The FRC has published amendments to its suite of UK and ROI accounting standards following its triennial review exercise. These amendments, in summary, apply as follows:
- Periods commencing on/after 1 January 2017 - revision of UK micro-entity notes disclosure requirements under FRS 105 and incorporation of Irish legislative changes, predominantly affecting Irish small entities under Section 1A of FRS 102 and Irish micro-entities reporting under FRS 105.
- Periods commencing on/after 1 January 2019 - revisions made to all accounting standards, predominantly to simplify and clarify requirements for entities reporting under FRS 102.
There are also a number of provisions relating to early adoption that will be of particular interest where entities are affected by areas subject to simplification. For more detail on these changes, see our blog post Amendments to UK and Irish Accounting Standards - Need to Know.