Form 102 standard financial 2025

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Reduced disclosures under FRS 105 might be faster and therefore more practical for businesses that are time poor, but FRS 102 while more time consuming might provide a better business picture.
FRS 102 contains a section specifically for small companies referred to as section 1A Small Entities, which was first introduced into the September 2015 edition of FRS 102.
FRS 102: Requires comprehensive disclosures across all areas, including a full set of financial statements (balance sheet, profit and loss account, cash flow statement, statement of changes in equity, and detailed notes). FRS 102 1A: Significantly reduces the number of required disclosures.
FRS 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (link to FRC website) is a single coherent financial reporting standard, based on the IFRS for SMEs but with substantial changes, for use by UK and Irish entities (other than those that are required to apply IFRS Accounting
FRS 101 may only be applied by qualifying entities which are members of a group where the parent of that group prepares publicly available consolidated financial statements. All entities can choose to report under FRS 102 except those required to apply UK-adopted International accounting standards.
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Who should apply the standard? FRS 101 may be applied to the individual financial statements of a qualifying entity that are intended to give a true and fair view.
FRS 102 is designed to apply to the general purpose financial statements and financial reporting of entities including those that are not constituted as companies and those that are not profit-oriented.

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