The Financial Reporting Council (FRC) has issued an updated version of the Financial Reporting Standard for Smaller Entities (FRSSE) which comes into effect in January 2015.

The amendments to the FRSSE are a consequence of the revised reporting framework introduced into the UK and Republic of Ireland, with the issue of FRS 100 Application of Financial Reporting Requirements and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

FRS 100, issued in November 2012, contained a small number of amendments to the FRSSE and the FRC has now included these in the updated version of FRSSE to maintain its usefulness as a one-stop-shop. As part of the revised reporting framework, the FRC has also withdrawn extant financial reporting standards and Urgent Issues Task Force (UITF) abstracts, and amended the FRSSE accordingly. The update contains no new amendments to those previously issued.

The FRSSE (effective January 2015) will supersede the FRSSE (effective April 2008) and will be effective for reporting periods beginning on or after 1 January 2015, although early adoption is permitted.