New micro accounts rules

 

A complete overhaul of accounting rules for micro business with the imminent release of FRS 105 is not straightforward as the Financial Reporting Council (FRC) finalises the new micro entities standard set to replace FRSSE, which will change the way the smallest businesses report their numbers, reports Harris & Co chartered accountants Northampton.

Once finalised, FRS 105 will be effective for periods beginning on or after 1 January 2016, though early adoption should be available from the date the standard is issued, which the FRC expects to be in July 2015.