End of FRSSE: proposals for future small business accounting

As the FRSSE gets set for withdrawal, Julia Penny FCA looks at the FRC proposals for small company accounting rules and how the apparently lighter disclosure regime appears to be increasingly complex

At a time when many of us thought that all the proposal stage of new UK GAAP would be at an end, we find ourselves instead with another slew of exposure drafts.

This time it is the implementation of the new EU Accounting Directive, largely dealing with issues for small companies, together with the interpretation of those requirements which has led to the new documents. So what does it mean?

The new FREDs (financial reporting exposure drafts), issued in February 2015, are as follows:

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