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Contents
8.2.1 Extract from FRS102-Section 8.2–8.4.
8.3 Disclosure of accounting policies.
8.3.1 Extract from FRS102-Section 8.5.
8.3.2.2 Sample Accounting policies.
8.3.2.2.1 General information.
8.3.2.2.2 Basis of preparation.
8.3.2.2.4.1 Basis of consolidation.
8.3.2.2.4.1.1 Subsidiary undertakings.
8.3.2.2.4.1.2 Associates and joint ventures.
8.3.2.2.4.1.3 Transactions eliminated on consolidation.
8.3.2.2.5 Business combinations and goodwill.
8.3.2.2.9 Contingent acquisition consideration.
8.3.2.2.11 General turnover accounting policy notes.
8.3.2.2.11.2 Turnover accounting policy for an insurance broker.
8.3.2.2.11.4 Turnover accounting policy note where turnover is derived from investments.
8.3.2.2.11.5 Turnover accounting policy for a software company.
8.3.2.2.11.6 Turnover accounting policy for a construction company.
8.3.2.2.12.1 Example using an accruals model.
8.3.2.2.12.2 Example using the performance model.
8.3.2.2.14 Dividend distribution.
8.3.2.2.16 Financial instruments.
8.3.2.2.16.1 (a) Trade and other debtors.
8.3.2.2.16.2 (b) Cash and cash equivalents.
8.3.2.2.16.3 (c) Other financial assets.
8.3.2.2.16.4 (d) Trade and other creditors.
8.3.2.2.16.6 (f) Derivatives (no hedge accounting)
8.3.2.2.16.7 Derivatives (where hedge accounting is applied)
8.3.2.2.16.7.1 Hedge Accounting.
8.3.2.2.16.7.1.1 Cash flow hedges.
8.3.2.2.16.7.1.2 Fair value hedges.
8.3.2.2.16.9 Offsetting financial instruments.
8.3.2.2.17 Compound financial instruments.
8.3.2.2.18.1 Environmental liabilities.
8.3.2.2.20.1 (a) Annual bonus plans.
8.3.2.2.20.2 (b) Annual bonus plans.
8.3.2.2.20.3 (c) Defined contribution pension plans.
8.3.2.2.20.4 (d) Defined benefit pension.
8.3.2.2.21 Preference share capital.
8.3.2.2.23 Related party transactions.
8.3.2.2.26 Property, plant and equipment.
8.3.2.2.28 Investment properties.
8.3.2.2.30 Extract of a leasing company.
8.3.2.2.35 Investment properties.
8.3.2.2.36 Biological assets – forestry.
8.3.2.2.37 Biological assets – Livestock (where a fair value model is adopted)
8.3.2.2.38 Biological assets – Forestry (where cost model is adopted)
8.3.2.2.39 Biological assets – Livestock (where cost model is adopted)
8.4 Information about judgements.
8.4.1 Extract from FRS102-Section 8.6.
8.5 Information about key sources of estimation uncertainty.
8.5.1 Extract from FRS102-Section 8.7.
8.5.2.2 Sample critical accounting judgements and estimates disclosures.
8.5.2.2.1 Critical Accounting Judgements and Estimates.
8.5.2.2.3 Inventory provisioning.
8.5.2.2.4 Providing for doubtful debts.
8.5.2.2.5 Valuation of investment properties.
8.5.2.2.7 Defined benefit pension scheme.
8.5.2.2.9 Tax provisions and deferred tax assets.
8.5.2.2.10 Contingent consideration.
8.5.2.2.11 Business combinations.
8.5.2.2.12 Establishing useful lives for amortisation of goodwill and intangible assets.
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8.4 Information About Judgements
8.4.1 Extract from FRS102-Section 8.6
8.6 An entity shall disclose, along with its significant accounting policies or other notes, the judgements, apart from those involving estimations (see paragraph 8.7), that management has made in the process of applying the entity’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
8.4.2 OmniPro comment
Section 8.6 of FRS 102 effectively requires the entity to disclose judgements where they have been applied particularly in instances where the standard did not address them specifically and an accounting policy be adopted based on judgement.
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Examples
Example 1: Extract of examples of accounting policies note.
Example 2: Critical Accounting Judgements and Estimates
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