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Section 8 – Introduction
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Section 8 – 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
8.2.1 Extract from FRS102-Section 8.2–8.4.
8.3 Disclosure of accounting policies.
8.3.1 Extract from FRS102-Section 8.5.
8.3.2.2 Sample Accounting policies.
8.3.2.2.1 General information.
8.3.2.2.2 Basis of preparation.
8.3.2.2.4.1 Basis of consolidation.
8.3.2.2.4.1.1 Subsidiary undertakings.
8.3.2.2.4.1.2 Associates and joint ventures.
8.3.2.2.4.1.3 Transactions eliminated on consolidation.
8.3.2.2.5 Business combinations and goodwill.
8.3.2.2.9 Contingent acquisition consideration.
8.3.2.2.11 General turnover accounting policy notes.
8.3.2.2.11.2 Turnover accounting policy for an insurance broker.
8.3.2.2.11.4 Turnover accounting policy note where turnover is derived from investments.
8.3.2.2.11.5 Turnover accounting policy for a software company.
8.3.2.2.11.6 Turnover accounting policy for a construction company.
8.3.2.2.12.1 Example using an accruals model.
8.3.2.2.12.2 Example using the performance model.
8.3.2.2.14 Dividend distribution.
8.3.2.2.16 Financial instruments.
8.3.2.2.16.1 (a) Trade and other debtors.
8.3.2.2.16.2 (b) Cash and cash equivalents.
8.3.2.2.16.3 (c) Other financial assets.
8.3.2.2.16.4 (d) Trade and other creditors.
8.3.2.2.16.6 (f) Derivatives (no hedge accounting)
8.3.2.2.16.7 Derivatives (where hedge accounting is applied)
8.3.2.2.16.7.1 Hedge Accounting.
8.3.2.2.16.7.1.1 Cash flow hedges.
8.3.2.2.16.7.1.2 Fair value hedges.
8.3.2.2.16.9 Offsetting financial instruments.
8.3.2.2.17 Compound financial instruments.
8.3.2.2.18.1 Environmental liabilities.
8.3.2.2.20.1 (a) Annual bonus plans.
8.3.2.2.20.2 (b) Annual bonus plans.
8.3.2.2.20.3 (c) Defined contribution pension plans.
8.3.2.2.20.4 (d) Defined benefit pension.
8.3.2.2.21 Preference share capital.
8.3.2.2.23 Related party transactions.
8.3.2.2.26 Property, plant and equipment.
8.3.2.2.28 Investment properties.
8.3.2.2.30 Extract of a leasing company.
8.3.2.2.35 Investment properties.
8.3.2.2.36 Biological assets – forestry.
8.3.2.2.37 Biological assets – Livestock (where a fair value model is adopted)
8.3.2.2.38 Biological assets – Forestry (where cost model is adopted)
8.3.2.2.39 Biological assets – Livestock (where cost model is adopted)
8.4 Information about judgements.
8.4.1 Extract from FRS102-Section 8.6.
8.5 Information about key sources of estimation uncertainty.
8.5.1 Extract from FRS102-Section 8.7.
8.5.2.2 Sample critical accounting judgements and estimates disclosures.
8.5.2.2.1 Critical Accounting Judgements and Estimates.
8.5.2.2.3 Inventory provisioning.
8.5.2.2.4 Providing for doubtful debts.
8.5.2.2.5 Valuation of investment properties.
8.5.2.2.7 Defined benefit pension scheme.
8.5.2.2.9 Tax provisions and deferred tax assets.
8.5.2.2.10 Contingent consideration.
8.5.2.2.11 Business combinations.
8.5.2.2.12 Establishing useful lives for amortisation of goodwill and intangible assets.
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Section 8: Notes to the Financial Statements
Summary
Section 8 describes the principles underlying the information that is to be presented in the notes to the financial statements.
What is new?
Section 8 requires a note to be included in the financial statements detailing the judgements and estimates that management have made in applying the accounting policies, and that have the most significant effect on the amounts recognised in the financial statements. This was not a requirement under old GAAP (FRS 18).
What is different?
Section 8 requires a specific statement that the financial statements that have been prepared in compliance with FRS 102. Old GAAP was not as prescriptive.
What are the key points?
The section requires systematic presentation of information not presented elsewhere in the financial statements in, as well as information on the:
- basis of preparation;
- specific accounting policies;
- changes in estimates or changes in accounting policies;
- explanatory notes for items presented in the financial statements;
- judgements made in applying the accounting policies; and
- key sources of estimation uncertainty.
The notes are required to include a specific statement that the financial statements have been prepared in compliance with FRS 102.
What do accountants need to do?
Be aware of the additional requirements under FRS 102 so that the notes to financial statements are prepared in compliance with the standard.
Review the client portfolio to identify companies where significant judgements may need to be used in applying accounting policies and help clients with wording for the disclosures on these judgements and estimates of management.
What do companies need to do?
Be aware of the additional requirements under FRS 102 so that the notes to financial statements are prepared in compliance with the standard.
Assess whether any judgement and estimates are required to be disclosed in accounting policies and determine the wording so as to comply with Section 8.
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Examples
Example 1: Extract of examples of accounting policies note.
Example 2: Critical Accounting Judgements and Estimates
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Downloads
Download “Section 8 Notes to the Financial Statements Detailed Guide (PDF)”
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Website Links
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Downloads
Download “FRS 102 35 Part Differences Quick Guide”
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Download “FRS 102 Differences on Transition Checklist”
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Download “FRS 102 Differences on Transition Examples Appendix”
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Website Links
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Downloads
Download “Section 8 Disclosure Examples”
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Website Links
Section 8 – Disclosure Checklist
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