End of FRSSE signals new accounting rules for small business

8 Oct 2014

Accounting rules for small business are in upheaval as the current status quo will be overhauled in 2015. Anyone reporting under the existing FRSSE should consider the upcoming changes and respond to the dual FRC and BIS consultations to ensure the new rules meet the requirements of small and micro entities, says Sarah Perrin ACA

UK small and micro businesses could soon be preparing financial statements under the same fundamental accounting framework as large companies. The change – described as ‘radical’ by Dr Nigel Sleigh-Johnson, head of IAEW’s financial reporting faculty, due to the large number of companies affected – has been triggered by the need to bring UK small company accounting in line with EU law.

The proposed changes are outlined in two consultation documents issued separately by the Department for Business, Innovation and Skills (BIS) and the Financial Reporting Council (FRC).

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