New factsheets on the FRS 102 periodic review amendments
The Financial Reporting Council (FRC) market study into SMEs aims to examine the challenges faced by SMEs in relation to audit and reporting, where practitioners have difficulties in auditing SMEs.
The FRC held a series of online roundtables throughout the invitation to comment consultation period for stakeholders to share their views on the questions asked and explore issues in more detail. ACCA participated in these roundtables with some members and provided valuable feedback, including ACCA’s response to the market study.
As part of support for practitioners, the FRC has published a new factsheet on going concern which will aid preparers of small company and micro-entity accounts in the UK in applying the going concern basis of accounting under FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland or FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime.
In addition to the going concern factsheet, there are a number of other factsheets that will provide additional guidance to preparers of financial statements following the latest FRS102 periodic review amendments.
