ACCA SBR ^UK Syllabus C. Reporting The Financial Performance Of A Range Of Entities - UK SBR: FRS 102 - UK GAAP vs IFRS - Notes ^{1 / 24}

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

FRS 102 is based on the IFRS for Small and Medium-sized Entities (SMEs)

FRS 102 is used for all UK entities except:

1. Micro-entities

2. Listed companies preparing group financial statements under IFRS

   (but they will still be allowed to apply FRS 101 or FRS 102 in preparing their individual entity financial statements)

Advantages & Disadvantages

1. The advantage of this is that they are simpler

2. The disadvantage is that adjustments will need to be made for group accounting purposes

Entities are required to disclose

• Earnings per share or segment information in their financial statements

• using IAS 33 Earnings per Share and/or IFRS 8 Operating Segments