FRS 102 came into effect for accounting periods commencing on or after 1 January 2015
The following entities can apply FRS 102:
- entities which are not required to apply IFRS;
- small entities; and
Accounting policy choices
The accounting policy choices you apply could enable you to influence the strength of your balance sheet or simplify your accounting but care must be taken because they may also create earnings volatility.
Fundamental to FRS 102 is the concept of ‘Fair Value’. Fair value is the amount for which an asset, liability or equity instrument could be exchanged or settled between knowledgeable, willing parties in an arm’s length transaction. In some instances you may require expert advice to determine a fair value.
Recent changes affecting entities reporting under FRS 102
- FRS 102: Triennial Review 2017 amendments
- Company Law changes affecting medium and large entities
- Company Law changes affecting small entities
For more information please get in touch with Danielle Stewart.