FRS 105 requires that a complete set of financial statements of a micro-entity should include the following:
Question:
(a) A statement of financial position as at the reporting date with notes included at the foot of the statement; and
(b) An income statement for the reporting period. (See www.frc.org.uk/Our-Work/
Publications/Accounting-and-Reporting-Policy/FRS-105-The-Financial-Reporting-Standard-applicab.pdf)
Required:
Critically discuss the adequacy of this requirement?
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The IFRS for SMEs was assessed to beincompatible w...View the full answer
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Related Book For 
Financial Accounting and Reporting
ISBN: 978-1292162409
18th edition
Authors: Barry Elliott, Jamie Elliott
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