Accounting Standards and Guidance

FRC Financial Reporting Standards (FRSs)

UK/Irish accounting framework (effective for periods beginning on or after 1 Jan 2015)

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland

Section 3 Financial Statement Presentation
Section 3 – Scope of this section
3.1This section sets out the requirement that the financial statements of an entity shall give a true and fair view, what compliance with this FRS requires, and what is a complete set of financial statements. [AMD 59] [AMD 206]
3.1AA small entity applying Section 1A Small Entities is not required to comply with:
 (a)the disclosure requirements of paragraphs 3.329, PBE3.3A, 3.930, 3.12, 3.13 and 3.24(b); and
 (b)paragraphs 3.17, 3.18 and 3.19. [AMD 60] [AMD 207]
3.1BA small entity (regardless of the regime it applies in the preparation of its financial statements) is not required to comply with paragraph 3.17(d) unless it is required to prepare a statement of cash flows by an applicable Statement of Recommended Practice (SORP) or law or other relevant regulation. [AMD 208]
AMD 59

Amendment

Paragraph 3.1 amended by Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland - Small entities and other minor amendments (issued July 2015)

Effective date

01/01/2016 (Earlier application permitted subject to certain conditions - see paragraph 1.15)

Previous text

3.1 This section explains fair presentation of financial statements, what compliance with this FRS requires, and what is a complete set of financial statements.
AMD 206

Amendment

Paragraph 3.1 amended by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017)

Effective date

01/01/2019

Previous text

3.1 This section explains that the financial statements of an entity shall give a true and fair view, what compliance with this FRS requires, and what is a complete set of financial statements.
29 Irish small entities are required to comply with the requirements of paragraph 3.3.
30 If a small entity departs from the principle that it is presumed to be carrying on business as a going concern, it must provide the disclosure required by paragraph 1AC.10 or paragraph 1AD.11, as relevant.
AMD 60

Amendment

Paragraph 3.1A added by Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland - Small entities and other minor amendments (issued July 2015)

Effective date

01/01/2016 (Earlier application permitted subject to certain conditions - see paragraph 1.15)
AMD 207

Amendment

Paragraph 3.1A amended by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017)

Effective date

01/01/2019

Previous text

3.1A A small entity applying Section 1A Small Entities is not required to comply with paragraphs 3.3, PBE3.3A, 3.9, 3.17, 3.18, 3.19 and 3.24(b).
AMD 208

Amendment

Paragraph 3.1B added by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017)

Effective date

01/01/2019
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