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Can I apply the FRSSE?
Can I apply the FRSSE?
An amended FRSSE (Financial Reporting Standard for Smaller Entities) is effective from 1 January 2015.
An amended FRSSE is effective from 1 January 2015.
- An amended FRSSE is effective from 1 January 2015 which is very similar to the existing FRSSE with a small number of key amendments relating to Capitalised goodwill and intangible assets
- However, adopting the amended FRSSE from 1 January 2015 is a short-term option only
- The FRSSE is expected to align with FRS102 from 1 January 2016, albeit with reduced disclosures
- Who can apply it? It is primarily applicable to small companies and groups as currently defined by the Companies Acts. Current thresholds are entities with (a) turnover of less than €8.8m; (b) total assets of less than €4.4m; and (c) less than 50 employees. To qualify, an entity must meet 2 out of 3 criteria in current and preceding year.
- It is expected that micro entities will be able to apply the FRSME “the Financial Reporting Standard for Micro Entities” from 1 January 2016.
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Tom McEvoy
Partner,
KPMG in Ireland,
Dublin
Tom McEvoy has extensive experience providing global audit and advisory services.
Emer McGrath
Partner,
KPMG in Ireland,
Dublin
Emer has extensive experience advising both domestic and multinational clients.
Ian Nelson
Partner,
KPMG in Ireland,
Dublin
Ian works in the Financial Services sector providing audit, regulatory & risk services.
Colm O'Se
Partner,
KPMG in Ireland,
Dublin
Colm has over 18 years providing audit and advisory services to a wide range of clients.
