The UK's Accounting Standards Board (ASB) has updated its Financial Reporting Standard for Smaller Entities (FRSSE). The update is a result of changes introduced by the Companies Act (2006). Amongst the changes are:
(a) A 20% increase in the thresholds for qualifying as a smaller company.
(b) A requirement to report separately political and charitable donations (and an increase in the threshold for such donations to £ 2,000).
The updated FRSSE applies to accounting periods beginning on or after 6 April 2008. The ASB has not yet published the updated version but it intends to do so by the end of May. For further information see here. The current version is available here.
Postscript (12 June 2008): The updated FRSSE has now been published here.
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