Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 19 JULY 2007

UK GAAP – FRSSE 2007

Smith & Williamson
Explore more from Smith & Williamson

The new Financial Reporting Standard for Smaller Entities (FRSSE) can be applied by all companies which qualify as ‘small’ under companies legislation, or by any other entity which would have qualified as small were it incorporated. The effective date is periods beginning on or after 1 January 2007, although earlier adoption is permitted.

United KingdomStrategy

The latest version of the FRSSE provides small companies with much needed and welcome relief from one of the most complex accounting standards of recent times.

The new Financial Reporting Standard for Smaller Entities (FRSSE) can be applied by all companies which qualify as ‘small’ under companies legislation, or by any other entity which would have qualified as small were it incorporated. The effective date is periods beginning on or after 1 January 2007, although earlier adoption is permitted.

Main Changes

The main changes from the previous version of the FRSSE (effective January 2005), are as follows.

Scope

Previous versions of the FRSSE have specifically excluded certain types of financial services firms from applying its provisions, even if they would otherwise have met the qualifying conditions. While this is no longer the case, companies that choose to use the fair value rules in the Companies Act 2006 (i.e. they take unrealised gains and losses on fair value movements in

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

See more popular content from

Article

Preparing For The EU Cyber Resilience Act: Key Reporting Obligations From 11 September 2026

The EU's Cyber Resilience Act introduces mandatory cybersecurity reporting obligations for manufacturers of digital products starting September 2026, requiring notification of actively exploited vulnerabilities and severe incidents within strict timeframes. Companies must establish procedures to identify and report security events to national Computer Security Incident Response Teams, with potential fines reaching €15 million or 2.5% of global turnover for non-compliance.
United KingdomStrategy
Goodwin Procter LLP
Goodwin Procter LLP
Article

European Commission Proposes European Innovation Act

The European Commission has unveiled a European Innovation Act designed to strengthen the EU's innovation ecosystem by addressing two critical challenges: limited access to finance for IP-rich businesses and fragmented regulatory frameworks across Member States. The proposal introduces measures including a common IP valuation framework, streamlined R&D procurement procedures, and harmonized regulatory sandboxes to help startups and scaleups commercialize their innovations more effectively.
European UnionStrategy
Lewis Silkin
Lewis Silkin
Article

The SRA’s AI Warning Notice: A Regulatory Wake-up Call, Not A Reason To Step Back

The Solicitors Regulation Authority has issued a warning notice on AI misuse in legal practice, clarifying what responsible adoption looks like. While recognizing AI's benefits for document review, drafting, and research, the regulator emphasizes that solicitors remain accountable for their work regardless of the tools used, requiring proper governance, human oversight, and professional judgment to manage risks like hallucinated citations and confidentiality breaches.
United KingdomStrategy
Gateley Legal
Gateley Legal
Article

The Legal Profession Isn’t Ready For What's Coming: Richard Susskind's Unfiltered Take From Axiom's London Event

Professor Richard Susskind challenges senior in-house legal leaders to rethink AI's role in the legal profession, arguing that while short-term impacts are overestimated, the long-term transformation toward Artificial General Intelligence will fundamentally reshape how legal services are delivered. Can legal departments prepare for a future where AI doesn't just assist lawyers but potentially replaces the traditional advisory model entirely?
United KingdomStrategy
Axiom
Axiom