UK GAAP and IAS Comparison Flashcards
IAS 8 - Accounting Policies, Changes in Accounting Estimates/Errors
What is the difference between FRS 102 & IAS 8 with reference to changing from FV to cost model.
E.G Change of accounting policy
FRS 102 states that a change to the cost model when a measure of fair value is no longer available is not to be treated as a change of accounting policy
Comparing - IAS 1 to FRS 102
What does FRS 102 define extraordinary items as?
Material items possessing a high degree of abnormality which arise from events outside the normal operating activities of the business.
Comparing - IAS 1 to FRS 102
How does FRS 102 state that extraordinary items should be disclosed?
Seperately on the face of the income statement.
Comparing - IAS 1 to FRS 102
FRS 102 - In what scenario can an entity present a single statement of income and retained earnings?
If the only changes to equity arise from profit or loss, payments of dividends, correction of prior period errors and changes to accounting policies.
Comparing - IAS 1 to FRS 102
IAS 1 - In what scenario can an entity present a single statemnet of profit and loss?
In no scenario regarding IAS 1.
Comparing - IAS 1 to FRS 102
What is the Statement of financial position called under FRS 102.
Balance sheet
Comparing - IAS 1 to FRS 102
What is the statement of profit and loss called under FRS 102?
Income statement
Comparing - IAS 1 to FRS 102
What is the Retained earnings called under FRS 102?
Profit and loss account (reserve).
Comparing - IFRS 5 to FRS 102
Under FRS 102, how are discontinued operations disclosed?
Discontinued operations
As a seperate column in the I/S
Comparing - IFRS 5 to FRS 102
Under FRS 102, how are held for sale items disclosed?
They continue to be depreciated up to the date of disposal and are kept in the NCA subheading
Comparing IAS 16 (PPE) to FRS 102
Under IAS 16 what do entities have to present on the F/S
Comparative information in respect of PPE b/d and c/d
Comparing IAS 16 (PPE) to FRS 102
Under FRS 101, What do entities not have to present on their F/S with reference to PPE
They do not have to present comparative information in respcet of PPE b/d & c/d
Comparing IAS 23 to FRS 102
In reference to FRS 102, what do entities have the choice of when determining how to recognise borrowing costs?
Whether to capitalise borrowing costs or expense them.
Comparing IAS 36 and FRS 102
What is the difference between IAS 36 and FRS 102
Impairment
There are no differences
Comparing IFRS 5 and UK GAAP
What is the key difference?
Held for sale
UK GAAP has no held for sale concept.
Comparing IAS 38 and FRS 102 - Intangible assets
What is the key difference with reference to useful life?
FRS 102 - All intangible assets are expected to have a finite life.
FRS 102 & IAS 37
What are the differences between FRS 102 and IAS 37?
Provisions, contingent liabilities and contingent assets
There are no differences
FRS 102 and IAS 33 EPS
What are entities reporting under FRS 102 required to use?
They are required to use IAS 33 Earnings per share
FRS 102 & IAS 24 related parties
What exemption is granted under FRS 102
No disclosure of related party transactions required as long as the subsidiary is wholly owned.
FRS 102 compared with IFRS Consolidation
Under FRS 102 what is NCI measured at
It is always measured at its share of net assets.
FRS 102 compared with IFRS Consolidation
How is goodwill treated differently under FRS 102?
Goodwill is amortised, whereas IFRS 3 prohibits this and requires annual impairment reviews.
