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[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section bb_built=”1″ fullwidth=”off” specialty=”off” transparent_background=”off” allow_player_pause=”off” inner_shadow=”off” parallax=”off” parallax_method=”off” padding_mobile=”off” make_fullwidth=”off” use_custom_width=”off” width_unit=”on” make_equal=”off” use_custom_gutter=”off” gutter_width=”3″ custom_padding_tablet=”0px||0px|” custom_padding_last_edited=”on|desktop” prev_background_color=”#1e73be” next_background_color=”#000000″][et_pb_row][et_pb_column type=”4_4″][et_pb_toggle admin_label=”Index” _builder_version=”3.0.105″ title=”Section 1A – Index” open=”off”]
1A.1.1 Extract from FRS102: Section 1A.1-1A.4
1A.2.1 Section 1A – As applicable to the republic of Ireland
1A.2.1.2 Which companies can avail of Section 1A/Small Company’s regime?
1A.2.1.3 What remains the same?
1A.2.2 Section 1A and UK Companies
1A2.3 Choice to apply section 1A of FRS 102
1A.3.1 Extract from FRS102: Section 1A.5-.1A.6
1A.3.2 OmniPro comment – True and fair view
1A.4 Complete set of financial statements of a small entity
1A.4.1 Extract from FRS102: Section 1A.7-1A.11, Section 1AD.1 and Section 1A.16-1A.20
1A.4.2.1 What Section 1 means in practical terms?
1A.4.2.2 The minimum disclosure requirements and the requirements to still show a true and fair view
1A.4.2.3 Disclosure encouraged under S.1A
1A.4.2.4 Formats of Balance Sheet and profit and Loss Account
1A5 Information to be presented in the statement of financial position
1A5.1 Extract from FRS102: Section 1A.12-1A.13
1A6 Information to be presented in the income statement
1A6.1 Extract from FRS102: Section 1A.14-1A.15
1A7 Voluntary preparation of consolidated financial statements
1A7.1 Extract from FRS102: Section 1A.21-1A.22
1A8.1.1 Guidance on adapting the balance sheet formats
1A8.1.1.1 Extract from FRS102: Section 1AA.1
1A8.1.1.2.2 Required formats for entities
1A8.1.1.2.2.2 Format 1 – Balance sheet – set out in legislation – Schedule 3A
1A8.1.1.2.2.3: Format 2 – balance sheet – set out in legislation – Schedule 3A
1A8.1.1.2.2.4 Example – Format 1 – Balance sheet – practical application
1A8.1.1.2.2.5 Notes required to balance sheet
1A8.2.1 Abridged balance sheet
1A8.2.1.1 Extract from FRS102: Section 1AA.2
1A8.3.1.1 Extract from FRS102: Section 1AA.3-1AA.6
1A8.3.1.2.2 Example adapted/IFRS layout – Balance sheet
1A9.1.1 Guidance on adapting the profit and loss account formats
1A9.1.1.1 Extract from FRS102: Section 1AB.1
1A9.1.1.2.2 Application of format 1 profit and loss account set out in legislation
1A9.1.1.2.3 Application of format 2 – profit and loss account set out in legislation
1A9.1.1.2.4 Example format 1 – profit and loss account.
1A9.1.1.2.5 Notes required to profit and loss account at a minimum
1A9.9.1.2.5.1 Consolidated profit and loss note requirements
1A9.2 Abridged Profit and Loss Account
1A9.2.1 Extract from FRS102: Section 1AB.2
1A9.3 Adapted Profit and Loss Account
1A9.3.1 Extract from FRS102: Section 1AB.3-1AB.4
1A9.3.2.2: Example adapted/IFRS layout on the profit and loss accounts
1AC10 Appendix C to Section 1A (Applicable for UK entities)
1AC10.1 Disclosure requirements for small entities
1AC10.1.1 Extract from FRS102: Section 1AC.1-1AC.2
1A10.1.2.2 What entities must comply with Appendix C
1AC10.2.1 Extract from FRS102: Section 1AC.3-1AC.
