FRS 105 The Financial Reporting Standard applicable to the Micro-Entities Regime

FRS 105 is the UK accounting standard for entities eligible for, and who choose to apply, the micro-entities regime.

Which version of the standard?
Recent amendments
Summary and timeline
ICAEW guides and support
Bloomsbury Accounting and Tax Service
Example accounts
Manuals, handbooks and further reading
Help with technical enquiries

Which version of the standard?

Guidance on the effective version of FRS 105 for different annual periods along with notes on amendments and early adoption are available exclusively to Corporate Reporting Faculty members – log in or find out how to join the faculty.

Current standard in issue

FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime (January 2022)

Amendments applicable from 1 January 2020

Amendments to FRS 102 and FRS 105 – COVID-19-related rent concessions (October 2020)

Amendments applicable from 1 January 2021

See the FRC's website for a full list of standards in issue and earlier publications, including previous versions of FRS 105, amendments and guidance.

Summary and timeline

Our FRS 105 summary and timeline tells you who is eligible to apply the standard – alongside a synopsis, any current proposals and a timeline of FRC updates relating to the standard.

ICAEW guides and support

Helpsheets and factsheets

Preparing and filing micro-entity accounts
Corporate Reporting Faculty, January 2023
This new factsheet is designed to provide an overview of FRS 105. It also covers the criteria for qualifying as a micro-entity and the exemptions available to such entities.

FRS 105 Update: Micro-entities’ Accounts FAQs
Corporate Reporting Faculty, November 2022
This FRS 105 Update looks at the micro-entities regime and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime.

Micro entities filing options – FAQ
Corporate Reporting Faculty, November 2022
This document answers frequently asked questions about the filing options for micro-entities.

Going concern considerations – a guide for FRS 105 preparers
Corporate Reporting Faculty, August 2022
Guidance, aimed at preparers of micro-entity accounts, summarising management's responsibilities for assessing going concern and the practical implications for financial reporting.

How to distinguish adjusting from non-adjusting post balance sheet events under UK GAAP
Corporate Reporting Faculty, May 2022
This guide outlines the factors to consider when determining whether post balance sheet events are adjusting or non-adjusting in the accounts.

Checklist: implications of COVID-19 for the preparation of micro-entity accounts (FRS 105)
Corporate Reporting Faculty
A checklist of some of the factors to consider when preparing your (or your client’s) accounts. This checklist is aimed at micro-entities preparing accounts in accordance with FRS 105.

COVID-19-related rent concession under FRS 102 and FRS 105
Technical Advisory Service, September 2021
Technical helpsheet issued to help ICAEW members preparing financial statements under FRS 102 and FRS 105 to account for operating leases for which covid-19-related rent concessions have been granted.

Is a company micro?
Technical Advisory Service, March 2021
Technical helpsheet to help members understand when a company qualifies as a micro entity under the Companies Act 2006.

Small and micro company size calculator
Technical Advisory Service, August 2018
Technical helpsheet to assist ICAEW members in determining whether a company meets the small or micro entity thresholds under the Companies Act 2006.

Annual factsheets

These exclusive factsheets, produced annually by the Corporate Reporting Faculty for its members, highlight all new and modified requirements for preparers of UK GAAP accounts. Each annual edition focuses primarily on new requirements with mandatory application for preparers with periods beginning on or after 1 January of that year.

2022 UK GAAP Accounts
Corporate Reporting Faculty, updated January 2023

2021 UK GAAP Accounts
Corporate Reporting Faculty, updated August 2022

2020 UK GAAP Accounts
Corporate Reporting Faculty, updated July 2021

Webinars

Bitesize Briefing: Implications of COVID-19 for micro-entities in 2020/21 reporting
Corporate Reporting Faculty, March 2021
Key considerations for micro-entities preparing 2020/21 accounts in light of the pandemic.

Amendments to UK GAAP for COVID-19-related rent concessions
Corporate Reporting Faculty, January 2021
Hear about the COVID-19-related rent concessions amendments to FRS 102 and FRS 105.

2020/21 Reporting: Going concern and impairment
Corporate Reporting Faculty, January 2021
Going concern and impairment considerations for those preparing accounts under FRS 102 or FRS 105 with late 2020 or early 2021 year-ends.

Bitesize Briefing: Financial reporting implications of COVID-19 for micro-entities
Corporate Reporting Faculty, May 2020
A 20-minute webcast from ICAEW’s Corporate Reporting Faculty that explores the financial reporting implications of COVID-19 for micro-entities.

Bloomsbury Accounting and Tax Service

Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Bloomsbury Accounting and Tax Service.

Micro-entities
Steve Collings, Bloomsbury Professional (2022)
A chapter providing guidance on how to apply FRS 105 to micro LLPs, with practical tips, worked examples and best practice principles.

Financial Reporting for Micro-entities
Steve Collings, Bloomsbury Professional (2022)
A chapter on the micro-entities legislation and financial statements, written by a specialist on small company reporting issues. The recognition, measurement and presentation requirements of FRS 105 are discussed, along with helpful real-life examples.

Sample UK micro-entity financial statements
Steve Collings, Bloomsbury Professional (2022)
Example financial statements based on the requirements of FRS 105 and the micro-entities’ legislation.

Disclosure checklist: micro-entity
Steve Collings, Bloomsbury Professional (2022)
A micro-entity disclosure checklist based on the requirements of FRS 105.

Terms of use: You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the Acceptable usage terms.

If you have any difficulties using these eBooks, please contact library@icaew.com.

Example accounts

Model accounts and disclosure checklists for new UK GAAP
The ICAEW Library can provide model accounts and disclosure checklists for FRS 101, FRS 102, FRS 102 Section 1A, and FRS 105. The examples and checklists cover a broad range of entities, including small companies, charities, groups, LLPs and micro-companies.

Ask ICAEW Technical Advisory Service

Get an opinion from the experts. Our experienced technical advisors can help you with your UK GAAP questions and offer practical advice. Call the advisory helpline on +44 (0)1908 248 250.

Find out more about the Technical and ethics advisory helpline, including our opening hours.

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