an option of following the Micro Entity regime (FRS 105) or to follow FRS 102, 1A (reduced disclosure framework for UK Companies). The rules change UK Generally Accepted Accounting Practice therefore will apply not only to companies but also to sole traders, partnerships and LLP’s.
The link below will take you to our Fact Sheet providing further guidance on the main changes that the new regimes bring to small entity accounts.
If you have any queries on the new regimes, please get in touch with our Business Services Managers Catherine Livingstone and Yvonne Robertson.