It’s been a busy few years for the CCAB, the organisation which publishes the LLP SORP. Having published an updated version of the SORP in 2014, to align with new UK GAAP (FRS 102), it published a further revision in January 2017 (SORP 2017). SORP 2017 can be downloaded from https://www.ccab.org.uk/.
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The dust is now starting to settle on new UK GAAP for small companies in the form of FRS 102 section 1A and practitioners are starting to get into the detail of the disclosures and how they impact on shareholder and filed accounts.
One area that is creating much discussion concerns the disclosure of directors’ salaries
A very common question from practitioners on courses about new UK GAAP at the current time concerns the choice between FRS 105 (the new standard for micro entities) and FRS 102 Section 1A (for small entities).
Some are reluctant to advise their clients to apply FRS 105 if it means that two different standards are both