New FRSSE

FRSSE (effective January 2015)

The FRC has updated the Financial Reporting Standard for Smaller Entities for consequential amendments arising from the earlier publication of FRS 100 Application of Financial Reporting Requirements effective for periods commencing on or after 1 January 2015. The amendments include an updated definition of a related party; a new requirement to assess annually whether there is any indication of asset impairment and that the useful life of goodwill and other intangibles is presumed not to exceed five years where a reliable estimate cannot be made say Harris & Co chartered accountants Northampton the specialist small business accountant.