Financial Reporting Standard for Smaller Entities (effective March 1999)

Article Abstract:

The UK Accounting Standards Board's Financial Reporting Standard for Smaller Entities (FRSSE) provides qualified companies guidelines on the preparation and presentation of the financial statements. It may be used for all financial statements seeking to provide a true and fair account of the financial condition and profit and loss of small firms or groups that meet the definition under the companies legislation, and of entities that would have satisfied this definition had they been incorporated under companies legislation. FRSSE cannot be adopted for the financial statements of mid-sized and large business entities; public companies and their affiliates; banks, building societies and insurance companies and their affiliates; and persons authorized under the Financial Services Act or the Investment Intermediaries Act and their affiliates.

---

Designed to fit - a financial reporting standard for smaller entities

Article Abstract:

The Working Party of the Consultative Committee of Accountancy Bodies released the Consultative Document 'Exemptions from Standards on Grounds of Size or Public Interest' in Nov. 1994. According to this document, small businesses should not be subject to any additional requirements in the compliance with the full body of accounting standards and that most of them should no longer comply with accounting standards. It further recommends that the application of accounting standards and Urgent Issues Task Force (UITF) Abstracts should be determined by company size, and that small companies should continue implementing five specific standards and one UITF Abstract. The document proposes the development of a Financial Reporting Standard for Smaller Entities.

Financial statements

---

Amendment to financial reporting standard for smaller entities

Article Abstract:

An Exposure Draft containing proposed changes to the Accounting Standards Board's (ASB) 1997 Financial Reporting Standard for Smaller Entities (FRSSE) is presented. These amendments seek to incorporate the relevant components of FRS 9 (Associates and Joint Ventures), FRS 10 (Goodwill and Intangible Assets) and FRS 11 (Impairment of Fixed Assets and Goodwill), and five abstracts from the ASB's Urgent Issues Task Force pertaining to pension costs, taxation of foreign currency borrowings, Year 2000 transition, introduction of the euro and the acquisition of a Lloyd's business. The proposed changes include those in the areas of presentation, goodwill and intangible assets, transitional arrangements, definitions and date of effectivity.

Similar abstracts:

• Abstracts: Global reporting standards: The Esperanto of accounting. In the round. Bring back Prudence
• Abstracts: Dissonance on Wall Street. Nothing to worry about unless you're nervous. Cash crisis
• Abstracts: Millennial fears may prove justified abroad. Global equities: dollar the key. Global strategy: more difficult
• Abstracts: Windfalls all round for carpet baggers. Sting in the bonus tail. Savings rates: income threat
• Abstracts: Predicting endurance limits in arm cranking exercise with a subjectively based method. Tolerability to prolonged lifting tasks assessed by subjective perception and physiological responses

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.