New 'one stop' FRSSE effective from 1 Jan 2005

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The Accounting Standards Board (ASB) has published a new "one-stop" edition of the Financial Reporting Standard for Smaller Entities (FRSSE), which applies to accounting periods beginning on/after 1 January 2005.

The FRSSE was developed specifically for smaller entities and presents a simplified set of requirements distilled from other accounting standards and UITF Abstracts.

Companies qualifying as small under companies legislation (satisfy two of the following conditions: annual turnover less than 5.6m; fewer than 50 employees; gross assets less than 2.8m) can elect to comply with the FRSSE and gain exemption from all other accounting standards and UITF Abstracts. Smaller entities that do not adopt the FRSSE remain subject to the full range of accounting standards and UITF Abstracts.

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