FRS 102: Difference between revisions
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FRS 102 - in conjunction with FRS 100 and FRS 101 - is designed to: | FRS 102 - in conjunction with FRS 100 and FRS 101 - 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. | |||
Revision as of 17:17, 5 November 2013
Financial Reporting Standard 102 - "The financial reporting standard applicable in the UK and Republic of Ireland" - applies to larger unlisted companies and to other reporting entities with effect from 2015.
FRS 102 - in conjunction with FRS 100 and FRS 101 - 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.
All other UK GAAP is withdrawn and replaced with effect from 2015.
