- Project plans
- Project activities
- Legislation and standards
- Industry context
Last edited 01 Jul 2014
Financial Reporting Standard for Small Entities FRSSE
The Financial Reporting Standard for Small Entities (FRSSE) is very important for people who run their own small companies. It permits a much reduced level of public disclosure for companies which are small, and in particular, allows such companies to dispense with a costly audit each year.
Previously it was necessary for any company with a turnover of at least £1 million per annum to have an audit carried out each year. Such audits must be carried out by firms who are authorised to do so and, not surprisingly, are relatively expensive.
In recent years however, the reporting regime for small (and medium-sized) companies has become considerably more favourable as a result of recognising two important facts:
- Many small companies cannot afford an annual audit.
- A formal audit is unnecessary when the only parties who have an interest in the result of the audit are the individuals who run the company.
To qualify as a small company and therefore fall within FRSSE a company must meet two of the three following criteria:
- Average number of employees is less than 50 in the year in question.
- Turnover is not more than £6.5 million.
- The balance sheet total is not more than £3.26 million.
This article was written by:--Martinc 18:51, 30 June 2014 (BST)
 Related articles on Designing Buildings Wiki
Featured articles and news
BRE partner with Global GreenTag to develop an Ethical Labour Sourcing Standard for Australia.
The Chartered Quality Institute explain the pathway to success for organisations implementing management systems.
An introductory article looking at where a duty of care can arise in the construction industry.
House of Lords committee encourages the use of off-site manufacturing in new report.
Computational fluid dynamics (CFD) can go some way to show the impact of new buildings on their surroundings.
The shortlist for the 2018 prize for the UK's best new building is revealed.
Amendment to Bill aims to provide councils with greater powers to increase tax premiums on empty homes.
As the latest summer blockbuster 'Skyscraper' is released, we look at some of the best uses of buildings in film.
Read our introductory article on how to layout a building.
New cross-party report calls for combustible cladding ban to be extended to all high-rise residential buildings.