IASSA and the Companies (Accounting) Act 2017 have provided companies with new options for accounting for their 31 December 2017 year ended accounts. FRS 105 is now available for micro entity’s where 2 of the following 3 criteria apply for the current and proceeding year; turnover of less than €700,000, gross assets of €350,000 and less than 10 employees. FRS 105 contains simpler accounting policies appropriate for smaller entities. Section 1A of FRS 102 is now available for small entity’s where 2 of the following 3 criteria apply for the current and proceeding year; turnover of less than €12,000,000, gross assets of €6,000,000 and less than 50 employees. Section 1A uses the same accounting policies as full FRS 102, however less disclosures are required. The table below sets out the main differences between FRS 105, Section 1A of FRS 102 and full FRS 102.

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