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FRC publishes revised FRSSE to reflect new UK accounting standards

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31 Jul 2013

The Financial Reporting Council (FRC) has published an updated ‘Financial Reporting Standard for Smaller Entities’ (FRSSE) effective from January 2015. This updates the Financial Reporting Standard for Smaller Entities (effective April 2008) for the changes as a result of the introduction of FRS 100 ‘Application of Financial Reporting Requirements’ FRS 101 ‘Reduced Disclosure Framework’ and FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

The Financial Reporting Standard for Smaller Entities (FRSSE) brings together in a single place the accounting standards and the accounting requirements of company law applicable to smaller companies and is optional.  

The FRSSE (effective January 2015) (link to FRC website) removes references to reporting standards and Urgent Issues Task Force (UITF) Abstracts that were withdrawn with the introduction of FRS 101 and FRS 102 which are effective for accounting periods beginning on or after 1 January 2015.  It also makes a small number of consequential amendments to provisions in the FRSSE whose underlying requirements now change as a result of the introduction of FRS 102.    

The revised FRSSE, which supercedes the FRSSE (effective April 2008), is effective for accounting periods beginning on or after 1 January 2015 with early adoption permissible.

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