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Micro-entities regime extended to partnerships

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The Financial Reporting Council has announced that FRS 105: Financial Reporting Standard applicable to the micro-entities regime now extends to LLPs and qualifying partnerships. The changes are brought into effect by the Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations, SI 2016/575, which came into force on 17 May. FRS 105 is applicable for accounting periods beginning on or after 1 January 2016.

Issue: 1309
Categories: News