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Contents
3.2 Small company’s exemptions for certain sections in Section 3.
3.2.1 Extract from FRS 102: Section 3.1A.
3.3.1 Extract from FRS 102: Section 3.2.
3.4.1 Extract from FRS 102: Section 3.3-3.3A.
3.4.2.2 Example of FRS 102 Compliance Statement and Public Benefit entity Statement
3.5 Compliance with this FRS – True and fair override.
3.5.1 Extract from FRS 102: Section 3.4-3.6.
3.5.2.1 True and Fair override defined.
3.5.2.2 Expected instances where the true and fair override would be revoked.
3.5.2.3 The Disclosures required where a true and fair override is invoked.
3.5.2.3.1 The disclosure required in the following periods financial statements.
3.6.1 Extract from FRS 102: Section 3.8-3.9.
3.6.2.1 Overview and minimum look forward for going concern.
2.6.2.2 Material uncertainties relating to going concern.
3.6.2.3 Disclosure where financial statements prepared on a basis other than the going concern.
3.7.1 Extract from FRS 102: Section 3.10.
3.8 Consistency of presentation.
3.8.1 Extract from FRS 102: Section 3.11-3.13.
3.8.2.2 Disclosure period where there is a change.
3.9.1 Extract from FRS 102: Section 3.14.
3.10 Materiality and aggregation.
3.10.1 Extract from FRS 102: Section 3.15-3.16A.
3.10.2.1 Definition of Material.
3.11 Complete set of financial statements.
3.11.1 Extract from FRS 102: Section 3.17-3.22.
3.12 Identification of the financial statements.
3.12.1 Extract from FRS 102: Section 3.23-3.24.
3.12.2.1. Requirements throughout the Financial Statements.
3.12.2.2 Legal form and business activities requirement.
3.13 Presentation of information not required by this FRS.
3.13.1 Extract from FRS 102: Section 3.25.
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The below extracts and guidance is applicable for periods beginning before 1 January 2019 and are based on the September 2015 version of FRS 102. For periods beginning on or after 1 January 2019, the March 2018 version of FRS 102 applies which incorporates the changes made by the Triennial review of FRS 102. Note the March 2018 version of FRS 102 can be voluntarily applies for periods beginning before 1 January 2019. For the extracts from the March 2018 version of FRS 102 and the related guidance please click on the following link. For details of a summary of the main changes as a result of the triennial review please see the following link.
3.2 Small Company’s Exemptions for Certain Sections in Section 3
3.2.1 Extract from FRS 102: Section 3.1A
3.1A A small entity applying Section 1A Small Entities is not required to comply with paragraphs 3.3, PBE3.3A, 3.9, 3.17, 3.18, 3.19 and 3.24(b).
3.2.2 OmniPro comment
NOTE: small companies in the UK and Ireland as stated in Section 1A of FRS 102 are not required to comply with the above mentioned sections instead these small entities can comply with Section 1A of FRS 102. See guidance in relation to same in Section 1A of FRS 102 of this website where full details of the requirements for the statement of comprehensive and income statement for small companies is explained. In order to avail of the below exemptions the small entity must apply Section 1A of FRS 102.
As per Section 3.1A of FRS 102 small companies are not required to comply with the requirements in this section with regard to:
- The requirement to state in the financial statements that the entity has complied with FRS 102. Instead the small entity is encouraged to state that the financial statements complied with FRS 102 – Section 1A Small Entities;
- The requirement for an entity to state that it is a public benefit entity however the inclusion is encouraged;under Section 1A of FRS 102
- No need to disclose uncertainties with regard to going concern as required by Section 3.9 (Required under Companies Act in any event). Many event- so where the entity is a company this must be disclosed
- Section 3.17, 3.18 and Section 3.19 requiring a statement of comprehensive income (Single statement or Two statement approach), statement of changes in equity, statement of financial position, statement of cash flows (note Section 7 of FRS 102 does permit non-inclusion of a cash flow for a small entity even if the Section 1A of FRS 102 is not applied) and notes to the financial statements. Instead Small entities should comply with the requirements in Section 1A (Section 1A.8-Section 1A.11 of FRS 102)
- The requirement to provide a description of the entity’s operations and principal activities in the financial statements.
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Examples
Example 1: Statement of compliance with FRS 102.
Example 2: Statement of compliance with FRS 102 on adoption of FRS 102.
Example 3: Going concern disclosure.
Example 4: Basis of preparation – material uncertainty over going concern.
Example 5: Other than going concern disclosure.
Example 6: Frequency of reporting disclosure.
Example 8: Basis of Preparation Policy.
Example 9: Basis of Preparation Policy.
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