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UK Accounting Standards
Authors: Accounting Standards Board
Publisher: Bloomsbury Professional
Copyright: 2019 Accounting Standards Board
UK Accounting Standards
The full and up-to date text of all UK Financial Reporting Standards published by the Accounting Standards Board.
Last update: 23 May 2019
Contents
- Close sectionPart 1: Financial Reporting Standards
- Close sectionFRS 100: Application of Financial Reporting Requirements (2015)
- Summary
- Objective
- Scope
- Abbreviations and definitions
- Basis of preparation of financial statements
- Application of statements of recommended practice (SORPs)
- Statement of compliance
- Date from which effective and transitional arrangements
- Withdrawal of current accounting standards
- Application Guidance: The Interpretation of Equivalence
- Approval by the FRC
- The Accounting Council’s Advice to the FRC to issue FRS 100
- The Accounting Council’s Advice to the FRC to issue Amendments to FRS 100
- Appendix I: Glossary
- Appendix II: Note on legal requirements
- Appendix III: Previous consultations
- Appendix IV: Republic OF Ireland (RoI) legal references
- Close sectionFRS 100: Application of Financial Reporting Requirements (2018)
- Overview
- Objective
- Scope
- Basis of preparation of financial Statements
- Application of Statements of recommended practice (SORPs)
- Statement of compliance
- Date from which effective and transitional arrangements
- Withdrawal of previous accounting Standards
- Application Guidance The Interpretation of Equivalence
- Appendix I Glossary
- Appendix II Note on legal requirements
- Appendix III Republic of Ireland legal references
- Approval by the FRC
- Close sectionBasis for Conclusions
- Objective
- A differential financial reporting System and the elimination of 'public accountability'
- Applicable financial reporting Standards
- FRS 101 Reduced Disclosure Framework
- FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
- FRS 103 Insurance Contracts
- FRS 104 Interim Financial Reporting
- FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime
- The Financial Reporting Standard for Smaller Entities (FRSSE)
- Statements of Recommended Practice (SORPs)
- Reduced disclosures-clarification of equivalence
- Withdrawn publications
- Table 1 Exposure drafts and consultation documents
- Close sectionFRS 101 Reduced Disclosure Framework (2015)
- Summary
- Objective
- Scope
- Abbreviations and definitions
- Reduced disclosures for subsidiaries and ultimate parents
- Statement of compliance
- Date from which effective and transitional arrangements
- Application Guidance: Amendments to International Financial Reporting Standards as adopted in the European Union for compliance with the Act and the Regulations
- Approval by the FRC
- The Accounting Council’s Advice to the FRC
- Appendix I: Glossary
- Appendix II: Note on legal requirements
- Appendix III: Previous consultations
- Appendix IV: Republic of Ireland (RoI) legal references
- Close sectionFRS 101 Reduced Disclosure Framework (2018)
- Overview
- Disclosure exemptions from EU-adopted IFRS for qualifying entities
- Application Guidance Amendments to International Financial Reporting Standards as adopted in the European Union for compliance with the Act and the Regulations
- Appendix I Glossary
- Appendix II Note on legal requirements
- Appendix III Republic of Ireland legal references
- Close sectionBasis for Conclusions
- Objective
- FRS 101 principles
- Annual reviews of FRS 101
- Scope
- Financial institutions
- Amendments to the definition of a financial Institution (December 2017)
- Implementation of the EU Accounting Directive
- Changes to the LLP Regulations
- Notification of shareholders
- IFRS 1 First-time Adoption of International Financial Reporting Standards
- IFRS 3 Business Combinations
- IFRS 10 Consolidated Financial Statements
- IFRS 17 Insurance Contracts
- IAS 1 Presentation of Financial Information
- IAS 7 Statements of Cash Flows
- IAS 24 Related Party Disclosures
- IAS 27 Separate Financial Statements
- IAS 36 Impairment of assets
- Table 1 Exposure drafts and consultation documents
- Table 2 IASB publications
- Amendments to FRS 101 Reduced Disclosure Framework 2018/19 cycle (July 2019)
- Close sectionFRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (2015)
- Summary
- Section 1: Scope
