There are too many accounting framework around IFRS, IFRS for SMEs, FRSSE, FRS 102 and others, all creating a confusing mess.
I have listed below a simply the applicable frameworks:
| Company type | Accounting framework |
| Micro company ie. Turnover below £632,000 per annum1 | FRS 105 |
| Small Companies ie. Turnover below £10.20 million per annum1 | Section 1A Small Entities of FRS 102 |
| All others | FRS 102 |
| Listed Companies | IFRS |
Where an entity prepares its financial statements in accordance with an accounting framework , a statement of compliance needs to be included in the notes.
Notes :
- Other criteria also apply like number of employees and balance sheet total.
Further reading:
- Visit FRC website and search for financial reporting framework.
