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FRC to simplify accounting for smaller businesses

The UK Financial Reporting Council (FRC) has issued proposals to amend the Financial Reporting Standard for Smaller Entities (FRSSE) for consultation.

The changes are to reflect legislation introduced by the Department for Business, Innovation and Skills, which allowed the UK's smallest companies, known as micro-entities, to reduce disclosures.

FRC board member and chair of the accounting council Roger Marshall said the proposed amendments would allow these micro-entities to continue to apply the accounting principles of the FRSSE, while still taking advantage of the new legal provisions.

The proposals are open for comment until 12 February 2014.

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Financial Reporting Council

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