It is effective for accounting periods beginning on or after 1 January 2005. The FRSSE is an accounting standard developed specifically for smaller entities, by collecting together in one document and in simplified form the requirements from other accounting standards and interpretations that are applicable to smaller entities. It may be adopted by companies qualifying as small under UK companies legislation (at present, generally those entities with an annual turnover of less than £5.6 million). Smaller entities that elect to comply with the FRSSE are exempt from applying all other accounting standards and interpretations. Smaller entities that do not adopt the FRSSE remain subject to the full range of UK accounting standards and interpretations. Click for Link to Press Release and Download the FRSSE from the ASB's website.