Financial Reporting Standard for smaller entities

= FRSSE
An accounting standard issued by the Accounting Standards Board (ASB) that collects in one document, in simplified and appropriate form, the requirements from other accounting standards and Urgent Issues Task Force (UITF) abstracts that are applicable to smaller entities. Effective from March 1999, it can be adopted by entities qualifying as small companies under company legislation and other analogous bodies. Small entities choosing to comply with these reporting standards are exempt from applying all other accounting standards and UITF abstracts. Smaller entities that do not adopt these standards remain subject to the full range of accounting standards and UITF abstracts. The ASB issued an Exposure Draft ‘Amendment to the FRSSE’ in 2004 and will consider comments received in 2005.
See also: little GAAP

Accounting dictionary. 2014.

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