The Financial
Reporting Council (FRC) has published an updated version of the Financial
Reporting Standard for Smaller Entities (FRSSE). This contains a small
number of amendments resulting from the introduction of the revised UK
reporting framework set out in FRS 100 and FRS 102.
The key amendments are:
- The clarification of certain requirements concerning annual impairment reviews, estimates of the useful life of goodwill and intangible assets, and definitions pertaining to related party transactions; and
- Disclosure exemptions regarding inter-group related party transactions, where a subsidiary party to the transaction is 100% owned by the group.
The amended FRSSE
will replace the existing version (effective since 2008) and its adoption is
mandatory from 1 January 2015, although earlier application is permitted.
For further
information on this subject please contact andrew.webb@wardwilliams.co.uk
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