FRS 102

FRS 102

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Have to confess that I have paid little attention, if any, to the recent FRS 102 . Does it apply to small companies?

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Euan's picture
By Euan MacLennan
13th Jan 2015 12:03

Eventually, probably

Small companies can continue to use the FRSSE for the time being, but for accounting periods starting on or after 1st January 2015 (earlier adoption is permitted), it will be the FRSSE (effective January 2015).

FRS102 will probably apply to accounting periods starting on or after 1st January 2016, after modifications to reduce disclosures.  The final version of the standard is likely to be issued in the summer.  Early adoption is not permitted.

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By TerryD
13th Jan 2015 13:10

There will also be the FRSME for micro-entities.

For small entities that are not micros, or don't want to use micro accounts, the transitional date (assuming the small company requirements will mirror full FRS102) could well be 1 January 2015 - so some planning will be needed to start thinking about potential use of transitional provisions. But it's probably best to wait till we get the actual documents.

Happy days ahead!

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collings
By Steven Collings
13th Jan 2015 13:28

FRSME
I believe the FRC are considering the (proposed) FRSME to be titled FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'. Some commentators argued that 'FRSME' may be misinterpreted as that was how the previous Exposure Draft was abbreviated when it was proposed to call FRS 102 'The Financial Reporting Standard for Mid-Sized Entities'.

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By TerryD
13th Jan 2015 14:45

Good! I must say I was a bit dubious when they brought that name back from the dead!

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