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Financial Reporting Standards - FRS Summary


All companies incorporated in United Kingdom require to prepare its financial statements in accordance wih Financial Reporting Standards (FRS) and Statements of Standard Accounting Practice (SSAP).

There are exception for small companies. Small companies can opt to prepare its financial statements in accordance with Financial Reporting Standards for Smaller Entities (FRSSE).

As professional financial advisers, it is important to have substantial knowledge of the FRS and ensure application to practical situation.

FRS consist of:

FRS 1 (Revised 1996) - Cash Flow Statements

FRS 2 Accounting for Subsidiary Undertakings

FRS 3 Reporting Financial Performance

FRS 4 Capital Instruments

FRS 5 Reporting the Substance of Transactions / Revenue Recognition

FRS 6 Acquisitions and Mergers

FRS 7 Fair Values in Acquisition Accounting

FRS 8 Related Party Disclosures

FRS 9 Associates and Joint Ventures

FRS 10 Goodwill and Intangible Assets

FRS 11 Impairment of Fixed Assets and Goodwill

FRS 12 Provisions, Contingent Liabilities and Contingent Assets

FRS 13 Derivatives and other Financial Instruments: Disclosures

FRS 14 Earnings per Share

FRS 15 Tangible Fixed Assets

FRS 16 Current Tax

FRS 17 Retirement Benefits

FRS 18 Accounting Policies

FRS 19 - Deferred Tax

FRS 20 (IFRS2) Share-based Payment

FRS 21 (IAS 10) Events after the Balance Sheet Date

FRS 22 (IAS 33) Earnings per share

FRS 23 (IAS 21) The Effects of Changes in Foreign Exchange Rates

FRS 24 (IAS 29) Financial Reporting in Hyperinflationary Economies

FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation

FRS 26 (IAS 39) Financial Instruments: Recognition and Measurement

FRS 27 Life Assurance

FRS 28 Corresponding Amounts

FRS 29 (IFRS 7) Financial Instruments: Disclosures

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