The Accounting Standards Board (ASB) has set out in a recent Discussion Paper a 'one-stop shop' standard for smaller entities.

It proposes to bring together in a single document the contents of the current Financial Reporting Standard for Smaller Entities (FRSSE) and the accounting requirements of companies legislation applicable to smaller companies. The Discussion Paper illustrates the proposal by presenting a full draft of such a 'one-stop shop' FRSSE.

The main purpose of the consultation is to ask whether those preparing the financial statements of smaller entities will benefit from having all the relevant accounting requirements available in the single document.

Comments are invited by 26 May 2004.

The Board, assisted by its Committee on Accounting for Smaller Entities (CASE), will undertake its normal review of the FRSSE and the need for any updating later in 2004.