The Companies (Accounting) Act 2017 commenced on 9 June 2017 and introduced the concept of the Micro Companies Regime which is contained in Section 280D-280E of the Companies Act 2014. This allows companies to prepare financial statements under FRS 105 by applying the requirements of the micro companies regime in the Companies Act once the requirements of Section 280D of Companies Act 2014 have been met. The Implementation of FRS 105 has been on the horizon for a number of years. The impact of the new standard has been the topic of many an article, seminar and conversation, however, the time for contemplation is over. Users of FRSSE must now transition for accounting periods on or after 1 January 2016 (as FRSSE can no longer be applied from that date) to either FRS 102; FRS 102 - Section 1A (assuming the company qualifies for this regime), IFRS or FRS 105 (assuming the company qualifies for this regime). Section 14 of the Companies (Accounting) Act 2017 can be early adopted for all periods beginning on or after 1 January 2015, therefore FRS 105 can be early adopted for periods beginning on or after 1 January 2015. The transition process if not dealt with appropriately will place a significant burden on accountants.
To assist you make the transition to FRS 105 as smoothly as possible we have developed an extensive resource containing Guidance Documents, Help Sheets, Detailed Guides, Quick Guides, Video Guides, Transition Checklists, Financial Statements, Disclosure Checklists and a FRS 105 detailed differences guide.
Incorporating a client company shouldn't be a hassle. You have more important things to do with your time. We keep things simple, straight forward and fuss free. A service tailored specifically for accountants.
OmniPro has always provided exceptional value to our CPD clients by combining the highest quality seminars at the most competitive rates in the market. Now, with the CPD Club we are offering you even greater value.
We are here to facilitate people achieve extraordinary results so that they may do the same for others.
Accountants are uniquely placed to shape the business world. When engaged correctly the skills, knowledge and influence possessed by accountants is instrumental in the success and failure of every single business in the world. We believe that by facilitating accountants to achieve extraordinary results even in mundane, technical areas we are giving them the space and time they need to facilitate extraordinary results for their clients thus making the world a better place.
So when you engage with us across any of our services no matter how small or big we honestly do believe that by working together we can change the world for the better.
We are proud to be part of the B1G1 Business For Good Programme. Contribution is a core value that we treasure. We believe that Business has the power and responsibility to make a difference in the world. Now, through B1G1, together we can work to create lasting change in the world.