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FRS 105 disclosure and presentation requirements

Hi all,

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!



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22nd Oct 2017 20:48

What is your question and why do you need to be anonymous?

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By jnracc
to andy.partridge
22nd Oct 2017 21:20

Just want to know if there are any other key points to note about FRS105 accounts in addition to the ones mentioned above as I may be missing something out.


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to jnracc
22nd Oct 2017 21:28

Ah ok. Thanks for revealing your identity, too.

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22nd Oct 2017 22:05

FRS 105 is the place to read up on the requirements of FRS 105. Or, to put it another way, there are no disclosure or other requirements of FR 105 that are not fully explained in FRS 105.

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23rd Oct 2017 02:15

To add to john's point above, it is worth pointing out that while all the FRS 105 disclosure requirements are indeed covered in FRS 105, there are disclosures required under the Companies Act that are not required by FRS 105, and which may need to be added to the accounts on top of the FRS 105 disclosures.

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23rd Oct 2017 10:24

What's the question again ?

I say "again", but I'm not sure one's ever been asked.

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23rd Oct 2017 11:37

Let's see, what gaps in your summary...

You should include the name of the company and the company number in the accounts. You should do a balance sheet. There's a few others, maybe you could form an actual question to be answered and we could try to answer it.

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