- Section 1A: Small Entities
- Section 2: Concepts and Pervasive Principles
- Section 3: Financial Statement Presentation
- Section 4: Statement of Financial Position
- Section 5: Statement of Comprehensive Income and Income Statement
- Section 6: Statement of Changes in Equity and Statement of Income and Retained Earnings
- Section 7: Statement of Cash Flows
- Section 8: Notes to the Financial Statements
- Section 9: Consolidated and Separate Financial Statements
- Section 10: Accounting Policies, Estimates and Errors
- Section 11: Basic Financial Instruments
- Section 12: Other Financial Instruments Issues
- Section 13: Inventories
- Section 14: Investments in Associates
- Section 15: Investments in Joint Ventures
- Section 16: Investment Property
- Section 17: Property, Plant and Equipment
- Section 18: Intangible Assets other than Goodwill
- Section 19: Business Combinations and Goodwill
- Section 20: Leases
- Section 21: Provisions and Contingencies
- Section 22: Liabilities and Equity
- Section 23: Revenue
- Section 24: Government Grants
- Section 25: Borrowing Costs
- Section 26: Share-based Payment
- Section 27: Impairment of Assets
- Section 28: Employee Benefits
- Section 29: Income Tax
- Section 30: Foreign Currency Translation
- Section 31: Hyperinflation
- Section 32: Events after the End of the Reporting Period
- Section 33: Related Party Disclosures
- Section 34: Specialised Activities
- Section 35: Transition to this FRS
- Approval by the FRC
- The Accounting Council’s Advice to the FRC
- Appendix I: Glossary
- Appendix II: Significant differences between FRS 102 and the IFRS for SMEs
- Appendix III: Table of equivalence for UK Companies Act terminology
- Appendix IV: Note on legal requirements
- Appendix V: Previous consultations
- Appendix VI: Republic of Ireland (RoI) legal references
- Close sectionFRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (2018)
- Overview
- Section 1 Scope
- Section 1A : Small Entities
- Section 2 : Concepts and Pervasive Principles
- Section 3 : Financial Statement Presentation
- Section 4 : Statement of Financial Position
- Section 5 : Statement of Comprehensive Income and Income Statement
- Section 6 : Statement of Changes in Equity and Statement of Income and Retained Earnings
- Section 7 : Statement of Cash Flows
- Section 8 Notes to the Financial statements
- Section 9 Consolidated and Separate Financial statements
- Section 10 Accounting Policies, Estimates and Errors
- Section 11 Basic Financial Instruments
- Section 12 Other Financial Instruments Issues
- Section 13 Inventories
- Section 14 Investments in Associates
- Section 15 Investments in Joint Ventures
- Section 16 Investment Property
- Section 17 Property, Plant and Equipment
- Section 18 Intangible Assets other than Goodwill
- Section 19 Business Combinations and Goodwill
- Section 20 Leases
- Section 21 Provisions and Contingencies
- Section 22 Liabilities and Equity
- Section 23 Revenue
- Section 24 Government Grants
- Section 25 Borrowing Costs
- Section 26 Share-based Payment
- Section 27 Impairment of Assets
- Section 28 Employee Benefits
- Section 29 : Income Tax
- Section 30 : Foreign Currency Translation
- Section 31 : Hyperinflation
- Section 32 : Events after the End of the Reporting Period
- Section 33 : Related Party Disclosures
- Section 34 : Specialised Activities
- Section 35 : Transition to this FRS
- Appendix I Glossary
- Appendix II Table of equivalence for Company law terminology
- Appendix III Note on legal requirements
- Appendix IV Republic of Ireland legal references
- Approval by the FRC
- Close sectionBasis for Conclusions FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
- Close sectionPart A - Development and overarching issues
- Close sectionPart B - Technical issues by section
- B1 Section 1 Scope
- B1A Section 1A Small Entities
- B2 Section 2 Concepts and Pervasive Principles
- B3 Section 3 Financial Statement Presentation
- B4 Section 4 Statement of Financial Position
- B5 Section 5 Statement of Comprehensive Income and Income Statement
- B7 Section 7 Statement of Cash Flows
- B9 Section 9 Consolidated and Separate Financial statements
- B11 Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues
- Close sectionScope
- Close sectionMeasurement of financial instruments
- Interaction with Regulations or LLP Regulations on measurement of certain financial instruments
