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Changes to UK accounting standards

12 January 2016

You may have heard in the press about the upcoming changes to the accounting standards in the UK which all companies must adhere to.  These changes come into effect for all company year ends on and after 31st December 2015. 

In summary there are now three accounting standards which will affect most UK companies, FRS102, FRS 102 (Small Entities) and FRS105.

FRS102 is mandatory for all large and medium sized entities.  These are companies with turnover more than £6.5M, gross assets more than £3.26M and more than 50 employees.

FRS102 (small entities) will be available for small sized companies only.  These are companies with turnover less than £6.5M per annum, gross assets less than £3.26M and less than 50 employees.

FRS105 is available for companies with turnover less than £632,000 per annum, £316,000 gross assets and less than 10 employees.

We will discuss these changes in detail with you during the preparation of the accounts and confirm all amendments to the accounts which result from this change with you.

Meanwhile, if you have any other queries please do not hesitate to contact me.

Kind regards,

Andrew Davis FCCA CTA FMAAT

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