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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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3.7 Frequency of Reporting
3.7.1 Extract from FRS 102: Section 3.10
3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following:
(a) that fact;
(b) the reason for using a longer or shorter period; and
(c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
3.7.2 OmniPro comment
Section 3.10 of FRS 102 requires Financial Statements including comparative information to be prepared annually. However, an entity can prepare accounts for a shorter or longer period but if it does it must disclose:
– the fact that it is less or greater than one year; and
– the reason for using a longer or shorter period end; and
– the fact that the comparative period presented is not comparable.
In relation to the extension of an entities period end, there are certain legal requirements as to how long a period a set of financial statements are presented for. FRS 102 makes it clear that the financial statements should be prepared on annual basis.
In Ireland a company must submit financial statements that is prepared up to a date not later than 9 months from the annual return date. Therefore, the maximum length for any financial statements is 18 months depending on the annual return date of the entity. Under company law, the first set of financial statements of a company can be for an 18-month period as long as the annual return date permits it. After this it must be for an annual period but can vary by plus or minus 7 days. After the first set of financial statements a period end can only be changed once every 5 years or unless the period end change is required to conform to the parent’s period end in which case there is no restriction on a change.
Example 6: Frequency of reporting disclosure
‘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 assessment of performance as the company did not begin trading until 6 months into the period.’
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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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