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
What is Modernism?
Modernist architecture and its many international variations explained.
BRE support Europe-wide strategic heating plans for local and national authorities.
Work set to begin on 'one of America's greatest parks', which will be 10 times bigger than Central Park.
One of our most popular articles - RSHP's Mike Davies writes about the concept design process.
As Cuba mourn the death of Castro, major renovation of this symbolic landmark may be a reflection of the country's fresh start.
How cannabis plants are used to create an alternative building material with plenty of advantages.
What does Mayor Sadiq Khan's first policy statement mean for London's infrastructure?
Bjarke Ingels Group announced as winners of design competition for new residential landmark in Amsterdam.
Designing Buildings Wiki has reviewed a well-designed and researched set of architecture city maps.
Designing Buildings Wiki attended the second annual Building Live conference, tackling the challenges facing construction.