SME standard to fall in line with UK GAAP

The UK’s Accounting Standards Board has proposed amendments to its accounting
standard for smaller companies that would bring it into line with recent changes
to full UK GAAP.

The exposure draft for the Financial Reporting Standard for Smaller Entities
will lead to the fifth revision of the standard and is expected to come into
force at the beginning of next year.

Eight new standards have been issued by the ASB since the FRSSE was last
updated as well as amendments to two existing standards and two new abstracts
from the Urgent Issues Task Force.

The deadline for comments on the exposure draft is 31 July.

Related reading

Fiona Westwood of Smith and Williamson.