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FRS102

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FRS102

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Devaney Werrin

Investment Properties

Accounts Tax Small Business Tips
Investment Properties
FRS 102 requires investment properties to be valued at fair value with any increase or decrease in fair value shown in the profit or loss account. This policy applied also to properties rented out to other group companies. This forced small groups to incur costs of obtaining a fair value with very little benefit. 
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property investment FRS102 accounts reporting
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Devaney Werrin

Director Loans - Accounting Relief

Accounts Small Business Tips Latest News
Director Loans - Accounting Relief
Loans from directors to their company are a significant source of finance for many owner-managed small companies. Often, these loans are interest-free. 
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FRS102 Loan Accounts Funding accounts reporting
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Devaney Werrin

Simplified Related-Party Disclosures under FRS102:1A

Accounts Small Business Tips Latest News
Simplified Related-Party Disclosures under FRS102:1A
The jury is out as to whether the introduction of FRS 102 improves the reported information in financial statements or not. Many commentators believe that the reduction in the disclosed information required under FRS 102 reduces the benefit of financial statements and the information they provide to the reader.
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FRS102 accounts reporting related party
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Devaney Werrin

Small Company Filing Options

Accounts Small Business Tips Latest News
Small Company Filing Options
Recent changes in company law have removed the option for small companies to file abbreviated accounts. Furthermore the accounts presentation and disclosure requirements have changed also and these have been embodied in FRS 102 Section 1A.
Small and medium size companies have got used to filing abbreviated accounts for a number of years however these have been abolished for accounting periods commencing on or after 1 January 2016.
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legislation update small business accounts reporting FRS102
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