UK GAAP 2019

Chapter 3Scope 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 Review of FRS 102
      • 1.2.2.A Triennial review 2017
      • 1.2.2.B Periodic review
    • 1.2.3 Amendments made to FRS 102 from December 2016
      • 1.2.3.A Amendments to FRS 101 Reduced Disclosure Framework and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Notification of shareholders
      • 1.2.3.B Amendment to FRS 102 (May 2017): Directors' loans – optional interim relief for small entities
      • 1.2.3.C The Triennial review 2017
    • 1.2.4 FRS 103 – Insurance Contracts
    • 1.2.5 FRS 104 – Interim Financial Reporting
  • 1.3 Effective date of FRS 102 (and FRS 103)
    • 1.3.1 Accounting periods beginning on or after 1 January 2019
    • 1.3.2 Accounting periods beginning before 1 January 2019
    • 1.3.3 Effective date – entities subject to SORP
      • 1.3.3.A Charities
  • 1.4 Structure of FRS 102
• 2 SCOPE OF FRS 102
  • 2.1 Basis of preparation of financial statements
  • 2.2 Small entities
  • 2.3 Application of SORPs
  • 2.4 Extension of specific IFRSs to certain types of entities
    • 2.4.1 Application of FRS 103
  • 2.5 Specialised activities
    • 2.5.1 Financial institutions – disclosure requirements
      • 2.5.1.A Definition of a financial institution
    • 2.5.2 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 ...