- Designation at fair value through profit or loss
- Measurement at fair value
- Investments in shares
- Directors' loans
- Fair value measurement guidance
- Impairment
- Disclosures
- Hedge accounting
- Qualifying hedge accounting conditions
- Discontinuing hedge accounting
- Disclosure
- Transitional arrangements for hedge accounting for first-time adopters of FRS 102
- Fair value hedging for a portfolio of financial instruments (macro hedging)
- B17 Section 17 Property, Plant and Equipment
- B18 Section 18 Intangible Assets other than Goodwill
- B19 Section 19 Business Combinations and Goodwill
- B20 Section 20 Leases
- B21 Section 20 Provisions and Contingencies
- B22 Section 22 Liabilities and Equity
- B23 Section 23 Revenue
- B24 Section 24 Government Grants
- B26 Section 26 Share-based Payment
- B27 Section 27 impairment of Assets
- B28 Section 28 Employee Benefits
- B29 Section 29 Income Tax
- B31 Section 31 Hyperinflation
- B33 Section 33 Related Party Disclosures
- B34 Section 34 Specialised Activities
- B35 Section 35 Transition to this FRS
- Close sectionFRS 103: Insurance Contracts Consolidated accounting and reporting requirements for entities in the UK and Republic of Ireland issuing insurance contracts
- Summary
- Section 1: Scope
- Section 2: Accounting Policies, Recognition and Measurement
- Section 3: Recognition and Measurement: Requirements for entities with long-term insurance business
- Section 4: Disclosure
- Section 5: Disclosure: Additional requirements for with-profits business
- Section 6: Transition to this FRS
- Approval by the FRC
- The Accounting Council’s Advice to the FRC to issue FRS 103
- Appendix I: Glossary
- Appendix II: Definition of an insurance contract
- Appendix III: Tables of concordance between FRS 103, FRS 27 and the ABI SORP
- Appendix IV: Note on Legal Requirements
- Appendix V: Republic of Ireland (RoI) Legal References
- Implementation Guidance to accompany FRS 103 Insurance Contracts
- Impact assessment and Feedback statement: FRS 103 Insurance Contracts
- Close sectionFRS 103: Insurance Contracts (2018)
- Overview
- Close sectionSection 1 Scope
- Close sectionSection 2 Accounting Policies, Recognition and Measurement
- Scope of this section
- Changes in accounting policy
- Current market interest rates
- Continuation of existing practices
- Prudence
- Future investment margins
- Shadow accounting
- Exemption from some requirements of FRS 102
- Impairment of reinsurance assets
- Embedded derivatives
- Unbundling of deposit components
- Reporting foreign currency transactions in the functional currency
- Insurance contracts acquired in a business combination or portfolio transfer
- Discretionary participation features
- Recognition in the Income Statement for entities required to maintain a non-technical account
- Section 3 Recognition and Measurement: Requirements for entities with long-term insurance business
- Section 4 Disclosure
- Section 5 Disclosure: Additional requirements for with-profits business
- Section 6 Transition to this FRS
- Appendix I Glossary
- Appendix II Definition of an insurance contract
- Appendix III Note on legal requirements
- Appendix IV Republic of Ireland legal references
- Approval by the FRC
- Close sectionBasis for Conclusions
- FRS 103 Insurance Contracts
- Objective
- Original development of FRS 103
- Definition of an insurance contract
- Continuation of existing accounting policies
- Improvement of existing accounting policies
- New entrants
- Entities that are not legally constituted as insurance Providers
- Excessive prudence
- Embedded derivatives
- Insurance contracts denominated in foreign currencies
- Compliance with Company law
- Applicability to insurance contracts and to insurance companies
- Disclosure
- Captive insurers
- Capital
- Implementation Guidance accompanying draft FRS 103
- Memorandum of Understanding concerning FRS 27 Life Assurance
- Solvency II Directive (May 2016)
- Scope of Section 3 Recognition and Measurement: Requirements for entities with long-term insurance business of FRS 103
- Revised definitions
- New entrants
- Accounting policies based on the requirements of Solvency II
- Regulatory framework
- Future development of FRS 103-IFRS 17 Insurance Contracts
- Table 1
- Close sectionFRS 104: Interim Financial Reporting
- Summary
- Objective
- Scope
