ASB Publishes 'One-Stop Shop' Standard for Smaller Entities

ASB PN 269

The Accounting Standards Board (ASB) today published an update of its Financial Reporting Standard for Smaller Entities (FRSSE). It is effective for accounting periods beginning on or after 1 January 2005.

The FRSSE is based on the proposals set out in the November 2004 exposure draft and builds on the concept developed in the March 2004 discussion paper A ‘One-stop Shop’ FRSSE. It brings together in a single document the accounting standards and the accounting requirements of company law applicable to smaller companies.

This update also reflects the basic principles of FRS 5 Application Note G ‘Revenue recognition’; FRS 21 ‘Events after the balance sheet date’ (which supersedes the UK standard SSAP 17) and UITF Abstract 34 ‘Pre-contract costs’.

See Press Release and Full Standard, in pdf format.