Micro-Entities’ Services

The Small Companies (Micro-Entities’ Accounts) Regulations 2013 were approved by the UK Government in November 2013 and introduce major (but optional) accounting exemptions for micro-entities.

In response, the Financial Reporting Council (FRC) issued amendments to the Financial Reporting Standard for Smaller Entities (FRSSE) enabling micro-entities taking advantage of the exemptions to continue to prepare financial statements that are in compliance with the FRSSE.

In July 2015, the Financial Reporting Council (FRC) published a new standard, FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime for use by those micro-entities choosing to adopt this simpler regime.

Which company qualify as micro-entity?

A micro-entity must meet at least two of the following conditions:

  • turnover must be not more than £632,000
  • the balance sheet total must be not more than £316,000
  • the average number of employees must be not more than 10

For qualifying as mico-entity, to know more about micro-entity exemptions

Read all about Micro Entities business here