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

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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

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