FRC publishes amendments to FRSSE
On 29 April 2014 the Financial Reporting Council (FRC) published amendments to the Financial Reporting Standard for Smaller Entities (FRSSE) to take account of the recently implemented Small Companies (Micro-Entities’ Accounts) Regulations 2013 (SI 2013/3008).
The Regulations permit micro-entities (the UK’s smallest companies) to prepare ‘abridged’ financial statements with limited accompanying notes. Qualifying companies can therefore use simplified formats for their balance sheet and profit and loss account. The Regulations also introduce a presumption that the accounts give a true and fair view of the company’s financial position if they comply with the minimum requirements…
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