The new UK GAAP project has been ongoing for quite a while and the good news is that we are finally nearly there with the whole project, explains Steve Collings.
In November 2012, the Financial Reporting Council’s Accounting Council (formerly known as the Accounting Standards Board) finally issued FRS 100 Application of Financial Reporting Requirements and FRS 101 Reduced Disclosure Framework. So what are these new standards all about?
FRS 100 outlines which entity uses which standard. For the smaller companies, the good news is that the Financial Reporting Standard for Smaller Entities (FRSSE) will still be operational with no change in those sorts of companies that can use FRSSE: Only those companies that meet the definition of ‘small’ under the Companies Act 2006 are eligible to report under the FRSSE.