1AC10.2.2.1.1 Accounting police disclosure
1AC10.2.2.1.1.2 Basis of preparation
1AC10.2.2.1.1.4 Basis of consolidation (if applicable)
1AC10.2.2.1.4.1 Subsidiary undertakings
1AC10.2.2.1.1.4.2 Associates and joint ventures
1AC10.2.2.1.1.5 Business combinations and goodwill [if applicable]
1AC10.2.2.1.1.8 Intangible assets
1AC10.2.2.1.1.9 Contingent acquisition consideration
1AC10.2.2.1.1.10 Financial assets
1AC10.2.2.1.1.11 General turnover accounting policy notes
1AC10.2.2.1.1.11.2 Turnover accounting policy for an insurance broker Turnover – commission income
1AC10.2.2.1.1.11.4 Turnover accounting policy note where turnover is derived from investments
1AC.10.2.2.1.1.11.5 Turnover accounting policy for a software
1AC10.2.2.1.1.11.6 Turnover accounting policy for a construction company
1AC10.2.2.1.1.12 Government grants
1AC10.2.2.1.1.12.1 Accruals model
1AC10.2.2.1.1.12.2 Performance model
1AC10.2.2.1.1.13 Dividend income
1AC10.2.2.1.1.14 Dividend distribution
1AC10.2.2.1.1.16 Financial instruments
1AC10.2.2.1.1.16.1 Trade and other debtors
1AC10.2.2.1.1.16.2 Cash and cash equivalents.
1AC10.2.2.1.1.16.3 Other financial assets.
1AC10.2.2.1.1.16.4 Trade and other creditors.
1AC10.2.2.1.1.16.7 Offsetting financial instruments.
1AC10.2.2.1.1.17 Compound financial instruments.
1AC10.2.2.1.1.19 Hedge accounting
1AC10.2.2.1.1.20.1 Environmental liabilities
1AC10.2.2.1.1.20.2 Closure costs
1AC10.2.2.1.1.21 Contingencies
1AC10.2.2.1.1.22 Employee Benefits
1AC10.2.2.1.1.23 Preference share capital
1AC10.2.2.1.1.24 Share capital
1AC10.2.2.1.1.25 Related party transactions
1AC10.2.2.1.1.26 Interest income
1AC10.2.2.1.1.28 Tangible fixed assets
1AC10.2.2.1.1.30 Investment properties
1AC10.2.2.1.1.31.1 Finance leases
1AC10.2.2.1.1.31.2 Operating leases
1AC10.2.2.1.1.31.3 Lease incentives
1AC10.2.2.1.1.32 Leasing company accounting policy
1AC10.2.2.1.1.33 Intangible assets
1AC10.2.2.1.1.35 Exceptional items
1AC10.2.2.1.1.36 Share based costs
1AC10.2.2.1.1.37 Investment properties
1AC10.2.2.1.1.38 Biological assets (where fair value is used)
1AC10.2.2.1.1.39 Biological assets – Livestock (where fair value model is adopted)
1AC10.2.2.1.1.40 Biological assets – Forestry (where cost model is adopted)
1AC10.2.2.1.1.41 Biological assets – Livestock (where cost model is adopted)
1AC10.3 Changes in presentation and accounting policies and corrections of prior period errors
1AC10.3.1 Extract from FRS102: Section 1AC.7-1AC.9
1AC10.3.2.2. Prior period adjustment disclosure
1AC10.3.2.2.1 Option 1 – Analysis of prior period adjustments
1AC10.3.2.2.2 Option 2: Analysis of prior period adjustments
1AC10.3.2.2.2.3 Profit and Loss reserves note/statement of changes in equity
1AC10.3.2.2.3 Statement in changes in equity note – prior period error/change in accounting policy
1AC10.3.2.2.4 Illustration of change in accounting policy disclosure
1AC10.3.2.2.4.1 Example extract of a change in accounting policy disclosure
1AD11.3.2.5 Change in classification from prior period
1AC10.4 True and fair override
1AC10.4.1 Extract from FRS102: Section 1AC.10
1AC10.5 Notes supporting the statement of financial position
1AC10.5.1 Extract from FRS102: Section 1AC.11-1AC.19
1AC10.5.2.1 Property, plant and equipment/tangible fixed assets. Including revaluation
1AC 10.5.2.1.1 Borrowing costs
1AC10.5.2.2 Intangible assets including revaulation
1AC10.5.2.4 Illustration of the revaluation reserve disclosures.
