UK GAAP 2019

Chapter 1FRS 100 – Application of financial reporting requirements

• 1 INTRODUCTION
• 2 SUMMARY OF FRS 100
• 3 DEFINITIONS
• 4 FRS 100 – APPLICATION OF FINANCIAL REPORTING REQUIREMENTS
  • 4.1 Scope of FRS 100
  • 4.2 Effective date
  • 4.3 Withdrawal of previous UK and Irish GAAP
  • 4.4 Basis of preparation of financial statements
    • 4.4.1 Company law and regulatory requirements governing financial reporting framework
    • 4.4.2 EU-adopted IFRS
    • 4.4.3 FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland
    • 4.4.4 FRS 101 – Reduced Disclosure Framework
    • 4.4.5 Section 1A of FRS 102
    • 4.4.6 FRS 105 – The Financial Reporting Standard applicable to the Micro-entities Regime
    • 4.4.7 Considerations on choice of financial reporting framework
  • 4.5 Reduced disclosure framework
  • 4.6 Statement of compliance
    • 4.6.1 Related Companies Act 2006 requirements
  • 4.7 SORPs
    • 4.7.1 Status of SORPs
  • 4.8 Brexit
  • 4.9 Future development of FRS 102
• 5 TRANSITION
  • 5.1 Transition to EU-adopted IFRS
  • 5.2 Transition to FRS 101
  • 5.3 Transition to FRS 102
  • 5.4 Transition to FRS 105
  • 5.5 Impact of transition on distributable profits
• 6 COMPANIES ACT 2006
  • 6.1 Basis of preparation of financial statements
    • 6.1.1 Choice of IAS accounts and Companies Act accounts under the CA 2006
    • 6.1.2 CA 2006 restrictions on changes of financial reporting framework
    • 6.1.3 Consistency of financial reporting framework in individual accounts of group undertakings
  • 6.2 Companies Act requirements for the annual report and accounts
    • 6.2.1 Companies ...