FRS 101: comparing accounting treatment under FRS 102 - part 4

Anne Cowley ACA examines the fundamental accounting differences between FRS 101 and FRS 102 from the treatment of loans and derivatives to leases, revenue recognition and deferred tax, particularly taking into account new IFRS standards

Choosing to apply FRS 101 Reduced Disclosure Framework means that, in general, the full recognition and measurement requirements of International Financial Reporting Standards (IFRS) need to be applied.

As discussed in previous articles, there are many reasons why a company might choose to apply FRS 101 rather than FRS 102 Financial Reporting Standard, but one of the key decision areas must be around the effect on the numbers in the accounts.

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