European Monetary System and FRS 102: Difference between pages

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(EMS).  
''UK and Irish accounting.''


The predecessor in the European Union of Economic and Monetary Union (EMU), which led in turn to the establishment of the euro.  
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.


FRS 102 applies to reporting periods starting on or after 1 January 2015.


The EMS was designed to create an area of currency stability throughout the European Community by encouraging its member states to co-ordinate their monetary policies.


The EMS used the Exchange Rate Mechanism (ERM) with the aim of stabilising exchange rates and thereby facilitating trade between member states.
FRS 102 - in conjunction with FRS 100, FRS 101 and FRS 103 - is designed to:


# Implement an international-based financial accounting framework for all relevant UK and Irish reporting entities and users.
# 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.


== See also ==
 
* [[European currency unit]]
==See also==
* [[European Economic and Monetary Union]]
* [[FRS 100]]
* [[Exchange Rate Mechanism]]
* [[FRS 101]]
* [[Parity grid]]
* [[FRS 103]]
* [[UK GAAP]]
 
 
== Other links ==
[http://www.treasurers.org/node/9519 Filling the GAAP, Stanislav Varkalov, The Treasurer, November 2013]
 
[[Category:Accounting,_tax_and_regulation]]

Revision as of 08:50, 18 January 2015

UK and Irish accounting.

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.

FRS 102 applies to reporting periods starting on or after 1 January 2015.


FRS 102 - in conjunction with FRS 100, FRS 101 and FRS 103 - is designed to:

  1. Implement an international-based financial accounting framework for all relevant UK and Irish reporting entities and users.
  2. Use the same accounting language regardless of the size of the reporting entity.
  3. Retain a proportionate approach to disclosure in order to meet users’ information needs, without imposing undue reporting burdens.


See also


Other links

Filling the GAAP, Stanislav Varkalov, The Treasurer, November 2013

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