Accounting Standards and Guidance

FRC Financial Reporting Standards (FRSs)

UK/Irish accounting framework (effective for periods beginning on or after 1 Jan 2015)

FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime

Section 6 Notes to the Financial Statements

Appendix B to Section 6 Company law disclosure requirements for micro-entities in the Republic of Ireland

Basis of preparation

6B.2

A micro-entity shall ensure that its financial statements include a statement as to whether they have been prepared in accordance with this FRS and for any material departure from this FRS, the effect of the departure and the reasons for it are noted in the financial statements. (Section 291(7) of the Companies Act 2014)

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