FRS 101, FRS 102, IFRS
Financial Reporting Standards - Corporate Formats
With effect from 1 January 2015 ‘old UK GAAP’ no longer exists and entities will need to adopt a new GAAP be that FRS 102, FRS 101 or full IFRS.
For Irish companies, in addition to the new reporting standards, they also have to contend with a new Companies Act.
There are also some future changes with regard to smaller companies. Draft FRS 105 is the proposed new micro-entity standard. There are also draft amendments to FRS 102 applicable for small entities following the proposed withdrawal of the current FRSSE (Schedule 1A to FRS 102).
BENEFITS OF USING THE CORPORATE TEMPLATES
- Save time by using the automated trial balance import. Accounts codes are created dynamically based on the client trial balance and can then be assigned directly to report categories.
- Default category structures facilitate populating the primary statements and notes to the accounts. (For IFRS and FRS 101 templates these are Balance, Changes in equity, Expenses by function and Expenses by nature. For the FRS 102 template these are Balance, Changes in equity, Format 1, Format 2, and Analysis).
- The software will automatically switch on disclosure notes as necessary via conditions based on the imported trial balance data. For flexibility, users with the necessary permissions can manually override these conditions.
- The ‘Cash flow and cash and cash equivalents’ data capture dialog allows the cash flow statement to be completed in a simple, efficient way.
- Spell checking functionality ensures there are no typos in the reports.
FRS 102 software for first time adoption
As with the FRS 101 template, simply by ticking the appropriate box, the template will bring up the necessary disclosures for first time adoption of FRS 102, including the transition statements for the opening prior year balance sheet, the closing prior year balance sheet and the prior year profit and loss account.
An example of one of the transition statements is shown below.
FRS 101 software for first time adoption
As highlighted in the screenshot below, by simply ticking the appropriate boxes, the template will bring up the necessary disclosures for first time adoption of FRS 101 including the transition statements for the opening prior year balance sheet, the closing prior year balance sheet and the prior year profit and loss account (See an example in the FRS 102 section above). It will also produce a third column for restatements on the balance sheet and related notes.
As with the FRS 101 and FRS 102 templates, by ticking the necessary box, the IFRS template will bring up the necessary disclosures for first time adoption of IFRS including the transition statements for the opening prior year statement of financial position, the closing prior year statements of financial position and the prior year income statement.
Financial Instrument Statutory Disclosures
The IFRS template below contains the financial instrument statutory disclosures currently required by IAS 39 Financial Instruments: Recognition and Measurement, IFRS 7 Financial Instruments: Disclosures, and IAS 32 Financial Instruments: Presentation.
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