Turnover threshold raised for smaller entity reporting

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.

The updated
is available at the ASB’s website.

Related reading