Which accounting framework?

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 :

  1. Other criteria also apply like number of employees and balance sheet total.

Further reading:

  1. Visit FRC website and search for financial reporting framework.

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