- Content of an interim Financial report
- Recognition and measurement
- Effective date
- Consequential amendments to FRS 100 Application of Financial Reporting Requirements
- Consequential amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
- Approval by the FRC
- The Accounting Council’s Advice to the FRC to issue FRS 104
- Appendix I: Glossary
- Appendix II: Illustrations and examples
- Appendix III: Significant differences between FRS 104 and IAS 34
- Appendix IV: Table of comparison between terminology used in the DTRs and FRS 104
- Appendix V: Note on UK regulatory requirements
- Appendix VI: Republic of Ireland legal references
- Close sectionFRS 104: Interim Financial Reporting (2018)
- Overview
- Objective
- Scope
- Content of an interim financial report
- Minimum components of an interim financial report
- Form and content of interim financial Statements
- Significant events and transactions
- Other disclosures
- Disclosure of compliance with this FRS
- Periods for which interim financial Statements are required to be presented
- Materiality
- Recognition and measurement
- Date from which effective
- Consequential amendments to FRS 100 Application of Financial Reporting Requirements
- Consequential amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
- Appendix I Glossary
- Appendix II Illustrations and examples
- Appendix III Table of comparison between terminology used in the DTRs and FRS 104
- Appendix IV Note on UK regulatory requirements
- Appendix V Republic of Ireland legal references
- Approval by the FRC
- Close sectionBasis for Conclusions FRS 104 Interim Financial Reporting
- Close sectionFRS 105: The Financial Reporting Standard applicable to the Micro-entities Regime
- Summary
- Section 1: Scope
- Section 2: Concepts and Pervasive Principles
- Section 3: Financial Statement Presentation
- Section 4: Statement of Financial Position
- Section 5: Income Statement
- Section 6: Notes to the Financial Statements
- Section 7: Subsidiaries, Associates, Jointly Controlled Entities and Intermediate Payment Arrangements
- Section 8: Accounting Policies, Estimates and Errors
- Section 9: Financial Instruments
- Section 10: Inventories
- Section 11: Investments in Joint Ventures
- Section 12: Property, Plant and Equipment and Investment Property
- Section 13: Intangible Assets other than Goodwill
- Section 14: Business Combinations and Goodwill
- Section 15: Leases
- Section 16: Provisions and Contingencies
- Section 17: Liabilities and Equity
- Section 18: Revenue
- Section 19: Government Grants
- Section 20: Borrowing Costs
- Section 21: Share-based Payment
- Section 22: Impairment of Assets
- Section 23: Employee Benefits
- Section 24: Income Tax
- Section 25: Foreign Currency Translation
- Section 26: Events after the End of the Reporting Period
- Section 27: Specialised Activities
- Section 28: Transition to this FRS
- Approval by the FRC
- The Accounting Council’s Advice to the FRC to issue FRS 105
- Appendix I: Glossary
- Appendix II: Table of equivalence for UK Companies Act terminology
- Appendix III: Note on legal requirements
- Appendix IV: Republic of Ireland (RoI) legal references
- Close sectionFRS 105: The Financial Reporting Standard applicable to the Micro-entities Regime (2018)
- Overview
- Section 1 Scope
- Section 2 Concepts and Pervasive Principles
- Section 3 Financial Statement Presentation
- Section 4 Statement of Financial Position
- Section 5 Income Statement
- Section 6 Notes to the Financial Statements
- Section 7 Subsidiaries, Associates, Jointly Controlled Entities and Intermediate Payment Arrangements
- Section 8 Accounting Policies, Estimates and Errors
- Section 9 Financial Instruments
- Section 10 Inventories
- Section 11 Investments in Joint Ventures
- Section 12 Property, Plant and Equipment and Investment Property
- Section 13 Intangible Assets other than Goodwill
- Section 14 Business Combinations and Goodwill
- Section 15 Leases
- Section 16 Provisions and Contingencies
- Section 17 Liabilities and Equity
- Section 18 Revenue
- Section 19 Government Grants
- Section 20 Borrowing Costs
- Section 21 Share-based Payment
- Section 22 Impairment of Assets
- Section 23 Employee Benefits
- Section 24 Income Tax
- Section 25 Foreign Currency Translation
- Section 26 Events after the End of the Reporting Period
- Section 27 Specialised Activities
- Section 28 Transition to this FRS
