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Section 35 – Introduction

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Simple Transition Case Study

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Complex Transition Case Study Part 2

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Complex Transition Case Study Part 1

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Section 35 – Analysis

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Section 35 – Analysis

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Section 35 – Analysis

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Section 35 – Analysis

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Section 35 – Analysis

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Section 35 – Analysis

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Section 35 – Analysis

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Section 35 – Analysis

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Section 35 – Analysis

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Section 35 – Analysis

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Section 35 – Analysis

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Section 35 – Analysis

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Section 35 – Analysis

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Section 35 – Analysis

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Section 35 – Analysis

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Section 35 – Analysis

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Section 35 – Analysis

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Section 35 – Analysis

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Section 35 – Analysis

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Section 35 – Analysis

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Section 35 – Analysis

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Section 35 – Analysis

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Section 35 – Analysis

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Section Downloads

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Contents

35.1 Scope.

35.2 First-time adoption – Extract from FRS102: Section 35.3-35.6.

35.2.1 OmniPro comment.

35.2.1.1 Analysis.

35.2.1.2 Illustration of transition dates.

35.2.1.3 Complete set of financial statements.

35.2.1.4 Statement of compliance and statement that these are first set under FRS 102.

35.2.1.5 Disclosure where an entity is applying the reduced disclosure framework.

35.3 Procedures for preparing financial statements at the date of transition.

35.3.1 Extract from FRS102: Section 35.7-35.8.

35.3.2 OmniPro comment.

35.3.2.1 Overview.

35.3.2.2 Practical adjustments on transition to FRS 102.

35.4 Mandatory exceptions to retrospective application – derecognition.

35.4.1 Extract from FRS102: Section 35.9(a).

35.4.2 OmniPro comment.

35.4.2.1 Derecognition defined.

35.5 Mandatory exceptions to retrospective application – accounting estimates.

35.5.1 Extract from FRS102: Section 35.9(c)

35.5.2 OmniPro comment.

35.5.2.1 Non retrospective adjustment account estimates.

35.5.2.2 Retrospective adjustments to a prior period material error.

35.5.2.3 Residual values.

35.6 Mandatory exceptions to retrospective application – discontinued operations.

35.6.1 Extract from FRS102: Section 35.9(d).

35.6.2 OmniPro comment.

35.7 Mandatory exceptions to retrospective application – non-controlling interest.

35.7.1 Extract from FRS102: Section 35.9(e).

35.7.2 OmniPro comment.

35.8 Optional exemptions – business combinations.

35.8.1 Extract from FRS102: Section 35.10(a).

35.8.2 OmniPro comment.

35.8.2.1 Overview.

35.8.2.2 Possible adjustments even where the exmption is claimed – deferred tax.

35.8.2.3 Adjustments to business combinations where it occurs after the date of transition.

35.8.2.4 Adjustments to business combinations where it occurs before date of transition but exemption Section 35.10(a) not claimed.

35.8.2.5 Transition adjustment for goodwill previously determined infinite where Section 35.10(a) is claimed.

35.8.2.6 Transition adjustment for goodwill where previously used the default life 20 years where Section 35.10(a) is claimed.

