Micro company FRS 105
We’ve created a compliance pack for micro companies reporting under FRS 105 in the Republic of Ireland, which is relevant for periods beginning on or after 1 January 2017, early adoption is permitted.
Micro companies applying this compliance can take advantage of the reduced presentation and disclosure requirements of FRS 105.
Final Accounts supports the inclusion of an optional small company directors’ report in the set of accounts prepared for Members and for Revenue. This is, however, excluded from the set of accounts prepared for Companies Registration Office (CRO) on the basis that its inclusion is not mandatory.
There is no requirement to include a directors’ report in a set of micro company accounts providing the disclosures required by Section 328 of the Companies Act 2014 (regarding shares held by the company) are made elsewhere in the accounts.
Shares held by the company disclosure, if relevant, will always output as a note to the accounts and not as a section of the directors’ report to ensure the accounts are fully compliant regardless of whether a directors’ report has been included or not.
To remove the directors’ report from the set of accounts prepared for Members and Revenue, simply navigate to the Directors’ Report section on the accounts preview and select Remove.