by Des O'Neill | Jan 21, 2016 | FRS102.com Blog
Section 1: Scope Summary Section 1 deals with the scope of FRS 102 and the exemptions which can be claimed. What are the key points to note? FRS 102 is available for use by unlisted groups and listed or unlisted...
by Des O'Neill | Jan 20, 2016 | FRS102.com Blog
Section 2: Concepts and Pervasive Principles Summary Section 2 describes the objective of financial statements, which is to provide useful information about the entity’s financial position, performance and cash flows, and establishes the concepts and underlying...
by Des O'Neill | Jan 19, 2016 | FRS102.com Blog
Section 3: Financial Statement Presentation Summary Section 3 explains that the financial statements of an entity shall give a true and fair view, what a complete set of financial statements is and what compliance with FRS 102 requires. What is different? Under FRS...
by Des O'Neill | Jan 18, 2016 | FRS102.com Blog
Section 4: Statement of Financial Position Summary Section 4 deals with the presentation of the statement of financial position. The statement of financial position (also known as the balance sheet) presents an entity’s assets, liabilities and equity at the end of the...
by Des O'Neill | Jan 15, 2016 | FRS102.com Blog
Section 5: Statement of Comprehensive Income and Income Statement Summary Section 5 deals with the presentation of total comprehensive income for the reporting period. It allows presentation in one or two statements and sets out the information to be presented in...
by Des O'Neill | Jan 14, 2016 | FRS102.com Blog
Section 6: Statement of Changes in Equity and Statement of Income and Retained Earnings (SOCE) Summary Section 6 deals with the requirements for the presentation of changes in an entity’s equity for a period. What is new? If the only changes in equity arise from...
by Des O'Neill | Jan 13, 2016 | FRS102.com Blog
Section 7: Statement of Cash Flows Summary Section 7 deals with the information that is to be presented in a statement of cash flow and identifies which entities may qualify for exemption from preparing cash flow statements. What is new? Section 7 provides an...
by Des O'Neill | Jan 12, 2016 | FRS102.com Blog
Section 8: Notes to the Financial Statements Summary Section 8 describes the principles underlying the information that is to be presented in the notes to the financial statements. What is new? Section 8 requires a note to be included in the financial statements...
by Des O'Neill | Jan 11, 2016 | FRS102.com Blog
Section 9: Consolidated and Separate Financial Statements Summary Section 9 deals with the requirement to present consolidated financial statements, the consolidation procedures to be performed, accounting for acquisitions and disposals in a group and the presentation...
by Des O'Neill | Jan 9, 2016 | FRS102.com Blog
Section 10: Accounting Policies, Estimates and Errors Summary Section 10 deals with the selection and application of accounting policies used in preparing financial statements. It also details how changes in accounting policies and prior period adjustments should be...
by Des O'Neill | Jan 8, 2016 | FRS102.com Blog
Section 11 – Basic Financial Instruments Summary Section 11 defines basic financial instruments for all companies with the exception of public benefit entities. Basic financial instruments coming within the scope of section 11 are: Cash; Demand and fixed term...
by Des O'Neill | Jan 6, 2016 | FRS102.com Blog
Section 12 – Other Financial Instruments issues Summary Section 12 deals with more complex financial instruments and transactions which do not come within the scope of Section 11 and also have similar exceptions to Section 11 (as detailed in Section 11 of the guide)...
by Des O'Neill | Jan 5, 2016 | FRS102.com Blog
From 1st of January 2016 Irish accountants and their clients embrace the new financial reporting framework that now prevails. The old Statements of Standard Accounting Practice and Financial Reporting Standards that have served us well over 40 years give way to the...
by Des O'Neill | Jan 5, 2016 | FRS102.com Blog
Section 13 – Inventories Summary Inventories are defined as assets: held for sale in the ordinary course of business in the process of production for such sale; or in the form of materials or supplies to be consumed in the production process or rendering of services....
by Des O'Neill | Jan 4, 2016 | FRS102.com Blog
Section 14 – Investment in Associates Summary Section 14 defines what an associate is, how it should be recognised, measured, derecognised and disclosed. An associate is an entity over which the investor has significant influence and which is not a subsidiary or a...
by Des O'Neill | Dec 23, 2015 | FRS102.com Blog
Section 15 – Investment in Joint Ventures Summary Section 15 deals with the recognition, measurement and disclosure for joint ventures. A joint venture is a contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint...
by Des O'Neill | Dec 22, 2015 | FRS102.com Blog
Section 16 – Investment Property Summary Section 16 deals with the accounting for investment property. It only applies to investment property whose fair value can be measured reliably without undue cost or effort. If this is not the case then the property falls within...
by Des O'Neill | Dec 21, 2015 | FRS102.com Blog
Section 17 – Property, Plant and Equipment Summary Section 17 deals with the initial recognition, subsequent measurement, depreciation and impairment for property, plant and equipment (PPE) held for use in the production, or supply of goods and services, for rental to...
by Des O'Neill | Dec 18, 2015 | FRS102.com Blog
Section 18 – Intangible Assets other than Goodwill Summary Section 18 deals the recognition, measurement, amortisation and disclosure for intangible assets other than goodwill. Section 18.2 defines an intangible asset as an identifiable non-monetary asset without...
