On 22 April 2005 the Accounting Standards Board (ASB), the UK's accounting standard-setter, published an update of its Financial Reporting Standard for Smaller Entities (FRSSE). Initially published in 1997, the FRSSE is intended to simplify reporting requirements for entities that turn over less than £5.6m a year. Announcing the publication, Ian Mackintosh, chairman of the ASB, said:'This latest version of the FRSSE reflects the strong demand from constituents for a "one-stop shop" incorporating the accounting requirements of company law in addition to those derived from UK accounting standards. The overwhelming view was that this would make the FRSSE even more useful to those preparing financial statements for smaller entities.'
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