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Contents
4.2 Small Companies-Exemptions.
4.2.1Extract from FRS102: Section 4.1A.
4.3 Information to be presented in the statement of financial position.
4.3.1 Extract from FRS102: Section 4.2-4.4A and Section 4.7.
4.3.2.2 Practical application of Format 1.
4.3.2.3 Schedule 3 Format 1 -Balance Sheet.
4.3.2.4 Schedule 3 Format 2- Balance Sheet.
4.4.1 Extract from FRS102: Section 4.12-4.13.
4.4.2.2 Share Capital Disclosures.
4.4.2.3 Notes required on any reserves included in equity.
4.5.1 Extract from FRS102: Section 4.14.
4.6 Alternative statement of financial position format.
4.6.1 Extract from FRS102: Section 4.2-4.2D.
4.6.2.2 Example of Alternative statement of Financial Position.
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4.2 Small Companies – Exemptions
4.2.1 Extract from FRS 102: Section 4.1A
4.1A A small entity applying Section 1A Small Entities is not required to comply with this section.
4.2.2 OmniPro Comment
As per section 1A of FRS102 small companies in the UK and Ireland are not required to comply with this section instead these small entities may apply Section 1A of FRS 102. See guidance in relation to same in section 1A of FRS 102 where full details of the requirements in relation to the Statement of Financial Position including eligibility for Section 1A and the requirements for the statement of comprehensive and income statement for small companies is given.
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Examples
Example 1: Extract from the Consolidated Balance Sheet – S.4 FRS 102.
Example 2: Extract from the notes to the financial statements – Ordinary share capital
Example 3: Extract from the notes to the financial statements – Reserves note.
Example 4: Alternative Statement of Financial Position S4.2.A – S4.2D Alternative IFRS Version.
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