At the heart of these changes is a proposal to raise the size threshold for what qualifies as a “small company”. This adjustment means more businesses will soon fall under a less stringent reporting framework.
As a small or medium-sized enterprise (SME) in the UK, understanding statutory accounts is essential to your financial health and legal compliance. Statutory accounts, also known as annual accounts, are a legal requirement for all limited companies registered in the UK.
Daykin Scott Chartered Accountants breaks down the key differences between FRS 102 and FRS 102 1A, helping you make an informed decision that aligns with your business needs.