FRS 100 and FRS 101: Difference between pages

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imported>Doug Williamson
(Addition of term that is in Glossary but missing from Wiki 5/11/13)
 
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''UK and Irish accounting.''
Financial Reporting Standard 101, dealing with the Reduced Disclosure Framework for financial reporting in the UK and the Republic of Ireland.


Financial Reporting Standard 100, which deals with the application of Financial Reporting Requirements for companies and other reporting entities in the UK and the Republic of Ireland.
FRS 101 applies to companies which are members of larger public groups.


FRS 101 sets out reduced disclosure requirements (within the framework of IFRS) for "qualifying entities".


FRS 100 sets out overall financial reporting requirements.


It gives many entities a choice of detailed accounting requirements depending on factors such as:
Qualifying entities for this purpose are members of groups where:


(i) Their size. <br>
(i) The parent of the group prepares publicly available consolidated financial statements; and
(ii) Whether or not they are part of a publicly listed group.


 
(ii) The qualifying entity is included in the consolidation.
FRS 100 does not require any entities to apply international accounting standards that were not already required to do so.
 
 
FRS 100 - in conjunction with FRS 101, FRS 102, FRS 103, FRS 104 and FRS 105 - is designed to:
 
#Implement an international-based financial accounting framework for all relevant UK and Irish reporting entities.
#Use consistent accounting language, regardless of the size of the reporting entity.
#Retain a proportionate approach to disclosure: to meet users’ information needs, without imposing excessive reporting burdens.




==See also==
==See also==
* [[FRS 101]]
* [[FRS 100]]
* [[FRS 102]]
* [[FRS 102]]
* [[FRS 103]]
* [[IFRS]]
* [[FRS 104]]
* [[FRS 105]]
 
 
==External link==
* [https://www.iasplus.com/en-gb/standards/uk-gaap/frs100 FRS 100 - UK Accounting Plus]


[[Category:Accounting,_tax_and_regulation]]
[[Category:Accounting,_tax_and_regulation]]

Revision as of 14:15, 5 November 2013

Financial Reporting Standard 101, dealing with the Reduced Disclosure Framework for financial reporting in the UK and the Republic of Ireland.

FRS 101 applies to companies which are members of larger public groups.

FRS 101 sets out reduced disclosure requirements (within the framework of IFRS) for "qualifying entities".


Qualifying entities for this purpose are members of groups where:

(i) The parent of the group prepares publicly available consolidated financial statements; and

(ii) The qualifying entity is included in the consolidation.


See also

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