Financial Reporting Standards for Small Entities (FRSSE) apply to businesses that meet at least two of three criteria: Turnover of less than £6.5m net; a balance sheet total under £3.26m; and 50 employees or fewer.
Currently, these businesses are happily following a standard based on the old UK GAAP but this could be about to change. With their larger cousins potentially shifting to International Financial Reporting Standards for SMEs (FRSME), these micro-entities will be the only dinosaurs sticking to a resolutely British way of keeping the books.
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