Module 38: Disclosure: Micro-entities, Small and Medium Companies Flashcards
1
Q
FRS 100
A
Application of Financial Reporting Requirements
2
Q
FRS 100 description
A
Sets out overall reporting framework and provides rules and guidance on relevant standards for an entity
3
Q
FRS 101
A
Reduced disclosure framework
4
Q
FRS 101 description
A
Entity can use if it is a member of a group where the parent produces publicly available consolidated financial statements
5
Q
Medium/ large company uses
A
FRS 102
6
Q
FRS 105
A
Financial reporting standard applicable to the micro- entities regime
7
Q
Micro entity
A
FRS 105
8
Q
FRS 105 characteristics (3)
A
- only balance sheet and profit or loss
- reduced disclosures
- simplifications eg all asset measurement based on historical cost
9
Q
Small entities
A
FRS 102 Section 1A
10
Q
FRS 102 Section 1A
A
- less balance sheet disclosure
- less detail in directors report
- exemption from some disclosures eg staff costs
