Amendment To Financial Reporting Standard For Smallar Entities 2004 Exposure draft-November 2004

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 and December 2001. It collects together in one document and in simplified form the requirements from other accounting standards and UITF Abstracts that are relevant to smaller entities.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. 2.This Exposure Draft contains the complete FRSSE (effective June 2002) with proposed amendments to incorporate the requirements of relevant companies legislation. The Exposure Draft also contains proposed amendments that arise from the two Financial Reporting Standards (and two amendments to FRSs) and eight UITF Abstracts that have been issued since June 2001, when the last Exposure Draft of amendments to the FRSSE was published. It is expected to lead to the fourth periodic revision of the FRSSE.