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Financial Reporting Standard for smaller entities


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An accounting standard issued by the Accounting Standards Board (ASB) that collects in one document, in simplified and appropriate form, the requirements from other accounting standards and Urgent Issues Task Force (UITF) abstracts that are applicable to smaller entities. First issued in March 1999, it can be adopted by entities qualifying as small companies under company legislation and other analogous bodies. Small entities choosing to comply with these reporting standards are exempt from applying all other accounting standards and UITF abstracts. Smaller entities that do not adopt these standards remain subject to the full range of accounting standards and UITF abstracts. Revised versions of the FRSSE were issued in January 2005, January 2007, and June 2008. See also little GAAP.

http://www.frc.org.uk/documents/pagemanager/asb/FRSSE/FRSSE%20Web%20optimized%20FINAL.pdf Downloadable pdf of the current FRSSE from the ASB website

Subjects: Accounting.


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