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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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3.4 Compliance with this FRS
3.4.1 Extract from FRS 102: Section 3.3-3.3A
3.3 An entity whose financial statements comply with this FRS shall make an explicit and unreserved statement of such compliance in the notes. Financial statements shall not be described as complying with this FRS unless they comply with all the requirements of this FRS.
PBE3.3A A public benefit entity that applies the ‘PBE’ prefixed paragraphs shall make an explicit and unreserved statement that it is a public benefit entity.
3.4.2 OmniPro comment
3.4.2.1 Overview
Section 3.3 of FRS 102 requires a statement of Compliance with FRS 102 to be included in the Financial Statements Sections 3.3A of FRS 102 requires a public benefit entity to make an unreserved statement in the financial statements stating it is a public benefit entity.
3.4.2.2 Example of FRS 102 Compliance Statement and Public Benefit Entity Statement
An example of the statement of compliance disclosure to be included in the financial statements are detailed below:
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 20X.
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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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