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| Old GAAP | FRS 102 | Further Comment On Differences |
| Notes to the Financial Statements | Notes to the Financial Statements (S.8) | |
| The following disclosures are included, as a minimum, within the notes to the financial statements: · whether the financial statements have been prepared in accordance with applicable accounting standards; · a description of each material accounting policy; · a description of each material accounting estimate, including the estimation techniques; and · additional information that is necessary for financial statements to give a true and fair view. | The following disclosures are included, as a minimum, within the notes to the financial statements: ·a statement of compliance with FRS 102; · reconciliation of equity reported under previous GAAP to equity under FRS 102; · reconciliation of the profit/loss reported under previous GAAP for the latest period to the profit/loss under FRS 102; · first-time adoption requires full retrospective application of FRS 102 effective at the reporting date for an entity’s first new FRS 102 financial statements. There are four mandatory exceptions, 17 optional exemptions in section 35 of FRS 102, and one general exemption on the grounds of impracticability regarding retrospective application; · significant accounting policies; · information about judgements that management has made in applying the accounting policies and that have the most significant effect on the amounts disclosed in the financial statements; · key sources of estimation uncertainty; · explanatory notes for items presented in the financial statement; and · information not presented in the primary statements. | On transition, the additional disclosures required are: · new accounting policies to be disclosed as a result of the new concepts introduced by FRS 102. See attached a sample of example accounting policies that will be required under FRS 102 depending on the instruments that the entity holds. (Example 11 – Accounting Policies); · a statement of compliance with FRS 102 which was not specifically required under old GAAP; (Example 12 – Statement Of Compliance With FRS 102); · disclosures on the significant judgements and estimates that management have made in preparation of the financial statements. This was not required under old GAAP. See example significant judgement disclosures required where applicable attached. (Example 12A – Critical Accounting Judgements And Estimates). (Note these are only for illustrative purposes). |
| Not Applicable. | Small UK entities as defined in Section 1A (and the Companies Act) are only required to provide limited notes disclosures as dictated by Company Law. Refer to Section 1A Appendix of the standard for further details. Although there is no requirement to include the below, their inclusion is encouraged: · a statement of compliance with FRS 102; · a going concern statement as set out in Section 3; · dividend declared and paid or payable during the period; · a reconciliation of the results as stated under old GAAP to the result under FRS 102. (Note: this is not applicable to Republic of Ireland Companies at the time of creating this guide. It cannot be applied until Ireland enacts EU Directive 2013/34). | This is a significant difference for UK Companies. (As previously stated small companies in the Republic of Ireland cannot claim this exemption until EU Directive 2013/34 is enacted. This is expected in early 2016). |
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