FRSSE (effective January 2015)
On 31 July 2013, the FRC issued an updated version of the Financial Reporting Standard for Smaller Entities (FRSSE), the FRSSE (effective January 2015).
FRS 100 Application of Financial Reporting Requirements
, issued in November 2012, contained a small number of amendments to the FRSSE. As a convenience to those preparing small company accounts, the FRC has issued an updated version of the FRSSE containing those amendments, to maintain it as a one-stop-shop. The updated FRSSE contains no new amendments to those previously issued.
The amendments to the FRSSE are as a consequence of the revised reporting framework introduced into the UK and Republic of Ireland, with the issue of FRS 100 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
. As part of the revised reporting framework, the FRC has withdrawn extant financial reporting standards and Urgent Issues Task Force (UITF) abstracts and has made amendments to the FRSSE where it previously referred to standards or abstracts that are now withdrawn.
The FRSSE (effective January 2015) will supersede the FRSSE (effective April 2008) and will be effective for reporting periods beginning on or after 1 January 2015, although early adoption is permitted.
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