PracticeConsultingSmall company standards under review

Small company standards under review

The financial reporting standard for smaller entities (FRSSE) has been put under review by the Accounting Standards Board.

The ASB is seeking views on how the standard is working in practice, two years on from its original launch.

The FRSSE brought together the requirements of other accounting standards and urgent issues task force abstracts which could be used by companies and other organisations with a turnover of less than £2.8m or gross assets of less than £1.4m.

Areas under review include entities’ eligibility criteria, how and when the FRSSE is updated and whether adoption of the standard should be mandatory for all eligible entities.

Mary Keegan, who took over as ASB chairman at the beginning of the year, said: ‘The FRSSE is used by a large number of companies in the UK, and we want to ensure that, subject to the constraints within which we must operate, we do the best job we can for this significant section of the financial community.’

Copies of the discussion paper, Review of the Financial Reporting Standard for Smaller Entities (FRSSE) are available from ASB Publications, 01908 230 344.

Links

ASB website – FRSSE

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