FRS 102 and Mid-sized companies: Difference between pages

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''UK and Irish accounting''.
Smaller, large companies.


Financial Reporting Standard 102, 'The financial reporting standard applicable in the UK and Republic of Ireland', applies to larger unlisted companies and to certain other reporting entities.
Often firms are classified as small, medium or large. Different definitions of the categories apply for different purposes, in different jurisdictions and in formal and informal use.


A common grouping is [[Small and Medium-sized Enterprises]] (SMEs). They may benefit from easier financial reporting requirements, tax provisions or eligibility for various government-provided support.


FRS 102 - in conjunction with FRS 100, FRS 101 and FRS 103 - is designed to:
Most firms are small, some are medium-sized and few are large. But the size of firms in the large category vary greatly. It has become useful to distinguish smaller large companies for some purposes.


# Implement an international-based financial accounting framework for all relevant UK and Irish reporting entities and users.
For example, in European Union usage, SMEs do not exceed €43m in turnover while large companies turn over many billions. Opportunities of many kinds vary materially with a firm's size, for example, the available range of investment and financing opportunities.
# Use the same accounting language regardless of the size of the reporting entity.
# Retain a proportionate approach to disclosure in order to meet users’ information needs, without imposing undue reporting burdens.


In the UK, the idea of Mid-sized companies, with turnover of up to £500m and of Mid-sized companies with up to £1bn turnover has developed. By 2015 the idea of mid-size was taken up by some authors in euro-terms as a broad Mid-sized company range up to €1.2bn turnover.


==See also==
No doubt terminology will continue to develop until its use in law and regulation makes further change more difficult or confusing.
* [[FRS 100]]
* [[FRS 101]]
* [[FRS 103]]
* [[FRS 104]]
* [[FRS 105]]
* [[UK GAAP]]


 
[[Category:The_business_context]]
==Other links==
*[http://www.treasurers.org/node/9519 Filling the GAAP, Stanislav Varkalov, The Treasurer, November 2013]
*[https://www.iasplus.com/en-gb/standards/uk-gaap/frs102 FRS102 - UK Accounting Plus]
 
[[Category:Accounting,_tax_and_regulation]]

Revision as of 07:05, 11 August 2015

Smaller, large companies.

Often firms are classified as small, medium or large. Different definitions of the categories apply for different purposes, in different jurisdictions and in formal and informal use.

A common grouping is Small and Medium-sized Enterprises (SMEs). They may benefit from easier financial reporting requirements, tax provisions or eligibility for various government-provided support.

Most firms are small, some are medium-sized and few are large. But the size of firms in the large category vary greatly. It has become useful to distinguish smaller large companies for some purposes.

For example, in European Union usage, SMEs do not exceed €43m in turnover while large companies turn over many billions. Opportunities of many kinds vary materially with a firm's size, for example, the available range of investment and financing opportunities.

In the UK, the idea of Mid-sized companies, with turnover of up to £500m and of Mid-sized companies with up to £1bn turnover has developed. By 2015 the idea of mid-size was taken up by some authors in euro-terms as a broad Mid-sized company range up to €1.2bn turnover.

No doubt terminology will continue to develop until its use in law and regulation makes further change more difficult or confusing.