Accounts disclosures - Limited companies FRS 102 and FRS 105

General folder - Limited (FRS 105) 

General folder - Limited (FRS 102) 

The General folder in the FRS102 entity are as follows:

Select the appropriate option to change from the default of "No" to "Yes", if applicable.  Size and audit (UK) is for information only.

The Client preferences folder is similar to that in the Limited FRS105 entity, defective financial statements are included in the General folder and not Client preferences.  Additional options are as below, the defaults for all are "No", change to "Yes" if required.

There are two subfolders "small company exemptions - options" and "small company filing copy" to enable you to make the options relevant to the particular set of accounts being prepared.

Strategic report (FRS 102 only)

If there is a red dot beside this folder, it is being excluded, to include go to the override within the Client preferences folder.  

Click to select options, expand sub-folders.  Select, edit, remove or reset the paragraphs as required.  The date of signing may be entered here or within the Signing dates folder.

Directors' report (FRS 105 and FRS 102)

Click to select / expand the relevant sub-folder.  Select, edit, remove or reset the paragraphs as required.  There are two data entry options for Other paragraphs if needed. 

The date of signing may be entered here or within the Signing dates folder.

Accountants (FRS 105 and FRS 102) or Auditors Report (FRS 102)

This will depend on the setting in Client preferences, Expand this folder to select, edit or remove paragraphs and enter /view the date of signing the report.

Profit and loss account options (FRS 102 only)

The Presentation folder offers options for alternative presentation of the P&L e.g. Format 2, Combined statement of comprehensive income or Combined statement of income and retained earnings. 

In addition to the above, and options to show additional information on the face of the P&L, is the area to disclose Discontinued operations on the P&L.

The area for "Exceptional items - line text on P&L" may be used to override descriptions on the P&L e.g. if you wish to show "Fees" instead of "Turnover".

Finally, there is the option to include a "notes" message at the foot of all primary statements or individual primary statements - if selecting All Primary statements the options will then be hidden in the Balance sheet, Statement of changes in equity and Cash flow folders.  If individual, you will select within those individual folders.

Balance sheet options

The options will depend upon whether preparing accounts under FRS 105 or FRS 102.

Click on the relevant area.  Answer the question posed or select, edit, remove or reset the paragraph / enter the date.

Example below of Limited (FRS 105)

Statement of changes in equity (FRS 102 only)

This folder includes amendable headings and a table for the analysis of other movements.

Cash flow (FRS 102 only)

This folder includes options for the reallocation of investment income, interest paid, and dividends paid.

There are tables which link to the statement of cash flows to enable adjustments to be made where necessary.

Free format text may be entered to appear on the statement.

The options for net debt reconciliation, together with analysis and text are also in this folder.

Notes to the financial statements (FRS 105 only)

The notes in this area feed through to the balance sheet in an FRS105 set of accounts)

In addition to the notes provided there are three spare notes in the Other notes folder.  To activate a spare note enter a heading and text as indicated on screen.

The following areas relate to FRS 102 only

Accounting policies

Open this folder to review, add, amend the relevant accounting policies.

There are three spare accounting policy data inputs.

Judgements and key estimates

The default is Yes.

You may add in Critical judgements and Key sources of estimation uncertainly as required.

Profit and loss account notes

Notes will be selected by the software dependent upon the size of the entity and posting made.  

Balance sheet notes

Notes will be selected by the software dependent upon the size of the entity and posting made.  

Other notes

The other notes are a continuation from the balance sheet notes where you find, for example, options to enter, amongst others, related party transactions, transactions with directors and control/parent text.

Signing Dates

To enter dates, either type into the date field or select from the calendar.  If you enter dates in this section, they will also appear in the individual folders.  

The options are:

Management collection (FRS 102 and FRS 105)

The options differ slightly within the FRS 102 and FRS 105 entities.

Choose the options which are relevant for the set of accounts being prepared.

For example:

• Within FRS 105 is the option to display as FRS 105 statutory or FRS 102 style
• Within FRS 102 there are option to have separate schedules for the detailed profit and loss account.

Both have the options for a formatted trial balance.

FRS 102 has a 5-year summary 

Lead Schedules