FRS 102 Section 1A sets out the simpler presentation and disclosure requirements available to small entities. It applies to those companies that are entitled and choose to apply the small companies regime, LLPs entitled and choosing to apply the small LLPs regime, and any other entities that would have met the criteria for the small companies regime had they been companies.
Check our hub for on Small and micro-entity reporting for guides on choosing the right regime, the criteria for small companies and micro-entities, filing accounts, simplifications for small companies and micro-entities, and other guidance.
The requirements regarding small entities are set out as part of FRS 102. However, individual sections of the standard should not be looked at in isolation as other parts may be relevant.
FRS 102 is regularly updated and amended by the Financial Reporting Council (FRC). For the full text of FRS 102, guidance on which version of the standard to apply and notes on recent amendments, see our main FRS 102 page.
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This factsheet considers simplifications available to small entities and the criteria to be met. Updated November 2022.
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In this guide, the Financial Reporting Faculty sets out the financial reporting simplifications available to companies that are entitled to apply the Small Companies Regime.
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In this guide, the Financial Reporting Faculty outlines the differences between FRS 102 and FRS 105 and other factors to consider when deciding whether to prepare accounts using the small or micro-entities regime.
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Technical helpsheet issued to help ICAEW members understand the reporting requirements applicable to small entities in the UK reporting under FRS 102 Section 1A.
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This webinar explores the financial reporting impact for small and micro companies of topical issues including the current economic environment, as well as sustainability and climate change reporting. Upcoming changes due to Companies House reform and the periodic review of UK GAAP also feature.
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising around 80 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.
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A chapter giving a brief overview of the relevant financial reporting frameworks for small and micro-entities under FRS 102. The chapter covers reporting for a micro-entity under FRS 105, FRS 102 Section 1a Small Entities and misleading financial statements.
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Comprehensive practical guidance on the small companies' financial reporting framework and the micro-entities legislation, written by a specialist on small company reporting issues. The recognition, measurement and presentation requirements of UK GAAP and company law are discussed, along with helpful real-life examples and model accounts.
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Detailed one-stop-shop guidance on how the disclosure requirements under new UK GAAP (and EU-endorsed IFRS) should be prepared. It also reflects Republic of Ireland company law amendments in respect of FRS 102, Section 1A and FRS 105. Each type of business is given its own chapter, covering micro-entity, small company, medium-sized and large businesses. Example financial statements and disclosure checklists are provided to help practitioners in their day-to-day work.
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Fully updated guide focusing on each area of the financial statement in detail with illustrative examples. This chapter gives a summary of FRS 102 Section 1A and related Companies Act 2006 requirements, and covers the scope of the small entities and LLPs regime, recognition and measurement requirements, the complete set of financial statements, statement of financial position, income statement (or profit and loss account), notes to the financial statements, statutory exemptions, and filing requirements.
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Model accounts and disclosure checklists for UK GAAP
The ICAEW Library can provide model accounts and disclosure checklists for FRS 101, FRS 102, FRS 102 Section 1A, FRS 103 and FRS 105. The examples and checklists cover a broad range of entities, including small companies, charities, groups, LLPs and micro-companies.
The ICAEW Library stocks the latest UK GAAP handbooks and manuals. You can browse all our books on FRS 102 and small 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
Small company financial reporting
Steve Collings, Bloomsbury, 2019
Practical and comprehensive guide on the small companies and micro-entities regime, with examples throughout.
Preparing small and micro company accounts 2019-20
Anne Cowley, Croner-i, 2019
A practical guide for small companies and micro-entities preparing accounts under FRS 102 or FRS 105 for periods beginning on or after 1 January 2019. This book includes model accounts and disclosure checklists, with detailed commentary on the disclosure and presentation requirements of FRS 102 Section 1A.
GAAP 2019: UK reporting – FRS 102 (Volume B)
Deloitte, Croner-i, 2019
Comprehensive manual explaining how to apply FRS 102, with worked examples and extensive interpretation and guidance. The chapter on the UK regulatory background covers small entities under FRS 102 and the requirements of Section 1A and Appendix A, B, C and D.
Manual of accounting: UK GAAP
PwC, Lexis Nexis, 2019
Practical guide with worked examples throughout, dealing with day-to-day issues as well as complex questions. The chapter on small entities looks at options available to small entities, the definition of small entity, the complete set of financial statements, options for format, statement of financial position, income statement, notes to the financial statements, groups, strategic report and directors’ report, filing requirements, and transition.
Accounting considerations for small businesses (Accountants Digest no. 637)
Anne Cowley, Croner-i, 2018
This digest looks at key considerations and challenges for small businesses when preparing accounts under FRS 102 and FRS 105, incorporating amendments from the December 2017 triennial review. It deals with key technical requirements and practical application issues, with examples.
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