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• The FRC have withdrawn the financial reporting standard for Smaller Entities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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