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[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section bb_built=”1″ fullwidth=”off” specialty=”off” transparent_background=”off” allow_player_pause=”off” inner_shadow=”off” parallax=”off” parallax_method=”off” make_fullwidth=”off” use_custom_width=”off” width_unit=”on” make_equal=”off” use_custom_gutter=”off” prev_background_color=”#ffffff” next_background_color=”#ffffff” inner_width=”auto” inner_max_width=”1080px”][et_pb_row background_position=”top_left” background_repeat=”repeat” background_size=”initial” width=”80%” max_width=”1080px”][et_pb_column type=”1_2″ custom_padding__hover=”|||” custom_padding=”|||”][et_pb_button admin_label=”FRS 102 Main Menu” button_url=”https://uk.frs102.com/members/premium-toolkit/” url_new_window=”off” button_text=” Return to FRS 102 Main Index” button_alignment=”center” background_layout=”dark” custom_button=”on” button_bg_color=”#1e73be” button_letter_spacing=”0″ button_use_icon=”default” button_icon_placement=”right” button_on_hover=”on” button_letter_spacing_hover=”0″ button_border_radius=”7″ button_text_size__hover_enabled=”off” button_text_size__hover=”null” button_one_text_size__hover_enabled=”off” button_one_text_size__hover=”null” button_two_text_size__hover_enabled=”off” button_two_text_size__hover=”null” button_text_color__hover_enabled=”off” button_text_color__hover=”null” button_one_text_color__hover_enabled=”off” button_one_text_color__hover=”null” button_two_text_color__hover_enabled=”off” button_two_text_color__hover=”null” button_border_width__hover_enabled=”off” button_border_width__hover=”null” button_one_border_width__hover_enabled=”off” button_one_border_width__hover=”null” button_two_border_width__hover_enabled=”off” button_two_border_width__hover=”null” button_border_color__hover_enabled=”off” button_border_color__hover=”null” button_one_border_color__hover_enabled=”off” button_one_border_color__hover=”null” button_two_border_color__hover_enabled=”off” button_two_border_color__hover=”null” button_border_radius__hover_enabled=”off” button_border_radius__hover=”null” button_one_border_radius__hover_enabled=”off” button_one_border_radius__hover=”null” button_two_border_radius__hover_enabled=”off” button_two_border_radius__hover=”null” button_letter_spacing__hover_enabled=”on” button_letter_spacing__hover=”0″ button_one_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover=”null” button_two_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover=”null” button_bg_color__hover_enabled=”off” button_bg_color__hover=”null” button_one_bg_color__hover_enabled=”off” button_one_bg_color__hover=”null” button_two_bg_color__hover_enabled=”off” button_two_bg_color__hover=”null” /][/et_pb_column][et_pb_column type=”1_2″ custom_padding__hover=”|||” custom_padding=”|||”][et_pb_button admin_label=”FRS 105 Main Menu” button_url=”https://uk.frs102.com/members/premium-toolkit/frs-105″ url_new_window=”off” button_text=” Return to 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button_border_color__hover_enabled=”off” button_border_color__hover=”null” button_one_border_color__hover_enabled=”off” button_one_border_color__hover=”null” button_two_border_color__hover_enabled=”off” button_two_border_color__hover=”null” button_border_radius__hover_enabled=”off” button_border_radius__hover=”null” button_one_border_radius__hover_enabled=”off” button_one_border_radius__hover=”null” button_two_border_radius__hover_enabled=”off” button_two_border_radius__hover=”null” button_letter_spacing__hover_enabled=”on” button_letter_spacing__hover=”0″ button_one_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover=”null” button_two_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover=”null” button_bg_color__hover_enabled=”off” button_bg_color__hover=”null” button_one_bg_color__hover_enabled=”off” button_one_bg_color__hover=”null” button_two_bg_color__hover_enabled=”off” button_two_bg_color__hover=”null” 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Section 2 – Overview

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Section Downloads

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Contents

2.1 Scope

2.2 Objective of financial statements.

2.2.1 Extract from FRS102: Section 2.1A-2.3.

2.2.2 OmniPro comment.

2.3 Qualitative characteristics of information in financial statements.

2.3.1 Extract from FRS102: Section 2.4-2.14.

2.3.2 OmniPro comment.

2.4 Definition of an asset and recognition criteria.

2.4.1 Extract from FRS102: Section 2.15(a), Section 2.17-2.19, Section 2.29 and Section 2.37-2.38.

2.4.2 OmniPro comment.

2.4.2.1 Asset defined.

2.4.2.2 When an asset is to be recognised.

2.5 Definition of a liability and recognition criteria.

2.5.1 Extract from FRS102: Section 2.15(b), Section 2.17, Section 2.20-2.21, Section 2.29. Section 2.31-2.32 and Section 2.39-2.40.