1AC10.5.2.5 Investment properties note
1AC10.5.2.6 Alternative layout for the investments note and illustration of financial assets
1AC10.6 Details of indebtness and securities held (if any) 91
1AC10.6.2 Extract from FRS 102: Section 1AC.27
1AC10.7.1 Extract from FRS102: Section 1AC.20-1AC.21
1AC10.8 Fair value measurement
1AC10.8.1 Extract from FRS102: Section 1AC.22-Section 1AC.24 and section 1AC.26
1AC10.8.2.2 Extract from the notes to the financial statements – note on investment property
1AC10.8.2.3 Investment note with investment in subsidiary, joint ventures and other investments
1AC10.8.2.4 Extract of notes to the financial statements – Financial instruments note disclosures
1AC10.8.2.4.1 Extract of notes to the financial statements – Interest receivable and similar income
1AC 8.2.4.2 Extract of notes to the financial statements – interest payable and similar expenses
1AC10.8.2.4.3 Alternative disclosure for profit and loss
1AC10.8.2.4.4 Extract from other comprehensive income showing activity on cash flow hedges:
1AC10.8.2.4.4.1 Cash flow fair value hedge reserve disclosure requirements:
1AC10.9 Indebtedness, guarantees and financial commitments
1AC10.9.1 Extract from FRS102: Section 1AC.27-1AC.31
1AC10.9.2.2 Contingencies note
1AC10.9.2.3 Off-balance sheet arrangements note (section 1AC.31 od Appendix C of FRS 102)
1AC10.9.2.4 Commitments notes (section 1AC.31 of Appendix C of FRS 102)
1AC10.9.2.5 Indebtness note and security disclosures
1AC10.10 Notes supporting the income statement / profit and loss accounts
1AC10.10.1 Extract from FRS102: Section 1AC.32-1AC.33
1AC10.10.2.2 Extract to show required profit and loss disclosures
1AC10.10.2.2.1 Exceptional item defined and the disclosure requirements
1AC10.10.2.2.2 Exceptional item disclosure
1AC10.10.2.3 Employee numbers disclosure:
1AC10.10.2.4 Other profit and loss disclosures
1AC10.11 Related party disclosures
1AC10.11.1 Extract from FRS102: Section 1AC.34-1AC.36
1AC10.11.2.1.1 Related party defined
1AC10.11.2.2 Related party note – with related entities
1AC10.11.2.3 Loans, guarantees, credit transactions entered into the benefit of directors
1AC10.11.2.4 Directors remuneration
1AC10.11.7 Controlling Party disclosure
1AC10.12.1 Extract from FRS102: Section 1AC.37-1AC.39
1AC10.12.2.1 Disclosures required describing the entity
1AC10.12.2.2 Post balance sheet events
1AC10.13.1 Auditors remuneration, Interest income or expense from loans to and from group entities
1AC10.13.1.1 Interest income or expense from loans to and from group entities
1AC10.13.1.2 Auditors remuneration
1AC10.13.2 Debtors and Creditors Note as required by Formats
1AC10.13.3 Share capital disclosures
1AD11 Appendix D to Section 1A (applicable for Republic of Ireland entities only)
1AD11.1 Disclosure requirements for small entities in the Republic of Ireland
1AD11.1.1 Extract from FRS102: Section 1AD.1-1AD.2
1A11.1.2.1 Summary section 1A disclosure checklist
1AD11.2.1 Extract from FRS102: Section 1AD.3-1AD.6
1AD11.2.2.1.1 General information
1AD11.2.2.1.2 Basis of preparation
1AD11.2.2.1.3 Consolidation exemption
1AD11.2.2.1.4 Basis of consolidation – (If Applicable)
1AD11.2.2.1.4.1 Subsidiary undertakings
1AD11.2.2.1.4.2 Associates and joint ventures
1AD11.2.2.1.4.3 Transactions eliminated on consolidation
1AD11.2.2.1.5 Business combinations and goodwill
