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

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 Financial Reporting Faculty members – log in or find out how to join the faculty.

For annual periods from 1 January 2019

For annual periods before 1 January 2019

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

Checklist: implications of COVID-19 for the preparation of micro-entity accounts (FRS 105)
Financial 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, December 2020
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.

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

Micro entities filing options – FAQ
Financial Reporting Faculty, September 2019
This document answers frequently asked questions about the filing options for micro-entities.

Is a company micro?
Technical Advisory Service, August 2018
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.

FRS 105 Update: Micro-entities’ Accounts FAQs
Financial Reporting Faculty, February 2018
This FRS 105 Update looks at the micro-entities regime and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime.

Micro-entity accounts: Moving to FRS 105
Financial Reporting Faculty, May 2017
This factsheet is designed to provide an overview of FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime. It also covers the criteria for qualifying as a micro-entity and the exemptions available to such entities.

Annual factsheets

These exclusive factsheets, produced annually by the Financial 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.

2021 UK GAAP Accounts
Financial Reporting Faculty, June 2021

2020 UK GAAP Accounts
Financial Reporting Faculty, updated July 2021

2019 UK GAAP Accounts
Financial Reporting Faculty, December 2020 

Webinars

Bitesize Briefing: Implications of COVID-19 for micro-entities in 2020/21 reporting
Financial 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
Financial Reporting Faculty, January 2021
Hear about the COVID-19-related rent concessions amendments to FRS 102 and FRS 105.

Bitesize Briefing: Going concern and impairment - your questions answered
Financial Reporting Faculty, February 2021
Answering more questions from the related webinar on going concern and impairment issues for UK GAAP preparers in 2020/21 reporting.

2020/21 Reporting: Going concern and impairment
Financial 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
Financial Reporting Faculty, May 2020
A 20-minute webcast from ICAEW’s Financial Reporting Faculty that explores the financial reporting implications of COVID-19 for micro-entities.

Bitesize Briefing: Accounting for COVID-19 support schemes
Financial Reporting Faculty, April 2020
Aimed at UK GAAP reporters, this webcast outlines accounting considerations for a range of support schemes being made available to businesses during the pandemic.

Bitesize briefing - FRS 105 Micro-entities - answering your questions
Financial Reporting Faculty, 09 September 2019
Find answers to the most commonly asked questions on micro-entity accounts in this 20-minute webcast. 


Bloomsbury Core 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 Core Accounting and Tax Service.

Micro-entities
Steve Collings, Bloomsbury Professional (2020)
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 (2019)
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 (2021)
Example financial statements based on the requirements of FRS 105 and the micro-entities’ legislation.

Disclosure checklist: micro-entity
Steve Collings, Bloomsbury Professional (2021)
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.


Further reading

Manuals and handbooks

The ICAEW Library stocks the latest UK GAAP handbooks and manuals. You can browse all our books on FRS 105 and micro-entities or request any of the following popular titles by contacting us on +44 (0)20 7920 8620, by web chat, or at library@icaew.com

Applying GAAP: A practical guide to financial reporting 2019–20
Anne Cowley, Croner-i, 2019
The latest edition of this detailed guide explains how to apply FRS 102 and FRS 105 with worked examples, disclosure suggestions and practical tips on implementing the standards.

Manual of accounting: UK GAAP
PwC, Lexis Nexis, 2019
Practical guide with worked examples explaining the requirements of FRS 100, FRS 101, FRS 102, FRS 103, FRS 104 and FRS 105. This edition has been updated for changes from the triennial review issued in December 2017.

Preparing small and micro company accounts 2019–20
Anne Cowley, Croner-i, 2019
Detailed guide explaining FRS 102 for small entities and FRS 105 for micro-entities covering dormant companies, small groups, audit exemptions, audit and assurance reports, filing the company accounts, and small and micro accounts in the Republic of Ireland.

Small company financial reporting
Steve Collings, Bloomsbury Professional, 2019
Detailed practical guide covering the small companies' financial reporting framework and micro-entities legislation in the UK. This edition has been updated to incorporate changes arising from the FRC's triennial review in December 2017.

Find out more about how you can borrow books from the ICAEW Library or get articles and documents through our document supply service.


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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