Transcription of Technical factsheet FRS 102 small company reporting
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Technical factsheet FRS 102 small company reporting
1 Technical factsheet frs 102 small company reporting Contents Page Introduction 2 Standards in issue and amendments to the Companies Act 2006 3 Reduced disclosure requirements and the true and fair concept 5 Triennial review amendments relevant to small companies 8 Frequently asked questions for small companies 14 Transition to frs 102 17 Transition to frs 102 : worked example 30 Disclosure requirements 42 This factsheet has been produced in partnership with Steve Collings FMAAT, FCCA, director of Leavitt Walmsley Associates Ltd chartered certified accountants, lecturer and author of financial reporting publications. You can find the latest publications at 2 INTRODUCTION frs 102 , The Financial reporting Standard applicable in the UK and Republic of Ireland, has been in issuance since March 2013 and applies mandatorily for companies not eligible to apply the small companies regime in the preparation of their financial statements for accounting periods starting on or after 1 January 2015, with earlier adoption permissible.
FRS 102 is based on the principles found in IFRS Standards, specifically IFRS for SMEs. IFRS for SMEs is intended to apply to general-purpose financial statements by entities that are classed as ‘small and medium-sized’ or ‘private’ and ‘non-publicly accountable’.
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