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FRSSE

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FRSSEFinancial Reporting Standard for Smaller Entities (United Kingdom)


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entities, except those that elect to apply the Financial Reporting Standard for Smaller Entities (FRSSE), would apply IFRS for SMEs; and Tier 3: Small entities could choose to continue to apply FRSSE if they do not exceed two or more of the following criteria--turnover [pounds sterling]6,500,000; balance sheet total [pounds sterling]3,260,000; and average number of employees, 50.
The exception to this would be that the smallest firms could still apply the FRSSE (see table).
The ASB seems to be tempted to create three levels of standards by inserting a middle tier for UK firms that don't want IFRS but are too big for FRSSE or SME IFRS.
 
 
 
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