Draft amendments to the FRSSE: Micro entities (FRED52)

Comments from ACCA to the Financial Reporting Council
11 February 2014

ACCA is pleased to have this opportunity to comment on the above exposure draft.

We support the draft amendments. The amendments largely reproduce the relevant text of the Statutory Instrument. We do not think that significant explanatory text is needed in the context of the rest of the FRSSE.

The material proposed for Appendix I is a fair summary of the key qualification requirements for micros, but it is not complete. On balance we think it is right to include it but there should be a specific note that the law will have to be consulted for the full definitions of micro companies.