ASB issues revised FRSSE. (News Round-up).The Accounting Standards Board The role of the Accounting Standards Board (ASB) is to issue accounting standards in the United Kingdom. It is recognised for that purpose under the Companies Act 1985. It took over the task of setting accounting standards from the Accounting Standards Committee (ASC) in 1990. has issued Financial Reporting Standard for Smaller Entities (FRSSE FRSSE Financial Reporting Standard for Smaller Entities (United Kingdom) ). This is the fourth version of the FRSSE and is effective for accounting periods ending on or after 22 June 2002. Much of the revised FRSSE is identical to its predecessor, with new information on current and deferred tax, accounting policies and retirements. It is based on FRSs 16 to 19, but modified and simplified for smaller entities. It has been amended to reflect UITF UITF Unit Investment Trust Fund UITF Urgent Issue Task Force Abstracts 24 (accounting for start-up costs) and UITF 28 (operating lease Operating Lease A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset. Notes: An operating lease is not capitalized it is accounted for as a rental expense. incentives) and the withdrawal of Abstract 20 on year 2000 issues. Contact www.asb.org.uk |
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