- Appendix I Glossary
- Appendix II Table of equivalence for Company law terminology
- Appendix III Note on legal requirements
- Appendix IV Republic of Ireland legal references
- Approval by the FRC
- Basis for Conclusions
- Close sectionFRS 100: Application of Financial Reporting Requirements (2015)
- Close sectionPart 2: ICAEW Technical Releases
- TECH 02/17BL: Guidance on realised and distributable profits under the Companies Act 2006
- TECH09/15BL: Managing the professional liability of accountants
- TECH 14/13FRF: Disclosure of auditor remuneration
- TECH07/13BL: Exemption from audit by parent guarantee
- TECH 14/14CFF: Guidance on financial position and prospects procedures (TECH 01/13 CFF updated)
- TECH 03/11: Residential service charge accounts
- TECH 01/11: Guidance for directors on accounting records under the Companies Act 2006
- Close sectionPart 3: SORPs
- Close sectionSORP: Accounting for Further and Higher Education
- Close sectionFOREWORD
- FINANCIAL REPORTING COUNCIL STATEMENT
- Close section(1): INTRODUCTION AND SCOPE
- (2): CONCEPTS AND ACCOUNTING PRINCIPLES
- Close section(3): FINANCIAL STATEMENT PRESENTATION AND NARRATIVE REPORTING
- Close section(4): CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS
- Close section(5): ACCOUNTING POLICIES, ESTIMATES AND ERRORS
- (6): FINANCIAL INSTRUMENTS
- (7): STOCK
- (8): INVESTMENTS IN ASSOCIATES
- (9): INVESTMENTS IN JOINT VENTURES
- (10): INVESTMENT PROPERTY
- (11): PROPERTY, PLANT AND EQUIPMENT
- (12): INTANGIBLE ASSETS OTHER THAN GOODWILL
- (13): BUSINESS COMBINATIONS AND GOODWILL
- (14): LEASES
- (15): PROVISIONS AND CONTINGENCIES
- (16): REVENUE
- (17): GOVERNMENT GRANTS
- Close section(18): NON-EXCHANGE TRANSACTIONS
- (19): BORROWING COSTS
- (20): IMPAIRMENT OF ASSETS
- Close section(21): EMPLOYEE BENEFITS
- (22): INCOME TAX
- (23): FOREIGN CURRENCY TRANSLATION
- (24): EVENTS AFTER THE END OF THE REPORTING PERIOD
- (25): RELATED PARTY DISCLOSURES
- Close section(26): SPECIALISED ACTIVITIES
- Close section(27): TRANSITION TO THE 2019 SORP
- (28): OTHER ACCOUNTING REQUIREMENTS
- Close sectionAPPENDIX 1 – PRIMARY STATEMENTS
- Close sectionAPPENDIX 2 – MEMBERSHIP
- Close sectionSORP: Financial Statements of Investment Trust Companies and Venture Capital Trusts
- Foreword
- Introduction
- Statement by the Financial Reporting Council on the SORP ‘Statement of Recommended Practice: Financial Statements of Investment Trust Companies and Venture Capital Trusts’
- Definition of terms
- Close sectionRECOMMENDED PRACTICE
- Close section(I) INTRODUCTION
- Close section(II) SCOPE
- (III) CHANGES IN ACCOUNTING POLICIES
- Close section(IV) FORM AND CONTENT
- 12: Income statement
- 13: Statement of changes in equity
- 14: Statement of cash flows
- 15: Distributable reserves
- 16: Investment profits and losses
- 17: Returns per share
- 18: Dividends
- 19: Net asset value attributable to each class of share
- 20: Classification of share capital
- 21: Net asset value per share – disclosure and reconciliation
- 22: Net asset value – reconciliation with statement of total return
- 23: Disclosures where more than one class of share exists each representing a separate ring-fenced pool of value
- 24: Other factors affecting returns and net asset values
- Close section(V) INVESTMENTS
- Close section(VI) SIGNIFICANT HOLDINGS IN INVESTEE UNDERTAKINGS
- Close section(VII) RECOGNITION OF INCOME
- 34: Accruals basis
- 35: Currency translations
- 36: Returns on shares (including dividends to be treated as capital)
- 37: Returns on shares – fixed amount
- 38: Ex-dividend basis
- 39: Returns on debt securities – fixed amount
- 40: Returns on debt securities – non-fixed amount
- 41: Returns on shares for a fixed amount and debt securities
- 42: Doubt over income – prior to recognition
- 43: Impaired income – after recognition
- 44: Scrip dividends
- 45: Fees and commissions earned
- 46: Transactions having a material effect on income
- Close section(VIII) FINANCE COSTS AND EXPENSES
- Close section(IX) TAXATION
- (X) ZERO DIVIDEND PREFERENCE SHARES (‘ZDPS’) IN ANOTHER ITC
- Close section(XI) FOREIGN CURRENCY TRANSACTIONS
- Close section(XII) DERIVATIVES AND HEDGING
- Close section(XIII) STOCK LENDING ACTIVITIES
- Close section(XIV) SEGMENTAL REPORTING
- Close section(XV) PROVISIONS, CONTINGENCIES, GUARANTEES AND FINANCIAL COMMITMENTS
