Business Cycle Accounting

Business Cycle Accounting

Business Cycle Accounting

In the UK small businesses have the option of using the less stringent reporting accounting standards. These less stringent accounting standards allow small businesses to produce less detailed financial statements or to make minimal disclosure about their business’ financial affairs.

To enjoy the privilege of being classified as a small business and therefore to qualify to use Financial Reporting Standard for Smaller Entities (FRSSE) the business must meet the following characteristics: