RegulationAccounting StandardsFRSSE faces waning popularity

FRSSE faces waning popularity

FRSSE popularity declining among stakeholders, according to ASB consultation

FINANCIAL REPORTING STANDARDS for Smaller Entities (FRSSE) are losing popularity among stakeholders, the Accounting Standards Board has revealed.

Responses to the ASB’s consultation on International Financial Reporting Standards for SMEs (FRSME) revealed a deepening lack of enthusiasm for the old system, according to chairman Roger Marshall.

The UK GAAP-based FRSSE will be increasingly out of sync with financial reporting for larger businesses if the move to FRSME goes ahead, with all companies except the smallest working from an IFRS-based system.

Experts have recently come out in favour of swapping FRSSE for a pared-down version of the international accounting standards, with this latest revelation indicating wider support for the move.

Related Articles

Lease accounting standards: are multinationals sitting on a ‘leaseberg’ of huge proportions?

Accounting Standards Lease accounting standards: are multinationals sitting on a ‘leaseberg’ of huge proportions?

16h Ross Chapman, Aptitude Software
Sports Direct implements FRC corrections in annual reporting

Accounting Standards Sports Direct implements FRC corrections in annual reporting

1y Stephanie Wix, Writer
Former CFO joins IASB board

Accounting Standards Former CFO joins IASB board

1y Stephanie Wix, Writer
Cashflow statement improvements targeted by watchdog

Accounting Standards Cashflow statement improvements targeted by watchdog

2y Stephanie Wix, Writer
FRC expects Brexit narrative within annual reports

Accounting Standards FRC expects Brexit narrative within annual reports

2y Stephanie Wix, Writer
FRC consults on approach to updating FRS 102 for changes in IFRS

Accounting Standards FRC consults on approach to updating FRS 102 for changes in IFRS

2y Richard Crump, Writer
IASB issues amendments to insurance contracts standard

Accounting Standards IASB issues amendments to insurance contracts standard

2y Richard Crump, Writer
LAPFF urges FTSE 350 companies to disregard the FRC

Accounting Standards LAPFF urges FTSE 350 companies to disregard the FRC

2y Richard Crump, Writer