This course helps small companies to prepare their company accounts in accordance with the Financial Reporting Standard for Smaller Entities (FRSSE).
A UK company is defined as small if it does not exceed two of the following three criteria in two successive years or in its first financial year:
- Turnover - £6,500,000
- Balance Sheet total (fixed and current assets) - £3,260,000
- Average number of employees - 50
The seminar answers the following questions:
- What are the principal differences between a small company's set of accounts and those of larger companies?
- How should a small company present its Profit and Loss Account and Balance Sheet?
- What has to be stated in the Directors' report?
- Are all small companies exempt from audit?
- What does a small company have to disclose in accordance with the Companies Act 2006?
- How does FRSSE expect a company to measure revenue?
- How should a small company account for Fixed Assets and Leases?
- What are deferred tax assets and liabilities, and how are they relevant to small companies?
- What must a small company do about provisions?
- If a small company is involved in foreign currency transactions, how should it account for changes in foreign exchange rates?
- What are the relevant disclosures if a company lends money to a director?
- What is a related party and how should a small company account for transactions with related parties?
- Is there a difference between accounts prepared for shareholders and those submitted to the Registrar of Companies?
- What changes have recently been made to FRSSE and what is likely to change in the near future?
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