| 5.1 | An entity shall present its total comprehensive income for a reporting period – ie its financial performance for the reporting period – in one or two statements. This section sets out the information that shall be presented in those statements and how to present it. This section applies to all entities, whether or not they report under the Act. Entities that do not report under the Act should comply with the requirements of this section, and with the Regulations (or, where applicable, the LLP Regulations) where referred to in this section, except to the extent that these requirements are not permitted by any statutory framework under which such entities report. If an entity meets specified conditions and chooses to do so, it may present a statement of income and retained earnings as set out in Section 6 Statement of Change in Equity and Statement of Income and Retained Earnings. [AMD 228] |
| 5.1A | A small entity applying Section 1A Small Entities is not required to comply with this section. [AMD 68] |
| AMD 228 Amendment Paragraph 5.1 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 5.1 This section requires an entity to present its total comprehensive income for a period—ie its financial performance for the period—in one or two statements. It sets out the information that is to be presented in those statements and how to present it. This section applies to all entities, whether or not they report under the Act. Entities that do not report under the Act should comply with the requirements of this section, and with the Regulations (or, where applicable, the LLP Regulations) where referred to in this section, except to the extent that these requirements are not permitted by any statutory framework under which such entities report. If an entity meets specified conditions and chooses to do so, it may present a statement of income and retained earnings as set out in Section 6 Statement of Change in Equity and Statement of Income and Retained Earnings. |
| AMD 68 Amendment Paragraph 5.1A 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) |
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