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When to prepare FRS101 accounts instead of FRS 102

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Hi, what are the conditions to consider before preparing an account either using FRS101 or FRS 102, please?

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By ireallyshouldknowthisbut
05th Oct 2020 11:54

When you have to.

Or the client (oddly) wants more disclosure publicly.

Would be my only two considerations.

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By RaxJ
05th Oct 2020 12:18

Is this a subsidiary of a parent company by any chance? You usually prepare FRS 101 accounts if you wish to adopt IFRS's with reduced disclosures. So a simplified IFRS format of accounts.

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By johnt27
05th Oct 2020 12:23

You'd use FRS 101 if you're a group company and want to utilise some of the disclosure/implementation exemptions from full blown IFRS.

It isn't mandatory and I have groups using both FRS 101 and FRS 102 sometimes in combination within their groups when headed by an IFRS preparer.

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RLI
By lionofludesch
05th Oct 2020 12:48

Another question with disappointing detail.

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Replying to lionofludesch:
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By frankfx
05th Oct 2020 13:28

Quote:

Another question with disappointing detail.

Sift

Could prepopulated the question dialogue box.

With suitable sections of detail for user to complete.

Now here comes the magic.

Should an OP fail to " fill the gaps".

Then Awebers can decline to respond, and refer OP back to the dialogue box.

There are too many threads where we are looking for the real Question.

I would like all OPs to make the source of their original research clear

It should be cited.

I suspect zero meaning ful research has been done.

As in the question posed by this OP.

Sift

Over to you.

You know it makes sense.

Thank you

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