Can I apply the FRSSE?

Can I apply the FRSSE?

An amended FRSSE 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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