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FRS 102 Summary – Section 1 – Scope

Section 1 deals with the scope of FRS 102 and the exemptions which can be claimed. FRS 102 is available for use by unlisted groups and listed or unlisted individual entities preparing financial statements that are intended to give a true and fair view.

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Irish Accountants Pay the Price Again

From 1st of January 2016 Irish accountants and their clients embrace the new financial reporting framework that now prevails. The old Statements of Standard Accounting Practice and Financial Reporting Standards that have served us well over 40 years give way to the...

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FRS 102 Summary – Section 14 – Investment in Associates

Section 14 – Investment in AssociatesSummarySection 14 defines what an associate is, how it should be recognised, measured, derecognised and disclosed.An associate is an entity over which the investor has significant influence and which is not a subsidiary or a joint...

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FRS 102 Summary – Section 16 – Investment Property

Section 16 deals with the accounting for investment property. It only applies to investment property whose fair value can be measured reliably without undue cost or effort. If this is not the case then the property falls within the scope of section 17, property, plant and equipment. If it cannot be measured without undue cost then the depreciated cost model applies.

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FRS 102 Summary – Section 17 – Property, Plant and Equipment

Section 17 deals with the initial recognition, subsequent measurement, depreciation and impairment for property, plant and equipment (PPE) held for use in the production, or supply of goods and services, for rental to others or administrative purposes. All items of PPE are expected to be used during more than one period.

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FRS 102 Summary – Section 20 – Leases

Section 20 applies to all leases, including some arrangements that do not take the legal form of a lease but convey rights to use assets in return for payments. It deals with the recognition, measurement and disclosures of operating and finance leases.

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FRS 102 Summary – Section 21 – Provisions and Contingencies

Section 21 applies to all provisions, contingent liabilities and contingent assets, except those covered by other sections of FRS 102. For example, leases, construction contracts, employee benefits and income tax. It does not apply to executory contracts unless they are onerous contracts.

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FRS 102 Summary – Section 23 – Revenue

Section 23 applies to the accounting for revenue arising from the sale of goods, rendering of services, construction contracts and the use by others of entity assets yielding interest, royalties or dividends.

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FRS 102 Summary – Section 24 – Government Grants

Section 24 deals with the recognition, measurement and disclosures for government grants. Government grants are assistance in the form of a transfer of resources to an entity in return for past or future compliance with specific conditions.

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FRS 102 Summary – Section 25 – Borrowing Costs

Section 25 deals with the recognition and disclosures of borrowing costs. Borrowing costs are interest and other costs that an entity incurs in connection with the borrowing of funds. It covers interest expense using the effective interest method, finance charges in relation to finance leases and exchange differences arising from foreign currency borrowings.

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FRS 102 Summary – Section 34 – Specialist Activities

Section 34 deals with the reporting requirements for entities applying FRS 102 in the specialist areas of agriculture, extractive activities, service concession arrangements, financial institutions, heritage assets, funding commitments and public benefit entities.

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