- (XVI) TREASURY SHARES
- (XVII) HALF YEARLY AND OTHER ACCOUNTS
- Close sectionAppendix A: Guidance Note with illustrative examples relating to paragraph 68
- Close sectionSORP: Accounting by Limited Liability Partnerships
- Preface
- Statement By The Financial Reporting Council On The Sorp ‘Statement of Recommended Practice: Accounting by Limited Liability Partnerships’
- Introduction
- Close sectionThe Application of Generally Accepted Accounting Practice (GAAP) to Limited Liability Partnerships
- Appendix 1: Examples Showing The Presentation of Members’ Interests (The LLP has no retirement benefit arrangements for current members in these examples)
- Appendix 2: Liability And Equity Elements of Members’ Interests
- Appendix 3: Flowcharts For Analysing The Application of The Puttables Exception
- Appendix 4: Merger Accounting On Initial Transition of An Existing Undertaking To A Single-Entity LLP Formed For The Purpose
- Appendix 5: Legal Opinion
- Appendix 6: Basis For Conclusions
- Close sectionSORP: Financial Reports of Pension Schemes (2018)
- Preface
- FRC statement on the SORP
- Close sectionINTRODUCTION
- Close sectionTHE ANNUAL REPORT
- 2.1 Requirement to prepare an Annual Report
- 2.2 Objectives
- 2.3 Plain English
- 2.4 Content of the Annual Report
- 2.5 Trustees’ Report
- 2.6 Statement of trustees’ responsibilities
- 2.7 Report on actuarial liabilities
- 2.8 Actuarial certificates
- 2.9 Auditors’ reports
- The financial statements
- 2.11 Small Entities
- Close sectionSTATEMENT OF RECOMMENDED ACCOUNTING PRACTICE
- 3.1 Scope and purpose
- 3.2 Effective date
- 3.3 Transitional provisions
- 3.4 Terminology
- 3.5 Form and content of pension scheme financial statements
- 3.6 Accounting principles, policies and presentation
- 3.7 Fund Account – content and format
- 3.8 Fund Account – accounting policies and disclosures
- 3.9 Statement of net assets available for benefits – content and format
- 3.10 Statement of net assets available for benefits – disclosures
- 3.11 Explanatory comments on investments
- 3.12 Fair value methodology
- 3.13 Disclosure of fair value determination
- 3.14 Investment reconciliation table
- 3.15 Investment risk disclosures
- 3.16 Investment risk disclosures for pooled investment vehicles
- 3.17 Concentration of investment risk
- 3.18 Accounting for derivatives
- 3.19 Accounting for repurchase agreements and reverse repurchase agreements
- 3.20 Accounting for stock lending
- 3.21 Sole investor pooled arrangements
- 3.22 Common investment funds
- 3.23 Subsidiaries, associates and joint ventures
- 3.24 Annuity contracts
- 3.25 Defined contribution assets
- 3.26 Additional voluntary contribution (AVC) arrangements
- 3.27 Multiple benefit structures
- 3.28 Foreign exchange rates
- 3.29 Going concern
- 3.30 Pension Protection Fund (United Kingdom only)
- 3.31 Schemes winding up and similar situations
- 3.32 Related party transactions
- 3.33 Employer related investments
- 3.34 Report on actuarial liabilities
- 3.35 Contingent liabilities and contractual commitments
- 3.36 Contingent assets
- 3.37 Subsequent events
- 3.38 Identification of the financial statements
- 3.39 Approval of financial statements
- APPENDIX 1: ILLUSTRATIVE FORMAT OF FINANCIAL STATEMENTS
- Close sectionAPPENDIX 2: ILLUSTRATIVE REPORT ON ACTUARIAL LIABILITIES
- Close sectionAPPENDIX 3: ANNUAL REPORT DISCLOSURE REQUIREMENTS IN THE UK
- Close sectionAPPENDIX 4 – NOTE ON LEGAL REQUIREMENTS IN THE UK
- APPENDIX 5 – ANNUAL REPORT DISCLOSURE AND LEGAL REQUIREMENTS IN THE REPUBLIC OF IRELAND
- Close sectionAPPENDIX 6 – DISCLOSURES REQUIRED BY THE AUDITED ACCOUNTS REGULATIONS
- APPENDIX 7: INDICATIVE LEVELS FOR COMMON INVESTMENT TYPES
- Close sectionSORP: Accounting and reporting by charities (FRS 102)
- Scope and application
- Financial Reporting Council’s statement on the charities SORP (FRS 102)
- Close section1: Trustees’ annual report
- Overview and the purpose of the trustees’ annual report
- Who is responsible for preparing the trustees’ annual report?
- Reporting by smaller charities
- The context for reporting
- The content of the trustees’ annual report required of all charities
- The provision of other information
- The additional content required of larger charities
- Close section2: Fund accounting
- Close section3: Accounting standards, policies, concepts and principles, including the adjustment of estimates and errors
