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
UK-GBC green paper proposes more powers for cities on new-build housing.
The Pompidou Centre – not a monument but an event.
The Chartered Institute of Building restructures and launches 29 new local hubs.
Designing Buildings Wiki talks to the founder of the world's first indoor biophilic gym, now open in London.
£1.3bn Swansea Bay project to be backed as a 'pathfinder' for other tidal lagoon projects.
Designs released for a proposed Las Vegas stadium to entice the Oakland Raiders.
Have a look at these award-winning concept designs for a thermal bath in Latvia.
Flagship project no longer "a going concern" according to the Garden Bridge Trust as funding slows.
How the work of 20th century urbanist Jane Jacobs continues to resonate in light of the government's garden village plans.
New landmark for the Ecuadorean capital of Quito utilises a sinuous facade mold system.
Have a look at this glass piano and violin building in China.