March 2018 FRS 105 The Financial Reporting Standard ...

Financial Reporting Council

Standard

Accounting and Reporting

March 2018

FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime

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Financial Reporting Council

March 2018

FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime

FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime is an accounting standard. It is issued by the Financial Reporting Council, as a prescribed body, in respect of its application in the United Kingdom and the Republic of Ireland.

Contents

Overview

Page 3

FRS 105 The Financial Reporting Standard applicable to the

Micro-entities Regime

5

1 Scope

6

2 Concepts and Pervasive Principles

8

3 Financial Statement Presentation

14

4 Statement of Financial Position

17

5 Income Statement

19

6 Notes to the Financial Statements

20

Appendix A: Company law disclosure requirements for micro-entities

in the UK

21

Appendix B: Company law disclosure requirements for micro-entities in the

Republic of Ireland

23

7 Subsidiaries, Associates, Jointly Controlled Entities and Intermediate

Payment Arrangements

30

8 Accounting Policies, Estimates and Errors

33

9 Financial Instruments

36

10 Inventories

44

11 Investments in Joint Ventures

48

12 Property, Plant and Equipment and Investment Property

50

13 Intangible Assets other than Goodwill

55

14 Business Combinations and Goodwill

58

15 Leases

59

16 Provisions and Contingencies

64

Appendix: Examples of recognising and measuring provisions

68

17 Liabilities and Equity

72

18 Revenue

75

Appendix: Examples of revenue recognition under the principles in Section 18

80

19 Government Grants

86

20 Borrowing Costs

87

21 Share-based Payment

88

22 Impairment of Assets

90

23 Employee Benefits

94

24 Income Tax

99

25 Foreign Currency Translation

101

26 Events after the End of the Reporting Period

102

Financial Reporting Council 1

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