Acting for Small and Micro-Entities

This course will enable you to

• Discuss how the periodic review has changed the treatment of small entities in the UK and Ireland
• Compare FRS 102 and FRS 105, and advise on the most appropriate framework
• Explain the history behind the concept of "true and fair"
• Meet the disclosure requirements for small and micro-entities
• Evaluate transition opportunities and manage key issues when changing frameworks

About the course

Significant updates to UK and Ireland GAAP following the FRC's latest periodic review are set to change how small and micro-entities prepare their financial statements. These changes affect disclosure expectations, accounting framework choices, and the application of "true and fair" principles. For accountants supporting small businesses, understanding these developments is essential to giving sound advice and staying compliant ahead of the 2026 implementation deadline.

This course explores the key updates to FRS 102 Section 1A and FRS 105, helping you understand how the revised standards apply to small and micro-entities across the UK and Republic of Ireland. It guides you through evaluating which framework is most appropriate, the impact of the changes on disclosures and narrative reporting, and the detail behind concepts like "true and fair". You'll also examine practical considerations when transitioning between frameworks, especially in light of recent legislative changes that may make such moves more beneficial.

You'll come away with a clear understanding of how the periodic review affects your clients or organisation, and the knowledge to advise confidently on choosing or switching between FRS 102 and FRS 105. This course will give you the tools to meet disclosure obligations accurately, manage transitions smoothly, and support small and micro-entities with accounting frameworks that best suit their needs.