ASB simplifies FRSSE

News Article - 23 January 2007
Category: Business

The Accounting Standards Board (ASB) has simplified the reporting on share-based payments for small companies.

A revised version of the financial reporting standard for smaller entities (FRSSE) was published today after responses to an exposure draft outlined concern that requirements set out in financial reporting standard (FRS) 20, Share-based Payment, would be expensive and difficult for small businesses to implement.

Ian Mackintosh, the ASB's chairman, told Accountancy magazine: "The board agreed major simplification was appropriate for FRS 20, particularly for equity-settled arrangements where better financial reporting should be secured through a disclosure only approach."

He added that the board would continue to monitor the reporting of small companies to keep the FRSSE up to date and further work on the ASB's convergence strategy and an SME project being run by the International Accounting Standards Board.

The updated FRSSE is now 100 pages shorter than its previous version and was amended after receiving advice from the Committee on Accounting for Smaller Entities.

Article keywords:

---

More industry news

• Think tank warns UK may have already slipped back into recession
• Growing demand for HR staff in technology and international sectors
• Boosting business growth a ‘priority’ to avoid Eurozone slowdown
• HMRC launches alternative disputes pilot scheme this week
• December employment statistics disregard gloomy recruitment predictions
• Eurozone manufacturing PMI shows modest improvement
• UK scores highly for economic governance by ratings agency
• Government launches two-year project focusing on manufacturing sector
• Burden of regulation on UK businesses ‘too high’

Back to news home page »