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In addition, for your FRS 101 accounts to comply with Company Law, you may have to add disclosures, change presentations and make other amendments to the EU-IFRS accounts (see Q6).You have the option not to prepare a cash flow statement.However, disclosures not given in the consolidated accounts on the grounds of materiality must be given in your individual accounts if the information is material to your accounts.

The new flexible formats apply from 1 January 2016 but you can apply them from 1 January 2015 if you adopt all the other changes to Company Law at the same time.

The UK’s Generally Accepted Accounting Principles (GAAP) includes all accounting standards, company law and other guidance that affect how accounts should be prepared in the UK. If you are a member of a group, your choice may be restricted by the ‘consistency rule’ (see Q2). FRS 102, FRS 101 or (where applicable) FRS 105 (see Q4) or the FRSSE, while it is still available, (see Q3), so long as the entity has not changed from reporting under EU-adopted IFRS to report under UK GAAP in the preceding 5 years.

There are some fundamental changes to this which may affect your business. Accounts prepared using FRS 102, FRS 101, FRS 105 or the FRSSE (while it is still available) are Companies Act Accounts and, therefore, need to meet the applicable requirements of the Companies Act and associated regulations and changes thereto (see Q12) 5. The law that permits a company to move from EU-adopted IFRS to UK GAAP following a ‘relevant change of circumstance’ remains.

However, the other reduced disclosure options in FRS 101 (and FRS 102) only apply to certain items (such as share-based payments and financial instruments) and in certain cases only to some of the disclosures for those items.

FRS 101 has more disclosure exemptions than FRS 102 (such as for business combinations, impairments, capital management, comparative tangible and intangible asset reconciliations) because FRS 101 applies to accounts that otherwise comply with EU-adopted IFRS and many of the disclosures required by EU-adopted IFRS are not required under FRS 102. FRS 102 applies equally to public benefit entities but there are certain paragraphs that are solely applicable to them. If you are within the scope of a SORP you will continue to apply the relevant FRS 102 SORP.

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