1AD11.2.2.1.8 Intangible assets
1AD11.2.2.1.9 Contingent acquisition consideration
1AD11.2.2.1.10 Financial assets
1AD11.2.2.1.11.1 General turnover accounting policy notes
1AD11.2.2.11.2 Turnover accounting policy for an insurance broker
1AD11.2.2.11.4 Turnover accounting policy note where turnover is derived from investments Turnover
1AD11.2.2.11.5 Turnover accounting policy for a software company
1AD11.2.2.11.6 Turnover accounting policy for a construction company
1AD11.2.2.12 Government grants
1AD11.2.2.12.2 Performance model
1AD11.2.2.14 Dividend distribution
1AD11.2.2.16 Financial instruments
1AD11.2.2.16.1 Trade and other debtors
1AD11.2.2.16.2 Cash and cash equivalents.
1AD11.2.2.16.3 Other financial assets.
1AD11.2.2.16.4 Trade and other creditors.
1AD11.2.2.16.7 Offsetting financial instruments.
1AD11.2.2.17 Compound financial instruments.
1AD11.2.2.20.1 Environmental liabilities
1AD11.2.2.22 Employee Benefits
1AD11.2.2.23 Preference share capital
1AD11.2.2.25 Related party transactions
1AD11.2.2.28 Tangible fixed assets
1AD11.2.2.30 Investment properties
1AC10.2.2.1.1.31.1 Finance leases
1AD11.2.2.31.2 Operating leases
1AD11.2.2.31.3 Lease incentives
1AC10.2.2.1.1.32 Leasing company accounting policy
1AD11.2.2.33 Intangible assets
1AD11.2.2.35 Exceptional items
1AD11.2.2.36 Share based costs
1AD11.2.2.37 Investment properties
1AD11.2.2.38 Biological assets (where fair value is used)
1AD11.2.2.39 Biological assets – Livestock (where fair value model is adopted)
1AD11.2.2.40 Biological assets – Forestry (where cost model is adopted)
1AD11.2.2.41 Biological assets – Livestock (where cost model is adopted)
1AD11.2.2.1.42 Prior period adjustment – Change in accounting policy
1AD11.2.2.43 Change in accounting estimate
1AD11.3 Changes in presentation and accounting policies and corrections of prior period errors
1AD11.3.2 Extract from Section 1AD.8 to 1AD.10 of S1A of FRS 102
1AD11.3.2.2 Prior year adjustment disclosure
1AD11.3.2.2.1 Option 1: Analysis of prior year adjustments
1AD11.3.2.2.2 Option 2 – Analysis of prior year adjustments
AD11.3.2.2.3 Movement in profit and loss reserves note or statement of changes in equity
1AD11.3.2.4 Example extract of a change in accounting policy disclosure
1AD11.3.2.5 Change in classification from prior period
1AD11.4 True and fair view override
1AD11.4.1 Extracts from FRS 102: Section 1AD.11
1AD11.5 Notes to the statement of financial position – fixed assets
1AD11.5.1 Extract from FRS 102: Section 1AD.13 – 1AD.18
1AD11.5.2.1.3 Intangible assets
1AD11.5.2.1.5 Example disclosure for a revaluation reserve
1AD11.5.2.1.6 Investment properties
1AD11.5.2.1.7 Financial assets note
1AD11.6.1 Extracts from FRS 102: Section 1AD.20 – 1AD.21
1AD11.7 Borrowing/creditors details
1AD11.7.1 Extracts from FRS 102: Sction 1AD.26 – 1AD.28
1AD11.8 Appropriation of profit or loss/profit and loss reserve movements
1AD11.8.1 Extract from FRS 102: Section 1AD.35
1AD11.9 Fair value measurement
1AD11.9.1 Extract from FRS 102; Section 1AC.22 to 1AC.25
1AD11.9.2.1 Analysis – fair value disclosure requirements
1AD11.9.2.2 Extract from the notes to the financial statements
1AD11.9.2.2.1 Investment property
1AD11.9.2.2.3 Financial instrument note disclosures
1AD11.9.2.2.4 Fair value reserve disclosures
1AD11.10 Notes to the income statements/profit and loss account
