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How do I adopt FRS 102 Section 1A Small Entities?

Article ID
ias-12230
Article Name
How do I adopt FRS 102 Section 1A Small Entities?
Created Date
9th February 2016
Product
IRIS Accounts Production
Problem
How do I adopt FRS 102 Section 1A Small Entities?
Resolution
When creating a post file, select Posting | New | set the ‘Accounting Standard’ as FRS 102 and use the sub dropdown box to select Section 1A. Alternatively if an existing post file needs amending, select Posting | Post File Maintenance | Entries | Change | and change the ‘Accounting Standard’ as FRS 102 and use the sub dropdown box to select Section 1A. The adoption of FRS 102 Section 1A will be defaulted for periods beginning on or after 1 January 2016 based on company size. The selection box for this can be found in Data Screens | Small Companies | Financial Statements | FRS 102 – Section 1A for early adoption or to deselect it should you wish to adopt full FRS 102. Please note, FRS 102 Section 1A is only mandatory for small companies with years beginning on or after 01/01/2016, with the option to early adopt. A step by step guide on ‘How to create a set of UK GAAP FRSSE 2015 accounts’ is available in the IRIS Help Centre, here.

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