Steve Collings FMAAT FCCA examines the overall objective of financial statements, the basis on which they must be prepared and the measurement bases that can be used, including when offsetting is acceptable in FRS 102 and FRS 105
General recognition principles
FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime (FRS 105) both outline the objective of financial statements and set out the concepts and basic principles which underlie the financial statements in Section 2 Concepts and Pervasive Principles.
The concepts and pervasive principles can be seen as the ‘backbone’ of FRS 102 and FRS 105. Compliance with the principles will ensure that the objective of financial statements is met.
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