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FRSSE withdrawal raises transition issues for small and micro entities

As the date for the withdrawal of FRSSE approaches, the accounting regulator, the Financial Reporting Council, held a meeting with key stakeholders from the ICAEW to discuss the implications for small and micro entities with the introduction of FRS 105 for micros and FRS 102 for small entities. Julia Penny FCA reports

Jenny Carter, director of UK accounting standards, and Anthony Appleton, director of accounting and reporting from the Financial Reporting Council (FRC) were joined by ICAEW working party and Financial Reporting Faculty members to discuss the current proposals for small and micro entities at a meeting at ICAEW earlier this week.

These proposals, contained in a number of FRC exposure drafts - FREDs 58-60 - are significant for many accountants and businesses, who qualify as either small or micro, or have clients in this area.

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