Route 102 – One man’s year-long journey……Day 36

  • By Mercia Group
  • 10 March 2015 00:00

To mark this momentous year for UK GAAP, I'm embarking on a mission to work my way through FRS 102, reading a portion on each working day of 2015 and writing a short blog entry on my thoughts and musings (be they few or many).

Day 36 (10 Mar)

An even briefer post today as I'm en route from Durham to Leeds. Before we get into section 12 let's deal with a key point (that was raised today as a question) - this standard will apply to sole traders and partnerships when the FRSSE is replaced. Micro entities will have simpler approaches to financial instruments, but by 'entity' we mean 'non charitable company'. LLPs and unincorporated entities are excluded from this definition and thus, in order to comply with UK GAAP will need to pay close attention to section 12.

P.S. If you missed the last instalment please click here.

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