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ICAS issues new guide on financial reporting standards for small and micro entities

The Institute of Chartered Accountants of Scotland (ICAS) has issued guidance to help small and micro companies to apply the new financial reporting requirements.

Effective from 1 January 2016, all small and micro entities in the UK must start preparing their accounts under one of the new UK accounting standards; FRS 105, FRS 102 or FRS 102 Section 1A. The new guide summarises the key areas of change that small entities and their advisors need to be aware of, such as filling requirements for small companies and preparing for tax implications of the new accounting standards.

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