New FRSEE

Posted on 06 Jun 2018
Share Blog Post
Plans to issue an exposure draft for revised accounting standards for small companies that report under the Financial Reporting Standard for Smaller Entities (FRSSE) have been delayed due to the pending introduction of the EU Accounting Directive say Harris & Co accountants Northampton, the specialist small business accountants  

It is understood that the Financial Reporting Council (FRC) will now issue an initial consultation on FRSSE 2015 by the end of June, rather than the expected exposure draft.

 
However, any proposals may well conflict with the new EU Accounting Directive which the Department for Businesss, Innovation and Skills (BIS) is currently drafting. The new EU-driven accounting rules will be introduced as part of the Companies Act in due course and are set to come into effect by 2016.

 
The EU directive defines a small company as a business with a turnover up to £10m, which is higher than the FRSSE maximum turnover threshold of £6.5m.

 
The timetable for the introduction of the EU Directive is legislation set for July 2015 and it has to be implemented by January 2016 for companies reporting under the new framework. However, it will not be mandatory.

 
The uncertainty has drawn criticism from business and practices who feel that the government’s mantra of deregulation is creating more complexity.
 

View more blog posts

HMRC to close phone lines
Posted on 25 Mar 2024
HMRC to close phone lines
read more
More people in higher rate tax
Posted on 18 Mar 2024
More people in higher rate tax
read more
Tax cuts illusory
Posted on 13 Mar 2024
Tax cuts illusory
read more
MTD extended
Posted on 01 Mar 2024
MTD extended
read more
Back To Top
01604 660661