2.5.2 OmniPro comment.

2.5.2.1 Liability defined.

2.5.2.2 Recognition criteria for a liability.

2.6 Definition of Equity.

2.6.1 Extract from FRS102: Section 2.15(c) and Section 2.22.

2.6.2 OmniPro comment.

2.7 Definition and recognition of Income/revenue.

2.7.1 Extract from FRS102: Section 2.23(a), Section 2.25 and Section 2.41.

2.7.2 OmniPro comment.

2.7.2.1 Definition of income.

2.7.2.2 Identifying revenue from other income/gains.

2.7.2.3 Recognition of income.

2.8 Definition and recognition of expenses.

2.8.1 Extract from FRS102: Section 2.23(b), Section 2.26 and Section 2.42.

2.8.2 OmniPro comment.

2.8.2.1 Definition of an expense.

2.8.2.2 Recognition of an expense.

2.8.2.3 Identifying expenses from losses.

2.8 Measurement of assets, liabilities, income and expenses.

2.8.1 Extract from FRS102: Section 2.33-.2.34.

2.9 Pervasive recognition and measurement principles.

2.9.1 Extract from FRS102: Section 2.35.

2.9.2 OmniPro comment.

2.10 Accrual basis.

2.10.1 Extract from FRS102: Section 2.36.

2.10.2 OmniPro comment.

2.11 Recognition in financial statements.

2.11.1 Extract from FRS102: Section 2.43-2.45.

2.11.2 OmniPro comment.

2.12 Offsetting.

2.12.1 Extract from FRS102: Section 2.52.

2.12.2 OmniPro comment.

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Section 2: Concepts and Pervasive Principles

Section 2 outlines the concepts and persuasive principals to assist preparers in determining the accounting treatment in a transaction and provides guidance on the principles to be used where a transaction is not covered by the specific standards.

What is different?

FRS 105 requires all assets to be held at old, the company cannot carry any assets or liabilities at fair value. The compares to FRSSE/old UK & Irish GAAP which provided a choice in certain instances to carry items at revalued amount and FRS 102 specifically requires certain items to be carried at fair value.

FRS 105 is not as prescriptive and does not have as many qualitative characteristics as the FRSSE, old GAAP or FRS 102.

Although the wording may differ between FRSSE, old GAAP or FRS 102 and FRS 105, they are very similar in regard to the basic principles.

FRS 105 does not require a company to look at the guidance in other accounting frameworks (unless stated in the standard) to consider how an item is to be treated if it is not dealt with specifically within the standard instead it should look to the key concepts and pervasive principles in Section 2. FRS 102 specifically provides a hierarchy of where to go in order to determine the treatment of such items. FRSSE had a similar requirement.

What are the key points?

Section 2 sets out a list of qualitative characteristics which are used when assessing whether financial statements meet their objectives namely; reliability, substance over form, prudence and non-biasness.

Section 2 defines an asset as a resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity.

A liability is defined as a present obligation as arising from past events, the settlement of which is expected to result in an outflow from the micro-entity of resources embodying economic benefits.

Asset and liabilities should be initially measured at historical cost unless there is a specific requirement elsewhere in the FRS. Subsequently the assets/liabilities cannot be carried at fair value (unless stated in the standard e.g- fair valuing non-exchange transactions, and asset/liabilities acquired in a business combination) instead they must be carried at cost less depreciation/impairment/unamortised transaction costs etc. For example:

What do accountants need to do?

Ensure that staff understand the principles that underlie FRS 105 and are aware that assets/liabilities cannot be carried at fair value.

Where a dividend is due to be paid for periods beginning after 1 January 2016, then the companies need to ensure they have sufficient distributable reserves under FRS 105 (after transition adjustments are considered to allow for such a dividend (assuming that is the period they are transitioning to FRS 105).

What do companies need to do?

Ensure that owners/accountants understand the principles that underlie FRS 105 and are aware that assets/liabilities cannot be carried at fair value.

Where a dividend is due to be paid for periods beginning after 1 January 2016, then the companies need to ensure they have sufficient distributable reserves under FRS 105 (after transition adjustments are considered to allow for such a dividend (assuming that is the period they are transitioning to FRS 105).

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Examples

Example 1: Turnover/revenue versus other income.

Example 2: Turnover/revenue versus other income. 

Example 3: Turnover/revenue versus other income.

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Website Links

Section 2 Detailed Guide 

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