Brexit & EconomyPoliticsTurnover threshold raised for smaller entity reporting

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
important
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
FRSSE
is available at the ASB’s website.

Related Articles

Financial Secretary to the Treasury on cryptocurrency, Brexit and taxing the digital economy

Brexit Financial Secretary to the Treasury on cryptocurrency, Brexit and taxing the digital economy

4w Alia Shoaib, Reporter
HMRC’s refusal to raid top Tory donor Lycamobile to be investigated by MPs

Big Four HMRC’s refusal to raid top Tory donor Lycamobile to be investigated by MPs

4w Alia Shoaib, Reporter
Spring Statement 2018: Spring has sprung as chancellor finds his inner Tigger

Budget Spring Statement 2018: Spring has sprung as chancellor finds his inner Tigger

2m Emma Smith, Managing Editor
Spring Statement live feed

Budget Spring Statement live feed

2m Emma Smith, Managing Editor
Spring Statement 2018: 5 things to look out for

Brexit & Economy Spring Statement 2018: 5 things to look out for

2m Alia Shoaib, Reporter
Financial Secretary to the Treasury on Brexit, Spring Statement, Making Tax Digital and Carillion

Politics Financial Secretary to the Treasury on Brexit, Spring Statement, Making Tax Digital and Carillion

4m Emma Smith, Managing Editor
David Davis, Secretary of State for Exiting the European Union

Brexit & Economy David Davis, Secretary of State for Exiting the European Union

4m Alia Shoaib, Reporter
Philip Hammond, Chancellor of the Exchequer

Brexit & Economy Philip Hammond, Chancellor of the Exchequer

4m Alia Shoaib, Reporter