Turnover threshold raised for smaller entity reporting
Small company reporting updated to reflect changes in the Companies Act
The turnover threshold for ‘smaller entity’ financial reporting has increased
from £5.6m to £6.5m – a 20% rise – to reflect changes in the Companies Act 2006.
The threshold for reporting political and charitable donations has also
increased to £2,000.
The Accounting Standards Board, ASB, said its update of financial reporting
standard for smaller entities, FRSSE, was largely a ‘tidying-up’ exercise with
few substantive changes being made.
‘The use of the FRSSE is widespread amongst smaller entities; hence it is
that it is kept up to date and retains its usefulness as a ‘one stop shop’, I am
therefore pleased to announce publication of an updated version to reflect the
impact of the Companies Act 2006,’ said ASB chairman, Ian Mackintosh.
is available at the ASB’s website.