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January 2016www.boundaries.your accounts, the FOSSE and FRS102 You may have heard that there is a new accounting standard in place which is effective for all accounting periods which commenced on
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Small and medium-sized enterprises (SMEs) that qualify for the Financial Reporting Standard for Smaller Entities (FRSSE) need to fill out the accounts form frsse.
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The accounts form frsse is a simplified version of financial statements for small companies.
Small companies that qualify as micro-entities are required to file their accounts form frsse.
The accounts form frsse can be filled out online through the official government website or using accounting software.
The purpose of the accounts form frsse is to provide a simplified overview of the company's financial position for stakeholders.
Key financial information such as balance sheet, profit and loss statement, and notes to the accounts must be reported on the accounts form frsse.
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