Transition from FRS105 to FRS102 1a

What are the disclosure requirements when a company transitions from FRS105 to FRS102 1a?

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I have a client who has now exceeded the Micro entity thresholds and is now "Small" and needs to adopt FRS102 1a. I'm happy with the entries I need to make to re-state the comparatives etc. My question is about what needs to be disclosed in the accounts.

Where a company transitions from old UK GAAP, I'm aware that various disclosures need to be made in the notes such as showing the effect of FRS102 adjustments and a description of the accounting policies affected and the effect of this.

Is the same disclosure required for a transition from FRS105 to FRS102 1a?

Guidance much appreciated.

 

 

Replies (4)

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By Geoff56
09th Mar 2023 09:34

Has your client exceeded the micro-entity thresholds for each of the last two years i.e. used up its one year period of grace? See point 8.3 at:
https://www.gov.uk/government/publications/life-of-a-company-annual-requ...

You probably have considered this but from your post, one cannot be certain.

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John Toon
By John Toon
09th Mar 2023 09:55

broadsides wrote:

Is the same disclosure required for a transition from FRS105 to FRS102 1a?

Yes - it's all laid out in FRS 102 and the software we use handles this in terms of recognising the transition and prompting the necessary disclosures

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Replying to johnt27:
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By IWantToLearn
09th Mar 2023 13:05

Hi John, what software would that be if you don't mind me asking. The one my employer uses doesn't. Thank you.

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Replying to IWantToLearn:
John Toon
By John Toon
09th Mar 2023 14:48

Depending on department it's Iris, Digita or Saga APA...

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