| 11.2 | An entity shall choose to apply either: |
| (a) | the provisions of both Section 11 and Section 12 in full; or |
| (b) | the recognition and measurement provisions of IAS 39 Financial Instruments: Recognition and Measurement (as adopted in the EU)34, the disclosure requirements of Sections 11 and 12 and the presentation requirements of paragraphs 11.38A and 12.25B; or [AMD 285] |
| (c) | the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted in the EU) and IAS 39 (as amended following the publication of IFRS 9), the disclosure requirements of Sections 11 and 12 and the presentation requirements of paragraphs 11.38A and 12.25B; [AMD 286] |
| to account for all of its financial instruments. Where an entity chooses (b) or (c) it applies the scope of the relevant standard to its financial instruments. An entity's choice of (a), (b) or (c) is an accounting policy choice. Paragraphs 10.8 to 10.14 contain requirements for determining when a change in accounting policy is appropriate, how such a change should be accounted for and what information should be disclosed about the change. [AMD 77] |
| 11.2A | [Deleted] [AMD 78] [AMD 287] |
| 34 Until IAS 39 is superseded by IFRS 9 Financial Instruments, an entity shall apply the version of IAS 39 that is in effect at the entity's reporting date, by reference to the IFRS publication titled International Financial Reporting Standards IFRS Consolidated without early application. When IAS 39 is superseded by IFRS 9, an entity shall apply the version of IAS 39 that applied immediately prior to IFRS 9 superseding IAS 39. A copy of that version will be retained for reference on the FRC website (www.frc.org.uk). Entities shall apply the so-called 'EU carve-out of IAS 39', which amended paragraph 81A and related Application Guidance in IAS 39. |
| AMD 285 Amendment Paragraph 11.2(b) 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 (b) the recognition and measurement provisions of IAS 39 Financial Instruments: Recognition and Measurement (as adopted for use in the EU), the disclosure requirements of Sections 11 and 12 and the presentation requirements of paragraphs 11.38A or 12.25B; or |
| AMD 286 Amendment Paragraph 11.2(c) 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 (c) the recognition and measurement provisions of IFRS 9 Financial Instruments and/or IAS 39 (as amended following the publication of IFRS 9) subject to the restriction in paragraph 11.2A, the disclosure requirements of Sections 11 and 12 and the presentation requirements of paragraphs 11.38A or 12.25B; |
| AMD 77 Amendment Paragraph 11.2 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 11.2 An entity shall choose to apply either: (a) the provisions of both Section 11 and Section 12 in full; or (b) the recognition and measurement provisions of IAS 39 Financial Instruments: Recognition and Measurement (as adopted for use in the EU) the disclosure requirements of Sections 11 and 12; and the presentation requirements of paragraphs 11.38A or 12.25B; or (c) the recognition and measurement provisions of IFRS 9 Financial Instruments and/ or IAS 39 (as amended following the publication of IFRS 9); the disclosure requirements of Sections 11 and 12; and the presentation requirements of paragraphs 11.38A or 12.25B; to account for all of its financial instruments. Where an entity chooses (b) or (c) it applies the scope of the relevant standard to its financial instruments. An entity's choice of (a), (b) or (c) is an accounting policy choice. Paragraphs 10.8 to 10.14 contain requirements for determining when a change in accounting policy is appropriate, how such a change should be accounted for and what information should be disclosed about the change. |
| AMD 78 Amendment Paragraph 11.2A 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 287 Amendment Paragraph 11.2A deleted 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 11.2A An entity, including an entity that is not a company, that has made the accounting policy choice in paragraph 11.2(c) to apply the recognition and measurement provisions of IFRS 9 shall depart from the provisions of IFRS 9 as follows: A financial asset that is not permitted by the Small Companies Regulations, the Regulations, the Small LLP Regulations or the LLP Regulations to be measured at fair value through profit or loss shall be measured at amortised cost in accordance with paragraphs 5.4.1 to 5.4.4 of IFRS 9. |
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