The Financial Reporting Standard for Smaller Entities (FRSSE) has been with us since 1997. It’s become a much-loved standard for the profession because it offers a lot less onerous disclosure requirements than full UK GAAP and simplifies a lot of areas. Steve Collings reports.
The reduced reporting requirements inherent in FRSSE often mean that in some cases FRSSE might not cover a certain issue. In such situations the user has to default back to full UK GAAP to decipher the correct accounting treatment or disclosure requirement in order that the accounts they are preparing under FRSSE can still achieve the truth and fairness provision under Companies Act 2006.
In this article I will summarise 10 issues relating to FRSSE which you might not be aware of and, where relevant, I will point you in the right direction of where to look.
About Steven Collings
Steve Collings, FMAAT FCCA is the audit and technical partner at Leavitt Walmsley Associates Ltd where Steve trained and qualified.