1AD11.10.1 Extract from FRS 102: Sections 1AD.36 to 1AD .37
1AD11.10.2.2 Extract to show required profit and loss disclosures
1AD11.10.2.2.1 Exceptional item defined and the disclosure requirements
1AD11.10.2.2.1.1 Exceptional item disclosure
1AD11.10.2.2.2 Employee note disclosure
1AD11.10.2.2.3 other profit and loss disclosures
1AD11.11 Related party disclosures – director’s remuneration
1AD11.11.1 Extract from FRS 102: sections 1AD.38 to 1AD.40
1AD11.11.2.1 Related parties defined
1AD11.11.2.1.1 Connected person defined
1AD11.11.2.2 Directors remuneration disclosure
1AD11.11.2.2.1 Make up of director’s remuneration
1AD11.12.1 Extracts from FRS 102: 1AD.41 to 1AD.47
1AD11.12.2.1.1 Application to non-companies
1AD11.12.2.1.2 Get out from disclosure if below a specified value.
1AD11.12.2.2 Disclosures of loans and guarantees for the benefit of directors.
1AD11.13 Related party transactions material transactions with directors
1AD11.13.1 Extracts from FRS 102: Secton 1AD.48
1AD11.13.2.2 Is there exemptions from the disclosure?
1AD11.14 Other related party transactions (other than transactions with director)
1AD11.14.1 Extracts from FRS 102: Section 1AD.51
1AD11.15 Ultimate controlling party
1AD11.15.1 Extract from FRS 102: Section 1A.50
1AD11.16 Post balance sheet events
1AD11.16.1 Extracts from FRS 102: Sections 1A.54
1AD.11.17 Guarantees, financial commitments and contingencies
1AD.11.17.1 Extract from FRS 102: Sections 1AD.28 to 1AD.34
1AD11.17.2.2 Contingencies (1AD.31 and 1AD.34 of Appendix D of FRS 102)
1AD11.18 Holding of own shares
1AD11.18.1 Extract form FRS 102; Section 1AD.49
1AD11.19.1 Extract from FRS 102; Sections 1AD.52 – 1AD.53 and 1AD.55
1AD11.19.2.1 Disclosing legal form, registered office, basis of preparation
1AD11.20 Other items required by the formats under Companies Act
1AD11.20.4 Creditors: amounts falling due within one-year note
1AD11.20.5 Creditors: Amounts falling due after more than one-year note
1AD11.20.6 provision for liabilities
1AE.13.1 Additional disclosures encouraged for small entities
1AE.13.1.1 Extract from FRS102: Section 1AE.1
1AE.13.1.2.2 Statement of compliance
1AE.13.1.2.3.1 Transition note adjustments example
1A11.2.2.1 Transition to FRS 102 – first time exemption – Section 1A
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1A.4 Complete Set of Financial Statements of a Small Entity
1A.4.1 Extract from FRS102: Section 1A.7-1A.11, Section 1AD.1 and Section 1A.16-1A.20
1A.7 A small entity is not required to comply with the requirements of paragraphs 3.3[1], PBE3.3A, 3.9[2], 3.12, 3.13, 3.17, 3.18, 3.19 and 3.24(b) which relate to presentation and disclosure requirements that are not required of small companies in company law, Section 4 Statement of Financial Position, Section 5 Statement of Comprehensive Income and Income Statement, Section 6 Statement of Changes in Equity and Statement of Income and Retained Earnings and Section 7 Statement of Cash Flows
1A.8 Instead a complete set of financial statements of a small entity shall include all of the following:
(a) a statement of financial position as at the reporting date in accordance with paragraph 12;
(b) an income statement for the reporting period in accordance with paragraph 1A.14; and
(c) notes in accordance with paragraphs 1A.16 to 20.