35.9 Optional exemptions – Share based payment transactions.

35.9.1 Extract from FRS102: Section 35.10(b).

35.9.2 OmniPro comment.

35.10 Optional exemptions – Fair value or revaluation as deemed cost.

35.10.1 Extract from FRS102: Section 35.10(c) and Section 35.10(d).

35.10.2 OmniPro comment.

35.10.2.1 Overview.

35.10.2.2 Previous GAAP revaluation as deemed cost.

35.10.2.3 Fair value as deemed cost.

35.10.2.4 Revaluation option chosen under old GAAP, reverting to the cost model on transition.

35.10.2.5 Deferred tax on revaluation where a previous revaluation is used as deemed cost for intangibles.

35.11 Optional exemptions – Individual and separate financial statements – carrying amount as deemed cost.

35.11.1 Extract from FRS102: Section 35.10(f).

35.11.2 OmniPro comment.

35.12 Optional exemptions – Compound financial instruments.

35.12.1 Extract from FRS102: Section 35.10(g).

35.12.2 OmniPro comment.

35.13 Optional exemptions – Decommissioning liabilities included in the cost of property, plant and equipment.

35.13.1 Extract from FRS102: Section 35.10(l).

35.13.2 OmniPro comment.

35.14 Optional exemptions – Dormant companies.

35.14.1 Extract from FRS102: Section 35.10(m).

35.14.2 OmniPro comment.

35.14.2.1 Overview.

35.14.2.2 When is an entity considered dormant?

35.15 Optional exemptions – Deferred development costs as a deemed cost.

35.15.1 Extract from FRS102: Section 35.10(n).

35.15.2 OmniPro comment.

35.15.2.1 Overview.

35.15.2.2 What happens if an entity expensed developments costs in the past?

35.16 Optional exemptions – Borrowing costs.

35.16.1 Extract from FRS102: Section 35.10(o).

35.16.2 OmniPro comment.

35.17 Optional exemptions – lease incentives.

35.17.1 Extract from FRS102: Section 35.10(p).

35.17.2 OmniPro comment.

35.17.2.1 Overview.

35.17.2.2 Leases incentives received since the date of transition.

35.18 Optional exemptions – Public benefit entity combinations.

35.18.1 Extract from FRS102: Section 35.10(q).

35.18.2 OmniPro comment.

35.19 Optional exemptions – Assets and liabilities of subsidiaries, associates and joint ventures – where accounts prepared after group accounts.

35.19.1 Extract from FRS102: Section 35.10(r).

35.19.2 OmniPro comment.

35.20 Optional exemptions – Hedge accounting – deemed meeting of hedge documentation conditions.

35.20.1 Extract from FRS102: Section 35.10(t).

35.20.2 OmniPro comment.

35.21 Optional exemptions – Small entities – fair value measurement of financial instruments and financing transactions involving related parties.

35.21.1 Extract from FRS102: Section 35.10(u) and Section 35.10(v).

35.21.2 OmniPro comment.

35.22 Impracticability – In transition.

35.22.1 Extract from FRS102: Section 35.11.

35.22.2 OmniPro comment.

35.22.2.1 What is defined as impracticable.

35.22.2.2 What is the exemption.

35.23 Optional exemptions – Service concession arrangements, Arrangements containing a lease, Extractive activities.

35.23.1 Extract from FRS102: Section 35.10(i), Section 35.10(j), Section 35.10(k) and Section 35.10(s).

35.23.2 OmniPro comment.

35.24 Disclosures.

35.24.1 Extract from FRS102: Section 35.12-35.15.

35.24.2 OmniPro comment.

35.24.2.1 Overview.

35.24.2.2 Sample Accounting policy note detailing first time disclosure.

35.24.2.3 Transition exemption not (application of Section 35.12 to 35.15 of FRS 102).

35.24.2.4 Transition note – (applying requirements of Section 35.12 to 35.15 of FRS 102).

35.24.2.4.1 Reconciliation.

35.24.2.4.1.1 Holiday pay accrual.

35.24.2.4.1.2 Rent free period for operating leases.

35.24.2.4.1.3 Revaluation of tangible assets.

35.24.2.4.1.4 Sales on unusual credit terms.

35.24.2.4.1.5 Capitalisation of borrowing costs.

35.24.2.4.1.6 Investment Property carried at fair value.

35.24.2.4.1.7 Deferred taxation.

35.24.2.4.1.8 Revaluation of tangible assets.

35.24.2.4.1.9 Revaluation of tangible assets.

35.24.2.4.1.10 Past service costs – Defined benefit scheme.

35.24.2.4.1.11 Defined benefit scheme previously accounted for as a defined contribution scheme.

35.24.2.4.1.12 Net interest charge on defined benefit schemes.

35.24.2.4.1.13 Recognition of pension surplus.

35.24.2.4.1.14 Acquisition of non-controlling interest.

35.24.2.4.1.15 Restatement of prior acquisitions.

35.24.2.4.1.16 Loans and advances to group/related companies/directors.

35.24.2.4.1.17 Loans and advances from group/related companies/directors.

35.24.2.4.1.18 Derivative financial instruments (Forward foreign currency contracts and interest rate swaps).

35.24.2.4.1.19 Traded investments.

35.24.2.4.1.20 Computer software.

35.24.2.4.1.21 Prior year adjustment – material error.

35.24.2.4.1.22 Statement of cash flows.

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Section 35: Transition to FRS 102

Summary

Section 35 deals with the transition process to FRS102 and the exemptions available to first time adopters on transition to FRS 102 so as to make the transition easier on entities.

