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| Old GAAP | FRS 102 | Further Comment on Differences |
| No Current Equivalent | Statement of Changes in Equity (S.6) | |
| Note to the P&L Account reconciling movements in shareholders’ funds and movements in share capital and reserves. This was not considered a part of the primary financial statements. | The Statement of Changes in Equity (the ‘SOCE’) is one of the primary financial statements. For each component of equity, an entity shall present, either in the statement of changes in equity or in the notes, an analysis of other comprehensive income by item as a well as a narrative on the makeup of the reserves. Option to use Statement of Income & Retained Earnings if the only changes are as a result of profit or loss, payment of dividends, correction of material prior period errors or changes in accounting policy. | Although the same information is required to be presented the statement of changes in equity now being a primary financial statement is new so this new layout needs to be adopted on transition. FRS 102 requires further break down of the movement on each reserve compared to old GAAP. See example attached showing the layout required under Section 5 and the notes to be included each reserve within equity (Example 9 – Consolidated Statement Of Change in Equity). |
| Not Applicable. | Small entities as defined in Section 1A are not required to prepare a ‘SOCE’ however, it is encouraged to present this or a Statement of Income and Retained Earnings where there are transactions with shareholders or other equity type transactions. (Note: This is only applicable to UK Companies and not the Republic of Ireland Companies until the EU Directive 2013/34 has been enacted). | This is not applicable to the Republic of Ireland Companies until the enactment of EU Directive 2013/34 which is expected in early 2016. |
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