FRS 105 to include LLPs and qualifying partnerships

FRS 105 to include LLPs and qualifying partnerships

17 May 2016

FRC issues amendments to FRS 105 to include limited liability partnerships and qualifying partnerships

The FRC has issued an amendment to FRS 105 to bring limited liability partnerships and qualifying partnerships within the scope of the micro-entities regime.

For periods commencing on or after 1 January 2016 (although early adoption is permitted from 1 January 2015), LLP’s and qualifying partnerships will be able to prepare micro entity accounts subject to the micro entity thresholds and exemptions.

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