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Example 1: Statement of compliance with FRS 102
The financial statements have been prepared in accordance with accounting standards issued by the Financial Reporting Council, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Companies Act 2014.
Also include the below where applicable:
‘The company is a public benefit entity as defined in Financial Reporting standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”).’
Example 2: Statement of compliance with FRS 102 on adoption of FRS 102
This is the first set of financial statements prepared by XXXXX Limited in accordance with accounting standards issued by the Financial Reporting Council, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”). The company transitioned from previously extant UK and Irish GAAP to FRS 102 as at 1 January 2014. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 2.
Example 3: Going concern disclosure
Basis of preparation
The Financial Statements are prepared on the going concern basis, under the historical cost convention, [as modified by the revaluation of investment property, the revaluation of land and buildings and intangibles] and the measurement of certain assets and liabilities measured at fair value and comply with the financial reporting standards of the Financial Reporting Council [and promulgated by Chartered Accountants XXXX] and the Companies Act 2014 (for Irish entities)[Companies Act 2006 (for UK Entities)].
Example 4: Other than Going concern disclosure
Basis of preparation
As explained in the directors’ report on page X, the company intends to cease operations by XXXX and to transfer all its operations to XXXXX.
The financial statements have not been prepared on a going concern basis. Where appropriate, the carrying values of assets have been restated to their recoverable amounts, and liabilities have been restated to their estimated settlement amounts and classified as current. Provision has been made for all closure costs arising from the decision to cease trading.
Preparation of financial statements on a break up basis involves the company making estimates and assumptions that affect the reported amounts of assets and liabilities. Estimates are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances, and are continually re-evaluated.
Example 5: Frequency of reporting disclsoure
‘The financial statements presented for the current period reflect the results for a 15 month period. The period end was extended in order to take advantage of the cost savings from preparing two sets of financial statements up to its first annual return date to which financial statements needed to be enclosed. It was also extended so as to give readers of the financial statements a full assesment of performance as the company did not begin trading until 6 months into the period.’
Example 6 – sample of a disclosure note to be included in the notes detailing a reclassification adjustment
Example 7: Basis of Preparation Policy
‘The financial statements are prepared in Euro which is the functional currency of the company. OR The company has chosen to present the financial statement in a currency that differs from its functional currency so that it can be easily consolidated into the parent company’s financial statements. The functional currency of the company is XXX.‘
Example 8: Basis of Preparation Policy
‘XXX Limited is primarily engaged in the provision of construction services to both the private and commercial sectors. From their operations base and depot in XXXXXX, Dunblock, Any County they also sell pre-cast concrete products to private individuals and the construction industry. The company is supplied with the pre-cast concrete products by a wholly owned subsidiary company, which operates independently from a separate location.
The company is a limited liability company incorporated and in XXX.’
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