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This guide 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. Example accounts and checklists are included to help ensure that your small company or micro-entity accounts are correctly presented. The guide covers 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).
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;
- example accounts for micro-entities using FRS 105;
- instructions as to how to take advantage of the filing exemptions available for small companies and micro-entities;
- 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.
The 2019-20 version of the book includes:
- new example ‘filleted’ accounts for an audited company applying Section 1A of FRS 102 and taking advantage of the filing exemptions in CA 2006, s.444;
- discussion of the Brexit regulations passed at time of writing (April 2018) and their impact post exit day; and
- coverage of the 2018 editions of FRS 102 and FRS 105, which contain the amendments arising from the FRC’s triennial review of the framework.
Preparing Small and Micro Company Accounts is part of the Preparing Series 2019-20. Other titles in the series include:
The following titles in the Preparing series are available online only: Preparing IFRS Accounts; Preparing LLP Accounts; Preparing FRS 101 Accounts; and Preparing Audit Reports.