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FRS 105 – Accounts Made Simpler

The introduction of a simpler reporting regime for micro-entities represents a great opportunity for experienced bookkeepers to offer more to their clients. The Institute of Certified Bookkeepers (ICB) called the introduction of FRS 105 a "game changer" because now there is no more need for accountants for the completion of micro-entity company accounts and tax returns.

What is FRS 105?

FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime is an accounting standard intended for financial statements of companies which qualify for the micro-entities regime.

Does my company qualify as a micro-entity?

A business which is not prohibited from using FRS 105, would meet the qualifying conditions if at least two out of three of the following thresholds apply:

  • Turnover not more than £632,000 (pro rata for a short accounting period)
  • Balance sheet total not more than £316,000
  • Not more than 10 employees

My business qualifies, so do I have to use FRS 105?

No, the regime is optional and the decision to apply it will depend on the individual circumstances of the business.

Transact Bookkeeping can help you decide if it's right for you. We offer a free initial consultation so give us a call today on 07895 403050 to find out more.



 

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