New UK GAAP 2015: Application of FRS 100-102 in the UK

Chapter 30 Transition to FRS 102

1 Introduction

   1.1 Summary of Section 35

2 Key differences to IFRS

3 Definitions, scope, and preparation of the opening FRS 102 statement of financial position

   3.1 Key definitions

   3.2 Scope of Section 35

       3.2.1 Who is a first-time adopter?

       3.2.2 Repeat application of FRS 102

   3.3 First-time adoption timeline

   3.4 Determining the previous GAAP

   3.5 Preparation of the opening FRS 102 statement of financial position

       3.5.1 Changes of accounting policy made on transition to FRS 102

       3.5.2 Impairment testing at the date of transition

       3.5.3 Use of the fair value accounting and alternative accounting rules

1. 3.5.3.A Deemed cost
2. 3.5.3.B Investment property – transitional adjustments

       3.5.4 Impracticability exemption and subsequent application

4 Mandatory exceptions to retrospective application

   4.1 Derecognition of financial assets and financial liabilities.

       4.1.1 Implementation issues

1. 4.1.1.A Financial assets and liabilities previously derecognised
2. 4.1.1.B Financial assets and liabilities previously not derecognised

       4.1.2 Transition from previous UK GAAP (not FRS 26)

1. 4.1.2.A Derecognition of financial assets
2. 4.1.2.B Derecognition of financial liabilities

       4.1.3 Transition from FRS 26

1. 4.1.3.A Financial assets
2. 4.1.3.B Financial liabilities

   4.2 Accounting estimates

       4.2.1 Exception

       4.2.2 Post-balance sheet events and correction of errors

   4.3 Discontinued ...