New UK GAAP 2015: Application of FRS 100-102 in the UK

Chapter 2 Scope of FRS 102

1 Introduction

   1.1 Summary

   1.2 Development of FRS 102

       1.2.1 Amendments made in FRS 102 compared to the IFRS for SMEs

       1.2.2 Ongoing review of FRS 102

       1.2.3 Changes made or anticipated prior to FRS 102 becoming effective 1 January 2015

1. 1.2.3.A Editorial amendments and clarification statements made to FRS 102 (effective 1 January 2015)
2. 1.2.3.B July 2014 Amendments to FRS 102 – Basic Financial Instruments and Hedge Accounting
3. 1.2.3.C FRED 55 – Draft Amendments to FRS 102 – Pension Obligations
4. 1.2.3.D FRED 56 – Draft FRS 104 – Interim Financial Reporting
5. 1.2.3.E Amendments pursuant to the new EU Accounting Directive

       1.2.4 FRS 103

   1.3 Effective date

       1.3.1 Effective date – entity subject to SORP

1. 1.3.1.A Charities

   1.4 Structure of FRS 102

2 Scope

   2.1 Basis of preparation of financial statements

   2.2 Application of SORPs

   2.3 Extension of specific IFRSs to certain types of entities

   2.4 Specialised activities

       2.4.1 Financial institutions – disclosure requirements

1. 2.4.1.A Definition of a financial institution

       2.4.2 Public benefit entities

3 Reduced disclosure framework

   3.1 Definition of a qualifying entity

       3.1.1 Reporting date of the consolidated financial statements of the parent

       3.1.2 Definition of ‘group’ and ‘subsidiary’

       3.1.3 Publicly available consolidated financial statements

       3.1.4 Non-UK qualifying entities

       3.1.5 Non-controlling interests ...