The latest versions of FRS 105 and FRS 102 may be found on this page. Following adoption of the EU Financial Reporting Directive, FRS 105 and Section 1A of FRS 102 replaced the FRSSE (Financial Reporting Standard for Smaller Entities) under which most RMCs/RTMCos previously prepared their statutory accounts. Which standard to apply depends on meeting the respective eligibility criteria but a Micro-entity can opt to apply the higher standard. The FRSSE was withdrawn, and the new standards took effect, on 1st January 2016.
The Financial Reporting Council – FRS 105:
The Financial Reporting Standard Applicable to the Micro-entities Regime
The Financial Reporting Council – FRS 102:
The Financial Reporting Standard Applicable in the UK and Republic of Ireland
Resource
This content was originally published on irpm.org.uk which is now a
part of The Property Institute.
