Small company FRS 102 Section 1A

We’ve created a compliance pack for Small companies reporting under FRS 102 Section 1A in the Republic of Ireland, which is relevant for periods beginning on or after 1 January 2017. Early adoption is permitted for accounting periods beginning on or after 1 January 2015, provided that the financial statements have not yet been approved.

Small companies applying this compliance can take advantage of the reduced presentation and disclosure requirements of FRS 102 Section 1A and apply the recognition and measurement requirements of FRS 102.

The FRS 102 Section 1A compliance pack contains the mandatory primary statements and disclosures, and the encouraged primary statements and disclosures by default.

True and fair notes

There is now an option located in the Notes to the Financial Statements section on the accounts preview tab to show additional true and fair notes. The notes to the financial statements are required to present sufficient information to give a true and fair view in accordance with FRS 102 paragraph 1A.16.

The additional notes available are as follows:

  • Turnover
  • Taxation
  • Obligations under finance leases
  • Deferred taxation
  • Employee benefits
  • Share-based payments
  • Government grants
  • Share capital
  • Financial instruments
  • Business combinations

The profit before tax note includes the option to add additional rows for true and fair purposes.