The Financial Reporting Council last week issued an exposure draft of the Financial Reporting Standard for Smaller Entities (FRSSE) to bring UK GAAP into line with the new micro-entity reporting regime.
As the FRC explains in the introduction to the exposure draft, The Small Companies (Micro-Entities’ Accounts) Regulations 2013 (SI 2013/3008) brought the European Union directive on micro-company reporting into effect in November.
The micro-entities regulations apply to financial years ending on/after 30 September 2013 for companies filing their accounts on/after 1 December 2013. Since the beginning of this month companies have been able to file micro-entity accounts at Companies House, but unless FRSSE was amended, “a microentity could not state compliance with the FRSSE whilst taking advantage of the available exemptions”, the FRC explained.
The exposure draft deals mainly with...