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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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Contact us
Tom McEvoy
Partner,
KPMG in Ireland,
Dublin
Tom has over 20 years experience in providing statutory audit and assurance services.
Emer McGrath
Head of Markets: Corporates, Government & Enterprise,
KPMG in Ireland,
Dublin
Emer has extensive experience advising both domestic and multinational clients.
Ian Nelson
Head of Banking & Capital Markets,
KPMG in Ireland,
Dublin
Ian works in Financial Services & provides regulatory, risk management and audit 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.
