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NEW FRSSE FOR 2008 ¶6000 The Accounting Standards Board (ASB) issued an updated version of the Financial Reporting Standard for Smaller Entities (FRSSE) to reflect changes in company law arising from the Companies Act 2006. There are no changes to the requirements that are based on Generally Accepted Accounting Practice. The main substantive differences between the new FRSSE and the previous one are as follows: 1. Increased thresholds for companies and groups to qualify as small:
2. Revised scope to reflect amended eligibility criteria to use the FRSSE (limiting the scope for small investment firms and entities such as e-money issuers); 3. A new requirement to disclose details of any liability limitation agreement (where the accounts are subject to audit); 4. The disclosure of authorised share capital is no longer a requirement; 5. Changes in terminology – “Loans, quasi-loans, credit transactions and guarantees” are now referred to as “Advances, credit and guarantees”; 6. A new requirement for separate disclosure of political donations and expenditure and charitable donations. The threshold for reporting these donations in the directors’ report has increased to £2,000; and 7. A new requirement for disclosures in the directors’ report regarding independent election candidates. The updated FRSSE applies to accounting periods beginning on or after 6 April 2008, the date from which the accounting and reporting regime for smaller companies in the 2006 Act becomes effective. Early adoption is not permitted; smaller companies should therefore continue to use the FRSSE (effective January 2007) for earlier accounting periods. |
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FRSSE 2008 |