by Des O'Neill | Dec 17, 2015 | FRS102.com Blog
Section 19 – Business Combinations and Goodwill Summary Section 19 deals with business combinations. A business combination is the bringing together of separate entities or businesses into one reporting entity (Section 19.3). All business combinations (other than...
by Des O'Neill | Dec 16, 2015 | FRS102.com Blog
Section 20 – Leases Summary Section 20 applies to all leases, including some arrangements that do not take the legal form of a lease but convey rights to use assets in return for payments. It deals with the recognition, measurement and disclosures of operating and...
by Des O'Neill | Dec 15, 2015 | FRS102.com Blog
Section 21: Provisions and Contingencies Summary Section 21 applies to all provisions, contingent liabilities and contingent assets, except those covered by other sections of FRS 102. For example, leases, construction contracts, employee benefits and income tax....
by Des O'Neill | Dec 14, 2015 | FRS102.com Blog
Section 22: Liabilities and Equity Summary Section 22 addresses classification of financial instruments as a liability or equity and accounting for compound financial instruments. It applies to the accounting for equity instruments issued to owners of the entity and...
by Des O'Neill | Dec 14, 2015 | FRS102.com Blog
A 5 Minute Survey to establish how much this will actually impact on the accountancy profession and their clients. The Background When the Companies Act 2014 was being enacted, it was always indicated during the early stages of commencement of the legislation,...
by Des O'Neill | Dec 11, 2015 | FRS102.com Blog
Section 23: Revenue Summary Section 23 applies to the accounting for revenue arising from the sale of goods, rendering of services, construction contracts and the use by others of entity assets yielding interest, royalties or dividends. It does not apply to revenue or...
by Des O'Neill | Dec 10, 2015 | FRS102.com Blog
Section 24: Government Grants Summary Section 24 deals with the recognition, measurement and disclosures for government grants. Government grants are assistance in the form of a transfer of resources to an entity in return for past or future compliance with specific...
by Des O'Neill | Dec 9, 2015 | FRS102.com Blog
Section 25: Borrowing Costs Summary Section 25 deals with the recognition and disclosures of borrowing costs. Borrowing costs are interest and other costs that an entity incurs in connection with the borrowing of funds. It covers interest expense using the effective...
by Des O'Neill | Dec 8, 2015 | FRS102.com Blog
Section 26: Share based payments Summary Section 26 deals with the accounting for all share based payment transactions settled directly by the entity or another group entity on behalf of the entity including required disclosures. What is new? Section 26 allows a...
by Des O'Neill | Dec 7, 2015 | FRS102.com Blog
Section 27: Impairment of Assets Summary Section 27 deals with the measuring, recognising and disclosing impairments for all assets with the exception of: assets arising from construction contracts covered by Section 23; deferred tax assets covered by section 29;...
by Des O'Neill | Dec 4, 2015 | FRS102.com Blog
Section 28: Employee Benefits Summary Section 28 deals with the recognition, measurement and disclosure of employees benefits to include the recognition and measurement of defined benefit and contribution pension schemes, short term employee benefits and termination...
by Des O'Neill | Dec 3, 2015 | FRS102.com Blog
Section 29: Income tax Summary Section 29 deals with the recognition, measurement and disclosure of current and deferred tax, VAT and withholding tax on dividends. What is new? Deferred tax is recognised on a timing difference plus approach and more deferred tax is...
by Des O'Neill | Dec 2, 2015 | FRS102.com Blog
Section 30: Foreign Currency Translation Summary Section 30 applies to foreign currency transactions and foreign operations in the financial statements of an entity. It also prescribes the translation of financial statements into a presentation currency. What is new?...
by Des O'Neill | Dec 1, 2015 | FRS102.com Blog
Section 31: Hyper-inflation Summary Section 31 applies to an entity whose functional currency is the currency of a hyper-inflation economy. It details with the adjustments required to exclude the effects of hyper-inflation. What is new? Old GAAP reporters (non FRS 26...
by Des O'Neill | Nov 30, 2015 | FRS102.com Blog
Section 32: Events after the End of the Reporting Period Summary Section 32 deals with the treatment of events after the balance sheet date and whether they are considered an adjusting or non-adjusting post balance sheet event. What is new or different? Section 32 is...
by Des O'Neill | Nov 27, 2015 | FRS102.com Blog
Section 33: Related Party Disclosures Summary Section 33 deals with disclosures required for all related party transactions and includes the definition of related parties. What is new? Section 33.10 requires related party transactions to be disclosed separately for...
by Des O'Neill | Nov 26, 2015 | FRS102.com Blog
Section 34: Specialist Activities Summary Section 34 deals with the reporting requirements for entities applying FRS 102 in the specialist areas of agriculture, extractive activities, service concession arrangements, financial institutions, heritage assets, funding...
by Des O'Neill | Nov 25, 2015 | FRS102.com Blog
Section 35: Transition to FRS 102 Section 35 deals with the exemptions available to first time adopters on transition to FRS 102 so as to make the transition easier on companies. What are the key points? An entity must determine the transition date and provide...
