New small business accounting rules

Posted on 26 Jun 2019
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 Small business accounting regulations to come into force

 
The latest rules for small companies business accounting move a step closer today with the publication of the statutory instrument setting out the final wording of the regulations to implement the EU Accounting Directive in the run-up to the release of the replacement FRSSE this July say Harris & Co accountants Northampton, the specialist small business accountants

The changes to the Companies, Partnerships and Group (Accounts and Reports) Regulations 2015 were made on 26 March 2015. The Regulations will come into force on 6 April 2015.
 
The amendments made by these Regulations will take effect in relation to:
 
financial years beginning on or after 1 January 2016, and
a financial year of a company beginning on or after 1 January 2015, but before 1 January 2016, if the directors of the company so decide.
Note that these regulations do not apply to Limited Liability Partnerships (LLPs) at this stage as there was insufficient time to draft the rules to cover partnerships. It is expected to be added to the framework after the new parliament resumes post- general election. 
 
The amendments made by these Regulations do not have effect in relation to the application of any provision of the Act or those regulations:
 
to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit)(Application of Companies Act 2006) Regulations 2008, or
to limited liability partnerships by the Small Limited Liability Partnerships (Accounts) Regulations 2008.
This final legislation allows company preparers to review the new framework for the small business accounting rules before the Financial Reporting Council releases a series of new and revised standards for smaller companies under the FRS 102 regime, set for publication in July 2015.
 
These include amendments to FRS 102 to allow small entities to use the regime, with reduced disclosure requirements, and the new FRS 105, Financial Reporting Standard applicable to the Micro-entities Regime.
 

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