Exposure Draft: Amendment to Financial Reporting Standard For Smaller Entities 2006

摘要

1 The Financial Reporting Standard for Smaller Entities (FRSSE) was originally issued in November 1997 and revised versions were issued in December 1998, December 1999, December 2001 and April 2005. This Exposure Draft is expected to lead to the fifth periodic revision of the FRSSE, which presents in one document and in simplified form the accounting requirements that are relevant to smaller entities. 2 The FRSSE may be adopted by companies that qualify as small under companies legislation in the UK and the Republic of Ireland and by analogous bodies (ie generally those entities with an annual turnover of less than £5.6 million). Those smaller entities choosing to comply with the FRSSE are then exempt from applying all other accounting standards and UITF Abstracts. However, smaller entities that do not adopt the FRSSE remain subject to the full range of accounting standards and UITF Abstracts. 3 The title of the revised FRSSE will, as normal, include the date from which it is effective, to avoid confusion with previous versions, ie 'Financial Reporting Standard for Smaller Entities (effective Month/Year)'. At this stage it is envisaged that the revised FRSSE will be effective for accounting periods beginning on or after 1 January 2007. However, since the effective date is not yet certain, and for the sake of simplicity in the text that follows, it is referred to in this document as the [draft] FRSSE [2006].