UK & Ireland GAAP for Small and Micro-Entities

by Lisa Weaver & Steve Collings
access120 days access
cpd hours4 CPD hours

This course will enable you to:

  • Understand the available accounting regimes for small and micro entities and their accounting and disclosure requirements
  • Present financial statements in accordance with FRS 105 and FRS 102 Section 1A
  • Understand which is the most appropriate accounting regime for your business or clients, and how to adopt it
  • Recognise the wider implications and minimise the impact of making the transition to a different regime

This course looks at the UK GAAP requirements for small and micro reporting entities. These requirements were introduced a while back now in 2016, when significant changes in financial reporting for the smallest companies and other organisations were brought in by the Financial Reporting Council (FRC). The FRC introduced Financial Reporting Standards for the smallest companies, and included a new category of company, the "micro-entity". A large number of companies in the UK meet the thresholds so these financial reporting standards are relevant and significant to many business owners and their advisors.

This course will help you find out more about the financial reporting options for small and micro-entities. It explores the background to the standards, examines the accounting and disclosure requirements and considers the potential wider implications and planning aspects that should ensure a smooth transition to a different regime.

The UK GAAP regime

  • Changes in financial reporting
  • An overview of UK GAAP
  • Small entities and the accounting regime
  • The FRS 105 micro-entity regime
  • The smaller entities regime

FRS 105 - The micro-entity regime

  • Presenting financial statements in FRS 105
  • Footing the balance sheet
  • Dealing with accounting treatments
  • Deciding to adopt FRS 105

FRS 102 Section 1A - The small entities regime

  • Presenting financial statements
  • Explaining disclosure requirements
  • Accounting treatments
  • Moving from FRS 105 to FRS 102

Preparing for transition to a new reporting regimes

  • Accounting for the transition to a new regime
  • Identifying the main accounting impacts
  • System and control issues to consider
  • The wider implications of moving to the new regime
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Verifiable CPD
Your course counts as verifiable CPD, if you can answer "yes" to these questions:

  1. Was the learning activity relevant to your career?
  2. Can you explain how you will apply the learning in the workplace?

You select courses that meet these criteria, and as you complete each course you get a CPD certificate so you can provide ACCA with the evidence that you undertook the learning activity.