1A.9 In addition to the statements required by company law and set out in paragraph 1A.8:
(a) when a small entity recognises gains or losses in other comprehensive income it is encouraged to present a statement of total comprehensive income (see Section 5); and
(b) when a small entity has transactions with equity holders it is encouraged to present a statement of changes in equity, or a statement of income and retained earnings, (see Section 6), in order to meet the requirements of paragraph 5.
1A.10 In accordance with paragraph 3.14 a small entity shall present comparative information in respect of the preceding period for all amounts presented in the current period’s financial statements, except when this FRS permits or requires otherwise.
1A.11 In accordance with paragraph 3.22 a small entity may use titles for the financial statements other than those used in this FRS as long as they are not misleading.
1A.12 A small entity shall present a statement of financial position in accordance with the requirements for a balance sheet set out in either Part 1 General Rules and Formats of Schedule 1 to the Small Companies Regulations[3] or Part 1 General Rules and Formats of Schedule 1 to the Small LLP Regulations.
Notes to the financial statements
1A.16 A small entity shall present sufficient information in the notes to the financial statements to meet the requirement for the financial statements to give a true and fair view of the assets, liabilities, financial position and profit or loss of the small entity for the reporting period.
1A.17 A small entity is not required to comply with the disclosure requirements of Section 3 (to the extent set out in paragraph 1A.7) and Sections 8 to 35 of this FRS. However, because those disclosures are usually considered relevant to giving a true and fair view, a small entity is encouraged to consider and provide any of those disclosures that are relevant to material transactions, other events and conditions of the small entity in order to meet the requirement set out in paragraphs 1A.5 and 1A.16.
1A.17A In accordance with paragraph 3.16AB a small entity need not provide a specific disclosure (including those set out in paragraph 1A.18 and Appendix C or Appendix D to this section, as relevant) if the information resulting from that disclosure is not material, except when required by the Act regardless of materiality
1A.18 As a minimum, where relevant to its transactions, other events and conditions, a small entity reporting in the UK shall provide the disclosures set out in Appendix C to this section and a small entity reporting in the Republic of Ireland shall provide the disclosures set out in Appendix D to this section.
1A.19 The paragraphs of this FRS that are cross-referenced in Appendices C and D are also highlighted in those sections by including an * in the left-hand margin
1A.20 In addition, a small entity is encouraged to make the disclosures set out in Appendix E to this section, which may nevertheless be necessary in order to give a true and fair view and meet the requirements of paragraph 1A.5.
Optional
(a) a statement of compliance with this FRS as set out in paragraph 3.3, adapted to refer to Section 1A;
(b) a statement that it is a public benefit entity as set out in paragraph PBE3.3A;
(c) the disclosures relating to going concern set out in paragraph 3.9;
(d) dividends declared and paid or payable during the period (for example, as set out in paragraph 6.5(b)); and
(e) on first-time adoption of this FRS an explanation of how the transition has affected its financial position and financial performance as set out in paragraph 35.13.
1A.4.2 OmniPro comment
1A.4.2.1 What Section 1 means in practical terms?
