I am a Trainee Accountant at a small practice wanting to brush up my knowledge of FRS 105 accounts. I have looked through the standards and have a fair idea of the disclosure and presentation rules, but was wondering if anyone could help fill in the gaps. I have so far covered the following requirements:
1) Insurance companies, charities, unregistered companies and financial institutions are prohibited from filing FRS 105 accounts
2) Group companies must satisfy the definition of a small group and they have not voluntarily elected to prepare group accounts.
3) No need for a directors report or principal activities etc.
4) Must state the fact that directors have chosen to prepare FRS105 accounts
5) Audit report if required or a statement that the company is exempt from audit
6) Related party disclosures are not required unless they relate to a directors financial affairs
7) Investment properties and PPE must be measured at cost less accumulated depreciation less impairment and market values are prohibited
8) R&D costs are recorded as an expense in P&L on period in which they are incurred
9) Borrowing costs shall be recorded as in expense in the P&L
10) In defined benefit schemes, pension surpluses or deficits are not accounted for in the balance sheet. When there is an agreement in place to fund a deficit, a liability for contributions payable under the agreement is recorded as a liability in the balance sheet.
11) No accounting policies and notes only relate to directors financial commitments, which are disclosed under the balance sheet.
Any comments would be greatly appreciated!