- Introduction
- What are accounting standards, policies, concepts and principles?
- Length of the reporting period
- Presentation currency
- Going concern
- Materiality
- Offsetting
- Source of reporting and accounting disclosure requirements
- Alternative measurements to fair value
- Selection of accounting policies
- Compliance with the SORP
- Changes in accounting policies
- Changes in accounting estimates
- Correction of a prior period error
- Disclosure of accounting policies, changes in estimation techniques and prior period errors
- Close section4: Statement of financial activities
- Close section5: Recognition of income, including legacies, grants and contract income
- Introduction
- Understanding the nature of income
- General rules for income recognition
- General principles for recognising income from donations and grants
- Identification of terms and conditions
- Performance-related conditions
- Other terms and conditions that limit the recognition of income
- Deferring income where conditions that limit recognition are not met
- Terms and conditions that do not prevent recognition
- Recognising income from legacies
- Income from donated goods, facilities and services
- Income from contracts for the supply of goods and services
- Income from membership subscriptions
- Income from interest, royalties and dividends
- Settlement of insurance claims
- Disclosures and notes to the accounts
- Close section6: Donated goods, facilities and services, including volunteers
- Introduction
- Income recognition criteria
- Measurement bases
- Accounting for donated facilities and services, including volunteers
- Accounting for donated goods and services capitalised as tangible fixed assets
- Accounting for donated goods for distribution to beneficiaries
- Accounting for donated goods for resale
- Disclosures in the notes to the accounts
- Close section7: Recognition of expenditure
- Introduction
- General rules for the recognition of liabilities and expenditure
- Rules on measurement of liabilities
- Principles for recognising liabilities from constructive obligations
- Conditions that limit the recognition of a funding commitment
- Accounting for liabilities arising from performance-related grants
- Provisions for liabilities
- Treatment of commitments not recognised as provisions or liabilities
- Accounting for onerous contracts
- Treatment of employee benefits
- Disclosure of provisions and funding commitments in the accounts
- Close section8: Allocating costs by activity in the statement of financial activities
- Close section9: Disclosure of trustee and staff remuneration, related party and other transactions
- Introduction
- Disclosure of trustees’ remuneration and benefits
- Disclosure of trustees’ expenses
- Transactions with related parties that require disclosure
- Transactions with related parties that do not require disclosure
- Disclosure of related party transactions
- Disclosure of audit, independent examination and other financial service fees
- Disclosure of ex-gratia payments
- Disclosure of staff costs and employee benefits
- Remuneration and benefits received by key management personnel
- Close section10: Balance sheet
- Introduction
- Structure of the balance sheet
- A: Fixed assets – headings, classification and disclosures
- B: Current assets – headings, classification and disclosures
- C: Liabilities (C1 to C3) – headings, classification and disclosures
- D: Funds of the charity (D1 to D5) – classification and disclosures
- Close section11: Accounting for financial assets and financial liabilities
- Introduction
- How all charities account for basic financial instruments
- How to identify a basic financial instrument under FRS 102
- Subsequent measurement of financial assets and financial liabilities
- Impairment of financial assets
- Accounting for concessionary loans made or received
- Accounting for financial assets and financial liabilities which do not meet the FRS 102 definition of basic financial instruments
- Examples of other financial instruments
- Disclosures to be made in the notes to the accounts
- Close section12: Impairment of assets
- Close section13: Events after the end of the reporting period
- Close section14: Statement of cash flows
- Introduction
- Structure of the statement of cash flows
- What cash flows are included as operating activities?
