This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

FRSSE (effective January 2015)


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. The measurement bases in the FRSSE are generally the same as those in UK GAAP. However, in many cases, the disclosure requirements of the accounting standards included as part of the FRSSE have been significantly reduced. 

In July 2013, the Financial Reporting Council (FRC) published an updated FRSSE effective from January 2015.  This updated the FRSSE (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 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(link to FRC website) removes references to reporting standards and Urgent Issues Task Force (UITF) Abstracts that were withdrawn with the introduction of FRS 101 and FRS 102 which are effective for accounting periods beginning on or after 1 January 2015.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.    

Project Milestones

The updated FRSSE was issued by the FRC on 31 July 2013 and is effective for accounting periods beginning on or after 1 January 2015 with early adoption permissible.

The FRSSE (effective January 2015) was amended further to enable micro-entities to comply with the FRSSE whilst taking advantage of the exemptions for micro-entities contained within The Small Companies (Micro-Entities’ Accounts) Regulations 2013 (SI 2013/3008).

In September 2014, the FRC published its consultation document, ‘Accounting standards for small entities - Implementation of the EU Accounting Directive’ setting out the FRC’s proposals to amend UK accounting standards as part of the implementation of the EU Accounting Directive.  As part of this consultation the FRC proposed that the existing (FRSSE) should be withdrawn.

Following the government response on the UK implementation of the Accounting Directive, the FRC issued three Financial Reporting Exposure Drafts (FREDs) for public comment which propose changes to the existing UK financial reporting framework.  One of the FREDs, FRED 59 - Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Small entities and other minor amendments set out the revised presentation and disclosure requirements for financial reporting by small entities in a new section of FRS 102, Section 1A Small Entities. It was proposed that this section, within FRS 102, would replace the existing Financial Reporting Standard for Smaller Entities (FRSSE).

Current status of the project

Following the publication of FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime and amendments to FRS 102 in July 2015, the FRSSE is withdrawn from 1 January 2016.


Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.