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FRS102 Section 1A

FRS102 Section 1A

Following the commencement of the Companies (Accounting) Act 2017 on 9 June 2017, Irish companies can now, if applicable, avail of Section 1A of FRS102 which provides disclosure exemptions,. The measurement and recognition provisions of FRS102 continue to apply. 

The financial statements of a small company must give a true and fair view of the assets, liabilities, financial position and profit or loss of the small entity for the reporting period.

A cash flow statement is not required to be prepared. 

Reduced related party disclosures apply. Only material related party transactions which are not concluded under normal market conditions will need to be considered for disclosure 

Company Size Criteria under 2017 Act


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