- What cash flows are included as investing activities?
- What cash flows are included as financing activities?
- The methods of compiling the statement of cash flows
- Template for a statement of cash flows
- Disclosures in the notes to the accounts
- Selection 1: Special transactions relating to charity operations
- Selection 2: Accounting for special types of assets held
- Selection 3: Accounting for investments
- Selection 4: Accounting for branches, charity groups and combinations
- Appendix 1: Glossary of terms
- Appendix 2: The Charity Accounting (SORP) Committee
- Appendix 3: Thresholds for the UK and the Republic of Ireland
- Close sectionCharities SORP (FRS 102) - Update Bulletin 1
- 1. Introduction
- 2. Financial Reporting Council’s statement on Update Bulletin 1 to the Charities SORP (FRS 102)
- Close section3: Amendments
- Accounting and Reporting by Charities: The Statement of Recommended Practice (SORP) - Scope and Application module
- Choice of accounts preparation methods
- Module 6: Donated goods, facilities and services, including volunteers
- Module 10: Balance Sheet
- Module 12: Impairment of assets
- Module 14: Statement of cash flows
- Module 24: Accounting for Groups and the Preparation of Consolidated Accounts
- Module 27: Charity Mergers
- Appendix 1: Glossary of Terms
- Appendix 3: Thresholds for the UK and the Republic of Ireland
- Close sectionCharities SORP (FRS 102) - Update Bulletin 2
- Close sectionSORP: Accounting for Further and Higher Education
- Close sectionPart 4: Statement of Principles for Financial Reporting
- Close sectionOverview of the financial reporting framework
- 1: Introduction
- 2: The financial reporting framework
- 3: Key features of the core UK and Ireland GAAP regimes
- 4: Additional options for entities that are part of a group
- Appendix 1: Key differences between FRS 105 and the FRSSE
- Appendix 2: Key differences between Section 1A Small Entities of FRS 102 and the FRSSE
- Close sectionStatement of Principles for Financial Reporting
- Introduction
- Chapter 1: The objective of Financial Statements
- Chapter 2: The Reporting Entity
- Chapter 3: The Qualitative Characteristics of Financial Information
- Chapter 4: The elements of Financial Statements
- Chapter 5: Recognition in Financial Statements
- Chapter 6: Measurement in Financial Statements
- Chapter 7: Presentation of financial information
- Chapter 8: Accounting for interests in other entities
- Appendix I - The Statement and the legal requirements concerning the Form and content of Financial Statements
- Appendix II - The Statement and IASC's "Framework for the preparation and presentation of financial statements"
- Appendix III - Background to issues dealt with in the statement
- Close sectionStatement Of Principles For Financial Reporting: Interpretation For Public Benefit Entities
- Introduction
- Chapter 1: The Objective Of Financial Statements
- Chapter 2: The Reporting Entity
- Chapter 3: The Qualitative Characteristics Of Financial Information
- Chapter 4: The Elements Of Financial Statements
- Chapter 5: Recognition In Financial Statements
- Chapter 6: Measurement In Financial Statements
- Chapter 7: Presentation Of Financial Information
- Chapter 8: Accounting For Interests In Other Entities
- Appendix 1 - The Principles That Have Been Re-Expressed
- Appendix 2 - Comparison To Material In The Statement
- Appendix 3 - Decision Tree For Commitments To Provide Public Benefits
- Appendix 4 - The Development Of The Interpretation
- Close sectionOverview of the financial reporting framework