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FRS 102

FRS 102

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Can I prepare UK FS under FRS 102 as it has a turnover less then 10 million and less then 50 employees for the UK entity, BUT in the group structure the turnover and number of employees is a lot more (over 10 millions turnover and 50 employee). Please advise - many thanks 

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By paul.benny
05th Aug 2020 08:01

If you're a Small subsidiary, FRS102 is the applicable accounting standard for your statutory financial statements. There is nothing preventing you from using FRS101 or IFRS should you or your parent choose to do so. And your parent may require internal reporting using some other standard for consolidation purposes.

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By paul.benny
06th Aug 2020 07:39

Glad you found the answer helpful.

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Replying to paul.benny:
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By Matrix
06th Aug 2020 09:36

I know the feeling. I don’t reply to people who didn’t thank me previously.

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