FRSSE

AcronymDefinition
FRSSEFinancial Reporting Standard for Smaller Entities (United Kingdom)
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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.
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: 6.5m [pounds sterling] balance sheet total; 50 employees
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.
Similar to FRSSE, the proposed SME standards have a simple, straightforward structure, organized by financial statement and the specific items within each.
While FASB issued a brief invitation to comment in 2005, the IASB staff has exposed an internal draft comprising well over 200 pages of materials largely extracted from existing standards (IAS and IFRS) and interpretations (SIC and IFRIC), following the pattern set by the U.K.'s FRSSE, to provide a one-document solution for those qualifying reporting entities seeking accounting guidance.
If the IASB nappy does not fit smaller UK firms, which are accustomed to FRSSE, it's unlikely to fit smaller firms elsewhere.
The proposed changes will: extend the scope of the standard to include all entities other than those applying the FRSSE; and implement the recognition and derecognition material in IAS39, "Financial instruments: recognition and measurement".
It proposes to bring together in a single document the contents of the current financial reporting standard for smaller entities (FRSSE), published in December 2001, and the accounting requirements of legislation applicable to smaller companies.
It will be extended to all entities, apart from those reporting under the Financial Reporting Standard for Smaller Entities (FRSSE), from 1 January 2006.
A deferral has also been proposed for FRSSE, the financial reporting standard for smaller entities.
The Accounting Standards Board has issued Financial Reporting Standard for Smaller Entities (FRSSE).