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Section 4 – Introduction
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Section 4 – Analysis
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- Section 1
- Section 2
- Section 3
- Section 4
- Section 5
- Section 6
- Section 7
- Section 8
- Section 9
- Section 10
- Section 11
- Section 12
- Section 13
- Section 14
- Section 15
- Section 16
- Section 17
- Section 18
- Section 19
- Section 20
- Section 21
- Section 22
- Section 23
- Section 24
- Section 25
- Section 26
- Section 27
- Section 28
- Section 29
- Section 30
- Section 31
- Section 32
- Section 33
- Section 34
- Section 35
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- Section 1
- Section 2
- Section 3
- Section 4
- Section 5
- Section 6
- Section 7
- Section 8
- Section 9
- Section 10
- Section 11
- Section 12
- Section 13
- Section 14
- Section 15
- Section 16
- Section 17
- Section 18
- Section 19
- Section 20
- Section 21
- Section 22
- Section 23
- Section 24
- Section 25
- Section 26
- Section 27
- Section 28
- Section 29
- Section 30
- Section 31
- Section 32
- Section 33
- Section 34
- Section 35
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Section Downloads
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Contents
4.2 Small Companies-Exemptions.
4.2.1Extract from FRS102: Section 4.1A.
4.3 Information to be presented in the statement of financial position.
4.3.1 Extract from FRS102: Section 4.2-4.4A and Section 4.7.
4.3.2.2 Practical application of Format 1.
4.3.2.3 Schedule 3 Format 1 -Balance Sheet.
4.3.2.4 Schedule 3 Format 2- Balance Sheet.
4.4.1 Extract from FRS102: Section 4.12-4.13.
4.4.2.2 Share Capital Disclosures.
4.4.2.3 Notes required on any reserves included in equity.
4.5.1 Extract from FRS102: Section 4.14.
4.6 Alternative statement of financial position format.
4.6.1 Extract from FRS102: Section 4.2-4.2D.
4.6.2.2 Example of Alternative statement of Financial Position.
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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 reporting period.
What is new?
The appearance of the statement of financial position has not changed from the appearance of a balance as prepared in accordance with the Companies Act.
What are the key points?
The statement of financial position which can also be called a balance sheet should be laid out in accordance with the formats as specified under the Companies Act.
An entity is required to distinguish those items that are current and non-current. To comply an entity shall present current and non-current assets and current and non-current liabilities as separate classifications in its balance sheet.
An entity shall present additional line items, headings, and sub-totals in the balance sheet when such presentation is relevant to an understanding of the entity’s financial position.
Disclosure is required in either the notes to the financial statements or on the face of the statement of financial position in relation to the following, a description for each reserve within equity and for each class of shares; the number and par value of shares issued, the rights, preferences and restrictions attached to those shares including restrictions on distribution of dividend, shares in the entity held by subsidiaries, joint ventures or associates and a reconciliation of the number of shares at the start and end of the year.
What do accountants need to do?
Be aware of the layout required for the statement of financial position so that financial statements prepared under FRS 102 are compliant.
Advise the client of any changes.
What do companies need to do?
Be aware of the layout required for the statement of financial position so that financial statements prepared under FRS 102 are compliant.
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Download
Download “Section 4 Statement of Financial Position Detailed Guide (PDF)”
Section-4-Statement-of-Financial-Position-Detailed-Guide.pdf – Downloaded 22 times –
Website Link
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Examples
Example 1: Extract from the Consolidated Balance Sheet – S.4 FRS 102.
Example 2: Extract from the notes to the financial statements – Ordinary share capital
Example 3: Extract from the notes to the financial statements – Reserves note.
Example 4: Alternative Statement of Financial Position S4.2.A – S4.2D Alternative IFRS Version.
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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 –
Website Links
Difference Guide – Statement of Financial Position
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Downloads
Download “Section 4 Disclosure Examples”
04.10.01-Section-4-Disclosure-Examples.pdf – Downloaded 23 times –
Download “FRS 102 Disclosure Checklist UK (PDF)”
75.06.03-FRS-102-Disclosure-Checklist-UK.pdf – Downloaded 180 times –
Website Links
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