The small entity regime merely provides disclosure exemptions to entities. All 35 Sections of the standard with regard to recognition and measurement must be complied with.
1A.4.2.2 The minimum disclosure requirements and the requirements to still show a true and fair view
For entities that meet the small company criteria the following must be included in the financial statements at a minimum and additional item should be provided where it is necessary to show a true and fair view (note these are as per the Companies (Accounting) Act 2017, Appendix D of S1A of FRS 102 and as per Appendix E of S1A of FRS 102 (required as per S1A.18 of FRS 102):
– profit and loss account (income statement). The profit and loss account can be called differently to the aforementioned (e.g. income and expenditure statement) and laid out as an entity wishes as long as it is not misleading and shows a true and fair view (Section 1A.8 of FRS 102).
– balance sheet (statement of financial position (Section 1A.8 of FRS 102)
– Notes to the financial statements detailing (as summarised from Appendix C (for UK entities) and Appendix D (for ROI Entities) of Section 1A of FRS 102) Section 1A.8 and 1A.16 to 1A.20 of FRS 102 refers:
– Accounting policies (the same as full FRS 102) including the basis of preparation.
– Registered office address, number, status i.e. limited public or private company limited by shares or guarantee, and disclosure if it is being wound up where appropriate
– Details of true and fair overrides invoked
– Details of prior period adjustments as a result of prior period errors or changes in accounting policies or classifications from the prior year (disclosed on the face of the profit and loss where considered material). For ROI entities a prior year adjustment due to a change of accounting policies must be shown in the accounting policy section (Section 322 of Companies Act 2014)
– Tangible fixed assets detailing movements, depreciation, impairments, transfers etc.
including details of revaluations where applicable specifying the basis of the revaluation, the year it was performed, and the qualification of the persons that valued it (note name and qualification of valuer is not required for ROI entities under company law however S1A requires this). Provide historical cost profit note. No requirement to show the movements on the comparatives.
– Intangibles and goodwill detailing movements, amortisation, impairments, and details of useful economic life (stating if a default rate was used) etc. No requirement to show the movement on the comparatives.
– Investment in subsidiaries, associates and joint ventures in individual financial statements detailing additions, impairments, provisions. Where revaluations (where fair value through OCI used) performed state the basis of the valuation, the year it was performed, and the qualification of the persons that valued it and the assumptions utilised.
– Any restrictions placed on assets
– Investment property detailing movements, fair value movement, transfers etc. including details specifying the basis of the valuation, the year it was performed, and the qualification of the persons that valued it. Disclosure of valuation method.
– Investment in other financial assets carried at cost (i.e. investments of less than 20% which cannot be valued reliably)
– Heritage assets detailing movements, amortisation, impairments etc
– Disclosure of NBV of fixed assets revalued detailing the historical cost and NBV for both periods (for intangibles and tangible fixed assets)
– Amounts of borrowing costs capitalised in an asset where a policy of capitalisaton is applied
– Fair value movements posted to the profit and loss
– Show impairment separately from cost (applicable for ROI entities).
– Treatment for taxation purposes of amounts posted to the revaluation reserve
– Intangible assets detailing movements, amortisation, impairments etc.
– Financial instruments and other assets measured at fair value detailing the terms and conditions that may affect timing, the extent and nature of the instrument and timing of cashflows etc. – e.g. investments which have less than a significant influence, forward contracts, interest rate swaps etc. Detail significant assumptions underlying valuation models and techniques.
– Cash flow hedge/fair value hedge reserve detailing amounts at the beginning and end of the period and the taxation effect of the postings (movement into and out of the reserve in the period)
– Financial commitments, guarantees and contingencies
– Advance, credits and guarantees to directors including the amount, conditions, amounts written off, waived and repaid, % of loan to net assets
– Related party transactions with entities here significant influence is held or more than this and with directors which have not been concluded under normal market conditions (other than those with 100% companies within the group) in addition to director’s remuneration and material transactions with directors.
