FRS 105 amendments align LLPs and micro-entities regimes

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FRS 105 amendments align LLPs and micro-entities regimes

THE FRC has issued amendments to FRS 105 – Limited Liability Partnerships and Qualifying Partnerships.

Following a change in legislation, LLPs and qualifying partnerships can apply the micro-entities regime.

  • Effective for accounting periods beginning on or after 1 January 2016:
  • Applies to financial statement of companies, which qualify for the micro-entities regime.
  • The FRC have withdrawn the financial reporting standard for Smaller Entities
  • More consistent with International accounting standards
  • Makes it simpler by making changes in the law
  • Now available to eligible LLPs and qualifying partnerships.

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