Get the latest KPMG thought leadership directly to your individual personalised dashboard
Close
Notice of updates
!
Since the last time you logged in our privacy statement has been updated. We want to ensure that you are kept up to date with any changes and as such would ask that you take a moment to review the changes. You will not continue to receive KPMG subscriptions until you accept the changes.
Close
Hi
!
Our privacy policy has been updated since the last time you logged in
We want to make sure you're kept up to date. Please take a moment to review these changes. You will not receive KPMG subscription messages until you agree to the new policy.
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.