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| Old GAAP | FRS 102 | Further Comment On Differences |
| Balance Sheet | Statement of Financial Position (S.4) | |
| Balance Sheet – No specific standard dealing with layout – CA Format. | Can still Referred to as Balance Sheet – CA Format whether or not companies acts apply (unless requirements are not permitted under an applicable regulatory framework). Option to use the IFRS format (not allowed in Ireland until the EU Directive 2013/34 is enacted which is expected to occur in early 2016). Small entities can prepare an abridged balance sheet under Section 1A of FRS 102. (Note this exemption cannot be claimed by Republic of Ireland Companies at the time of creating this guide as the EU Directive 2013/34 has not yet been enacted). | If the Companies Act format is adopted, there will be no differences in the layout of the balance sheet. Option to use ‘Statement of Financial Position’ available. If the IFRS option is adopted the layout will differ. See example layout attached (Example 1 – Consolidated Statement of Financial Position). UK Companies can claim this small entity exemption. Companies in the Republic of Ireland cannot at the time of publishing this guide. See example layout attached for this abridged balance sheet (Example 1A – Extract From The Balance Sheet – Format 1). |
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