3.1 | This 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] |
3.1A | A 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] |
3.1B | A 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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