How the accounting regimes would apply under the ASB's proposals Tier Regime 1 EU-adopted IFRS EU-listed (consolidated accounts); listed on AIM; listed on the Irish Enterprise Exchange; other publicly accountable entities (including publicly accountable 100 per cent subsidiaries) 2 IFRS for SMEs Entities that aren't publicly accountable 3 FRSSE
An entity that doesn't exceed two or more of the following criteria: 6.
The bottom-tier entities are using FRSSE at the moment--very small companies with $2 million or $3 million in annual revenue and not more than 10 employees.
There's not full agreement about whether we should keep the FRSSE.
Similar to FRSSE
, the proposed SME standards have a simple, straightforward structure, organized by financial statement and the specific items within each.
The UK can keep FRSSE
and the ASB will still have a role as a FRSSE
The paper will present a full draft of a one-stop-shop FRSSE
and will look into whether those preparing the financial statements of smaller businesses will benefit from having all the relevant accounting requirements available in the single document.
A deferral has also been proposed for FRSSE
, the financial reporting standard for smaller entities.
This is the fourth version of the FRSSE
and is effective for accounting periods ending on or after 22 June 2002.
The proposals aim to take account of developments in financial reporting since FRSSE
was first published in July 1999, including the issue of FRS 16, FRS 17, FRS 18 and FRS 19 and eight UITF abstracts as they apply to smaller entities.