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 9 Consolidated and Separate Financial Statements

Individual and separate financial statements

Disclosures in separate financial statements

9.27	When a parent prepares separate financial statements, those separate financial statements shall disclose:

that the statements are separate financial statements; and

a description of the methods used to account for the investments in subsidiaries, jointly controlled entities and associates.

A parent that uses one of the exemptions from presenting consolidated financial statements (described in paragraph 9.3) shall disclose the grounds on which the parent is exempt.

When a parent adopts a policy of accounting for its investments in subsidiaries, associates or jointly controlled entities at fair value with changes in fair value recognised in profit or loss, it must comply with the requirements of paragraph 36(4) of Schedule 1 to the Regulations by applying the disclosure requirements of Section 11 Basic Financial Instruments to those investments.

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