The
1st edition of this guide provided an in-depth understanding of
the issues involved in the implementation of FRS 102 The Financial Reporting
Standard applicable in the UK and Republic of Ireland. In this 2nd edition, the FRS 102 is considered
in light of the major changes to FRS 102 as a result of the review completed
in March 2018 and implemented for accounting periods commencing 1 January
2019.
In addition, new legislation has since reduced the
mandatory disclosure requirements for 'small entities', and for 'micro-entities'
has simplified their recognition, measurement and disclosure requirements. As a
result, Section 1A was inserted into FRS 102 to provide for the small entities
regime, while a separate standard, FRS 105 The Financial Reporting Standard
applicable to the Micro-entities Regime
, was issued.
This editon incorporates these developments by identifying the reporting requirements for small
and micro-entities, enabling preparers and users to understand the differences
between the different reporting frameworks.
This is a guide to all aspects of FRS 102, providing an in-depth
understanding of its practical issues as well as detailed examples of its
application. Illustrative examples are given throughout the book, offering clear
guidance on the practical application of the standard. This is further enhanced
by the inclusion of extracts from the financial statements of real
companies, listed and unlisted, in Ireland and the UK, and the accounting
treatment they have adopted in line with FRS 102.
For further information contact publishing@charteredaccountants.ie
or telephone on (+353) 01 637 7204
The Authors
Robert Kirk is Emeritus Professor
of Financial Reporting in Ulster University. A Fellow of Chartered
Accountants Ireland, he has published a number of books on accounting standards and
has lectured extensively on IFRS for some of the largest PLCs and public
sector entities, as well as for professional accounting bodies in the UK and Ireland. He
has also taught courses in the US, South Africa, Cyprus, Bahrain, Zambia and Ghana.
He has lectured for Chartered Accountants Ireland on its Diploma in
IFRS and Certificate in UK and Irish GAAP as well as on its professional
education programmes.
Stephen McNamee is a Lecturer in Accounting in Ulster
University and Course Director for the Postgraduate Diploma in Accounting. A
Fellow of Chartered Accountants Ireland, he lectures for the Institute on
financial reporting. He has also worked with the education programmes of CPA
Ireland and the Chartered Institute of Managament Accountants. Prior to joining
Ulster University, Stephen had a varied professional career working for Baker
Tilly Mooney, AIB and PwC.
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