CCH Preparing Small and Micro Company Accounts 2017-18
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For many years, the Preparing Company Accounts series has guided the accountant in practice and business on the preparation and presentation of statutory accounts. With the removal of the FRSSE in 2016, small companies now face the challenge of preparing their accounts under FRS 102, albeit benefiting from the minimal mandatory disclosure requirements set out in Section 1A of that standard. Meanwhile, micro-entities are able to apply FRS 105, which is based on FRS 102 but with significant simplifications.
As usual, this book explains how to qualify as a small company or micro-entity and sets out the detailed requirements for accounts under FRS 102, Section 1A and under the micro-entity regime, FRS 105.
The following example accounts and checklists are also included to help ensure that your small company or micro-entity accounts are correctly presented:
• example accounts for small companies using FRS 102, Section 1A including:
– the reductions in disclosure in abridged accounts;
– the filing requirements; and
– the extra statements required where various exemptions are applied;
• example accounts for micro-entities using FRS 105 including:
– filing requirements; and
– the extra statements required due to the special provisions applied;
• disclosure checklists covering requirements from standards and legislation for:
– small companies preparing accounts under FRS 102, Section 1A;
– small companies preparing abridged accounts under Section 1A; and
– micro-entity accounts under FRS 105.
This guide covers the requirements for small and micro-entities preparing accounts for periods beginning on or after 1 January 2017. It is aimed at small companies applying FRS 102, Section 1A and micro-entities applying FRS 105, together with the legislative requirements in the Companies Act 2006, and specifically the Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008 (SI 2008/409), as amended by the Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (SI 2015/980).
About the Author
Anne Cowley ACA is senior technical writer for audit and accountancy at Croner-i Ltd. She has a wealth of technical knowledge and experience gained from working in ICAEW’s technical advisory service, advising chartered accountants on a wide range of technical and ethical issues, and in Deloitte’s central technical accounting and financial reporting team, where she was one of the firm’s central New UK GAAP specialists.
Preparing Small and Micro Company Accounts is part of the successful CCH Preparing Series 2017-18.
Other titles in the series include:
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