Financial Skills: Financial Reporting Standard for Smaller Enterprises (FRSSE)

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Course Overview

The current FRSSE came into force from January 2007 and it prescribes the basis for preparing and presenting financial statements for those companies defined as smaller enterprises.

This one day course explores the key elements of the FRSSE by examining the major standards and the exemptions available.

Audience

This course is aimed at accountants who are involved in preparing accounts under the FRSSE and require an understanding of the accounting standards that are currently in force for small companies. Examples from published accounts will be used to demonstrate key points.

Skills Gained

This course will get accountants involved in preparing accounts under the FRSSE up to speed with the accounting standards currently in force for smalled companies.

Course Outline

STATUS OF THE FRSSE

• The scope and objectives of the FRSSE

GENERAL REQUIREMENTS

• True and fair view
• Accounting principles and policies
• Formats for financial statements
• Approval and signing of accounts

REPORTING PERFORMANCE

• Exceptional items
• Revenue recognition
• Statement of total recognised gains and losses

ACCOUNTING FOR ASSETS

• Tangible fixed assets
• Goodwill and other intangible fixed assets
• Stocks and long term contacts

ACCOUNTING FOR LIABILITIES

• Provisions, contingent liabilities and assets
• Leases
• Pensions

OTHER STANDARDS

• Financial instruments
• Post balance sheet events
• Related parties disclosures
• Foreign currency translation

THE DIRECTORS' REPORT

Financial Skills: Financial Reporting Standard for Smaller Enterprises (FRSSE) / CM030586