FRS 105 Framework and Statutory Requirements

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FRS 105 Framework and Statutory Requirements by Mind Map: FRS 105 Framework and Statutory Requirements

1. FRS 105 Framework

1.1. Scope of FRS 105

1.2. Amendments to FRS 105

1.2.1. Covid-19-related rent concessions

1.2.2. UK exit from the European Union

1.3. FRS 105 future developments

2. Statutory requirements

2.1. General statutory requirements

2.1.1. Companies Act 2006 for micro companies

2.2. Qualifying for the micro regime

2.3. Micro company financial statements

2.4. Approval and signature of micro company financial statements

2.4.1. Balance sheet signature and statement

2.4.2. Financial statements filed without a profit or loss account

2.4.3. Audit exemptions

2.5. Accounting principles

3. Concepts and principles

3.1. Concepts and principles

3.2. True and fair view

4. Form, content and presentation of micro company financial statements

4.1. Form and content of financial statements

4.2. Contents of a complete set of financial statements

4.3. Going concern

4.4. Frequency of reporting and comparative information

4.5. Consistency of presentation

4.6. Narrative reporting

4.7. Accountant’s report on micro-entity financial statements

5. Audit requirements and exemptions

5.1. The audit exemption framework

5.2. Small companies audit exemption

5.2.1. Requirements and conditions for audit exemption

5.3. Audited micro-entity financial statements

5.3.1. Form of auditors' reports

5.3.2. Directors’ statements

6. Filing micro financial statements

6.1. General requirements

6.2. Filing ‘filleted’ financial statements

6.3. Balance sheet statements

7. Transition to FRS 105 (Section 28)

7.1. Transition guidance in FRS 105

7.2. Measurement differences between FRS 102 and FRS 105

7.3. Identifying the transition date

7.4. Basic procedures for preparing the first set of FRS 105 financial statements

7.5. Compulsory exemptions

7.5.1. Derecognition of financial assets and liabilities

7.5.2. Accounting estimates

7.6. Optional exemptions

7.6.1. Business combinations

7.6.2. Share-based payments

7.6.3. Investment property

7.6.4. Compound financial instruments

7.6.5. Determining whether an arrangement contains a lease

7.6.6. Decommissioning liabilities included in the cost of property, plant and equipment

7.6.7. Dormant companies

7.6.8. Lease incentives

7.7. General impracticability clause

7.8. Disclosure

7.9. Practical tips