What are the key points?

An entity must determine the transition date and provide comparative information in respect of the prior period for all amounts presented in the financial statements.

An opening balance sheet is not required to be presented however these opening balances must apply FRS 102.

A reconciliation is required between the profit and opening equity reported under old GAAP and FRS 102 for the opening balance sheet and the comparative period detailing the reasons for the transition adjustments.

The main exemptions which are provided are:

Section 35 contains mandatory exceptions whereby first time adopters cannot change the accounting that it followed previously for any of the following transactions:

Small entities meeting the criteria as set out by FRS 102 can avail of the following exemptions:

In relation to financing transactions involving related parties treated under Section 11 i.e. intercompany loans at non market rates, a small entity can determine the present value at the first reporting date as opposed to the facts and circumstances at the time the liability or asset was first recognised.

These small exemptions will not be available to Irish entities until the Companies Accounting Act 2016 is enacted.

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Examples

Example 1: Transition date.

Example 2: Transition date.

Example 3: compliance statement on adoption of FRS 102.

Example 4: compliance statement for companies applying the FRS 102 small entities financial statements.

Example 5: Acquisition not resulting in a change of control after date of transition.

Example 6: Disposal resulting in no change in control in the subsidiary after date of transition.

Example 7: Adjustments for deferred tax on business combinations prior to date of transition where transition exemption availed of.

Example 8: Adjustments to business combinations where it occurs after the date of transition (i.e. in comparative period).

Example 9: Adjustments to business combinations where it occurs before date of transition but exemption Section 35.10(a) not claimed.

Example 10: Transition adjustment for goodwill previously determined infinite where Section 35.10(a) is claimed.

Example 11: Transition adjustment for goodwill where previously used the default life 20 years where Section 35.10(a) is claimed.

Example 12: Previous GAAP revaluation as deemed cost.

Example 13: Fair value as deemed cost.

Example 14: Revaluation option chosen under old GAAP, reverting to the cost model on transition.

Example 15: Deferred tax on revaluation where a previous revaluation is used as deemed cost for intangibles.

Example 16: Adoption of fair value through profit and loss on transition

Example 17: Adoption of fair value through other comprehensive income on transition

Example 18: Lease incentives since date of transition.

Example 19: Extract from the accounting policy note.

Example 20: Extract from the notes to the financial statements – Transition exemption rate.

Example 21: FRS 102 Principle Adjustments.

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Downloads

Download “Section 35 Transition to this FRS Detailed Guide (PDF)”

Section-35-Transition-to-this-FRS-Detailed-Guide.pdf – Downloaded 27 times –

Website links

Section 35 Detailed Guide

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Downloads

Download “FRS 102 35 Part Differences Quick Guide”

60.03.01-35-Part-Differences-Quick-Guide.pdf – Downloaded 262 times – 657.87 KB


Download “FRS 102 35 Part Differences Guide”

60.03.02-35-Part-Differences-Guide.pdf – Downloaded 141 times –


Download “FRS 102 Differences on Transition Checklist”

60.03.04-FRS-102-Differences-on-Transition-Checklist.pdf – Downloaded 188 times –


Download “FRS 102 Differences on Transition Examples Appendix”

60.03.03-FRS102-Differences-on-Transition-Examples-Appendix.pdf – Downloaded 282 times –


Download “Fillable Differences on Transition Checklist”

60.03.06-Fillable-Differences-on-Transition-Checklist.docx – Downloaded 176 times –

 

 

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Downloads

Download “Section 35 Disclosure Examples”

35.10.01-Section-35-Disclosure-Examples.pdf – Downloaded 96 times –

Download “FRS 102 Disclosure Checklist UK (PDF)”

75.06.03-FRS-102-Disclosure-Checklist-UK.pdf – Downloaded 180 times –

 

 

 

 

 

 

 

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