FRS 102: Some issues to consider

Some differences may arise between "old GAAP" and the new accounting standard FRS 102.

Items to be considered may include (and this list is not exhaustive) :

  • Review of terms of loans to assess their accounting treatment
  • Accounting for intercompany and directors loans
  • Accounting for Forward Contracts
  • Accounting for Business Combinations
  • Accounting for associates and joint ventures
  • Accounting for Deferred Tax
  • Accounting for Investment Properties
  • Presentation of Financial Statements
  • Review and assessment of existing policies to see if compatible with FRS102
  • Treatment of Impairment Losses
  • Treatment of Grants
  • Accounting for Holiday Pay
  • Disclosure of government assistance
  • Correction of errors - "fundamental" versus "material" errors
  • Disclosure of key judgements and sources of estimation uncertainty
  • Change in operating lease disclosure
  • Accounting for inventory write downs and reversals
  • Component Accounting
  • Accounting for Goodwill
  • Statement of Compliance
  • Consideration of 18 optional exemptions that a first time adopter of FRS102 may use
  • Disclosures for first time presentation under FRS102



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