New UK GAAP 2015: Application of FRS 100-102 in the UK

Chapter 31 FRS 101 – Reduced Disclosure Framework

1 Introduction

   1.1 Summary of FRS 101

   1.2 Effective date of FRS 101

   1.3 Amendments to FRS 101

   1.4 Statement of compliance with FRS 101

2 Scope of FRS 101

   2.1 Definition of a qualifying entity

       2.1.1 Reporting date of the consolidated financial statements of the parent

       2.1.2 Definition of group and subsidiary

       2.1.3 Publicly available consolidated financial statements

       2.1.4 Non UK qualifying entities

       2.1.5 Non-controlling interests

       2.1.6 Intended to give a true and fair view

   2.2 Use of the disclosure exemptions

   2.3 The impact of s400 and s401 of the Companies Act on FRS 101

3 Transition to FRS 101

   3.1 Companies Act restrictions on changes to FRS 101

   3.2 Consistency of financial statements within the group

   3.3 Transition from EU-adopted IFRS to FRS 101

   3.4 Transition from another version of UK GAAP or another GAAP to FRS 101

   3.5 The impact of transition on realised profits

4 Measurement differences between FRS 101 and IFRS

   4.1 Negative goodwill

   4.2 Contingent consideration payable by an acquirer in a business combination

   4.3 Reversal of goodwill impairments

   4.4 Government grants deducted from the cost of fixed assets

   4.5 Realised profits under FRS 101

   4.6 Equalisation provisions

   4.7 Investments in associates and joint ventures

   4.8 Investment entities

5 Presentational differences between FRS 101 and IFRS

   5.1 Balance sheet and profit ...