March 2018 FRS 102 The Financial Reporting Standard ...
Financial Reporting Council
Standard
Accounting and Reporting
March 2018
FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
The FRC's mission is to promote transparency and integrity in business. The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the Competent Authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality.
The FRC does not accept any liability to any party for any loss, damage or costs howsoever arising, whether directly or indirectly, whether in contract, tort or otherwise from any action or decision taken (or not taken) as a result of any person relying on or otherwise using this document or arising from any omission from it.
? The Financial Reporting Council Limited 2018 The Financial Reporting Council Limited is a company limited by guarantee. Registered in England number 2486368. Registered Office: 8th Floor, 125 London Wall, London, EC2Y 5AS.
This Financial Reporting Standard contains material in which the IFRS Foundation holds copyright and which has been reproduced with its permission. The copyright notice is reproduced on page 398.
Financial Reporting Council
March 2018
FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland 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 5
FRS 102 The Financial Reporting Standard applicable in the UK and
Republic of Ireland
7
1 Scope
8
1A Small Entities
13
Appendix A: Guidance on adapting the balance sheet formats
16
Appendix B: Guidance on adapting the profit and loss account formats
18
Appendix C: Disclosure requirements for small entities in the UK
20
Appendix D: Disclosure requirements for small entities in the Republic of Ireland 29
Appendix E: Additional disclosures encouraged for small entities
44
2 Concepts and Pervasive Principles
45
Appendix: Fair value measurement
54
3 Financial Statement Presentation
56
4 Statement of Financial Position
61
5 Statement of Comprehensive Income and Income Statement
65
Appendix: Example showing presentation of discontinued operations
69
6 Statement of Changes in Equity and Statement of Income and Retained Earnings 70
7 Statement of Cash Flows
72
8 Notes to the Financial Statements
78
9 Consolidated and Separate Financial Statements
80
10 Accounting Policies, Estimates and Errors
91
11 Basic Financial Instruments
96
12 Other Financial Instruments Issues
115
Appendix: Examples of hedge accounting
124
13 Inventories
135
14 Investments in Associates
139
15 Investments in Joint Ventures
143
16 Investment Property
147
17 Property, Plant and Equipment
150
18 Intangible Assets other than Goodwill
156
19 Business Combinations and Goodwill
164
20 Leases
171
21 Provisions and Contingencies
178
Appendix: Examples of recognising and measuring provisions
183
Financial Reporting Council 1
22 Liabilities and Equity
187
Appendix: Example of the issuer's accounting for convertible debt
192
23 Revenue
195
Appendix: Examples of revenue recognition
202
24 Government Grants
208
25 Borrowing Costs
210
26 Share-based Payment
212
27 Impairment of Assets
218
28 Employee Benefits
226
29 Income Tax
237
30 Foreign Currency Translation
242
31 Hyperinflation
247
32 Events after the End of the Reporting Period
250
33 Related Party Disclosures
253
34 Specialised Activities
257
Agriculture
257
Extractive Activities
260
Service Concession Arrangements
260
Financial Institutions
263
Retirement Benefit Plans: Financial Statements
266
Heritage Assets
269
Funding Commitments
271
Incoming Resources from Non-exchange Transactions
272
Public Benefit Entity Combinations
273
Public Benefit Entity Concessionary Loans
274
Appendix A: Guidance on funding commitments
276
Appendix B: Guidance on incoming resources from non-exchange
transactions
277
35 Transition to this FRS
279
Appendices
I Glossary
288
II Table of equivalence for company law terminology
315
III Note on legal requirements
316
IV Republic of Ireland legal references
329
2 FRS 102 (March 2018)
Approval by the FRC
345
Basis for Conclusions
FRS 102 The Financial Reporting Standard applicable in the UK and
Republic of Ireland
346
Financial Reporting Council 3
4 FRS 102 (March 2018)
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