FRS 102 and Abridged Accounts

So FRS 102 is now beginning to have an impact as balance sheets are restated and profits are recalculated under the new regime for comparative purposes.

Transitional rules

The options under the transition rules may produce different results and it is worth considering the implications of these scenarios as early as possible.

Deferred Tax

Deferred tax may also have an impact depending on the decisions made.


The terminology used in the accounts will change.

Abridged accounts

The abbreviated accounts for small companies, which used to be filed with Companies House, will become “abridged” accounts.

Please do give us a call so that we can talk about these options as soon as possible.

FRS 102 and smaller companies

For companies currently entitled to use FRSSE for their accounts, there are potentially two changes to the accounting standards over the coming two years.  The first from FRSSE 2008 to FRSSE 2015 and the second from FRSSE 2015 to FRS 102.  In order to minimise the changes there is an option to adopt FRS 102 for smaller entities early.  This will mean only one change and is the approach we are recommending.

We are keen to explain this to you in more detail so do get in touch.

Micro Entities

HMRC have agreed to the significantly reduced disclosures required by the rules for micro entities.

Whilst full accounts will still be prepared for management purposes we would like to explain the option of micro entity accounting for filing purposes for all our clients who fall within the scope of these rules.

Audit Thresholds

On the 6th April 2015, legislation was passed by Statutory Instrument to increase the size of companies requiring an audit with effect from periods commencing on or after 1st January 2016.  We will be contacting all of our clients who will be affected but please do call us if you have any queries.

 Contact – Liz McCormick ACA, CTA ­ Business Advisory Manager

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