UK GAAP 2019

Chapter 32Transition to FRS 102

• 1 INTRODUCTION
  • 1.1 Summary of Section 35
  • 1.2 Changes made by the Triennial review 2017 to FRS 102
  • 1.3 References to IFRS 1
• 2 KEY DIFFERENCES BETWEEN SECTION 35 AND IFRS
• 3 DEFINITIONS, SCOPE, AND PREPARATION OF THE OPENING FRS 102 STATEMENT OF FINANCIAL POSITION
  • 3.1 Key definitions
  • 3.2 Scope of Section 35
    • 3.2.1 Who is a first-time adopter?
    • 3.2.2 Repeat application of FRS 102
  • 3.3 First-time adoption timeline
  • 3.4 Determining the previous financial reporting framework
  • 3.5 Preparation of the opening FRS 102 statement of financial position
    • 3.5.1 Changes of accounting policy made on transition to FRS 102
    • 3.5.2 Impairment testing at the date of transition
    • 3.5.3 Use of the historical cost accounting rules, alternative accounting rules and fair value accounting rules
      • 3.5.3.A Deemed cost
      • 3.5.3.B Financial instruments held at fair value
      • 3.5.3.C Investment property – transitional adjustments
    • 3.5.4 Impracticability exemption, and subsequent application of transition exemptions
    • 3.5.5 Transition issues where a previous IFRS or FRS 101 reporter applies IFRS 9 to the recognition and measurement of financial instruments under FRS 102
      • 3.5.5.A Previous IFRS or FRS 101 reporter applying IFRS 9 under its previous financial reporting framework
      • 3.5.5.B Previous IFRS or FRS 101 reporter applying IAS 39 under its previous financial reporting framework
• 4 MANDATORY EXCEPTIONS TO RETROSPECTIVE APPLICATION
  • 4.1 Derecognition of financial assets and financial liabilities ...