– Disclosure of holding of own shares or shares in holding company (applicable to ROI entities only)
– Movement on profit and loss reserves note for current and previous years (applicable to ROI only)
– Disclosure above signature of directors stating they show a true and fair view
– Disclosure of prior period errors or a change in presentation from prior years
– Disclosure on acquisition of own shares (applicable to ROI entities only)
– Details of change in accounting estimate
– Details of indebtness disclosing the amounts which are repayable after 5 years of period end and amount in total included in creditors where security is held detailing the type and nature of security as well as disclosure of amounts repayable by installments.
– Directors remuneration disclosure (section 305 to 306A of Companies Act 2014) including payments to third parties for director’s services. (Section 1AD.38 to 1AD.40 of FRS 102) The UK disclosures are not as specific. See appendix C of section 1A at 1AC10.11.2.6 for further details.
– Transactions with directors and connected persons (Sections 309 of Companies Act 2014 and Sections 1AD.41 to 1AD.48 of FRS 102)
– Name and registered office of the undertaking drawing up the lowest level of consolidated financial statements in which the entity is included if applicable including the place of business
– Disclosure of exceptional items in line with Section 5 (See section 5 for further details).
– Identity of ultimate controlling party inc. registered office and where consolidated financial statements can be obtained if applicable.
– Loans, guarantee, credit transactions entered into for the benefit of directors to include the movement on these during the period and disclosure of the percent of net assets.
– Off balance sheet arrangements
– Post balance sheet events (Section 32 disclosures)
– Accrual for pension liabilities (ROI only)
– Impairment of all types of fixed assets or any reversals
– Disclosure of useful life of development expenditure capatalised
– Average number of employees employed during the year
– Disclosure of a change in estimate – reason for same and the impact (applicable to ROI only)
– Disclosure on group interest income earned or charged
– Auditors remuneration for audit of company only (UK only)
– Statements detailing the fact that the small companies regime has been applied to be included onto the foot of the balance sheet. (Section 1A.6.A of FRS 102)
In appendix C and appendix D of FRS 102 1A of FRS 102, OmniPro has provided examples of disclosures which will meet the above requirements. Appendix C provides the disclosures for UK entities and Appendix D provides the disclosures for ROI. #
1A.4.2.3 Disclosure encouraged under S.1A
NOTE: THE ITEMS LISTED IN 1A4.2.2 ARE THE MINIMUM REQUIREMENTS. A small entity is encouraged to provide the disclosures stated in Section 1AE.1 of FRS 102 in order to allow financial statements to show a true and fair view, these are:
- Statement that it is a public benefit entity
- Statement of compliance with FRS 102 for small entities (required under ROI legislation in any event)
- Going concern disclosures (required under ROI legislation in any event)
- Details of dividends paid/payable (required under ROI legislation in any event)
- Details of adjustments posted on transition to FRS
- An ‘other comprehensive income’ statement where amounts have been recognised in
- Further disclosure should be provided where they are material and needed to show a true and fair
1A.4.2.4 Formats of Balance Sheet and Profit and Loss Account
As per section 1A.12 and 1A.14 of FRS 102 , entities must follow the formats detailed in Schedule 3A of Companies Act 2014. These have been illustrated at 1A8.1.2 and 1A9.1.2.1. They can be adopted to an IFRS format if required or adjusted as long as it provides all the detail required by Schedule 3A of Companies Act 2014.
[1] Irish small entities are required to comply with the requirements of paragraph 3.3.
[2] If a small entity departs from the principle that it is presumed to be carrying on business as a going concern, it must provide the disclosure required by paragraph 1AC.10 or paragraph 1AD.11, as relevant
[3] Irish small entities shall refer to Part II General Rules and Formats of Schedule 3A to the Companies Act 2014.
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Examples
Example 2: Statement of compliance with FRS 102
Example 3: Transition note adjustment
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