What's the difference between FRS 102 and FRS 105?

What's the difference between FRS 102 and FRS 105?

You may hear us, as accountants, mention FRS 105 or FRS 102 when we discuss your accounts, but what does this actually mean to you as a business owner and the end user of the accounts? The accounting standards were simplified and came into effect for periods beginning on or after 1 January 2015. Out with the multiple accounting standards and in with two new condensed standards – FRS 105 and FRS 102. So, what is the difference? FRS 105 FRS 105 is…