New accounting guidance for SME companies
The new Financial Reporting Standard for Smaller Entities is effective for periods commencing from 1 January 2007. The majority of changes are un-spectacular, though many accountants were keen to see the ASB’s stance on accounting for share schemes.Fortunately for many accountancy firm’s (and their clients), it has been decided that the notional cost of share schemes does not need to be calculated and included in the profit & loss account. As a compromise, the details of each share scheme will need to be disclosed in the notes to the accounts. This is a welcome move by the ASB <http://www.iasb.co.uk/> as it saves a significant amount of time and confusion for smaller firms.
Date: 12th March, 2007
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