FRS 102 or IFRS: which applies to your company?

Most UK private companies report under FRS 102, while listed groups and those that opt in use UK-adopted IFRS. Use this checklist before your next year end to see which basis fits your company.

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• Is your company part of a group whose parent reports under IFRS?
• Do lenders or investors require a particular framework in your agreements?
• Are you planning a listing or a sale that needs IFRS-basis figures?
• Has your accountant flagged any changes to FRS 102 that affect your next year end?
• Do you hold financial instruments that are treated differently under FRS 102 and IFRS?
• Does your revenue involve long-term contracts where recognition timing could differ between frameworks?
• Do you lease property or equipment in a way that changes how it appears on the balance sheet under each basis?
• Would a group consolidation require every subsidiary, including yours, to report on the same framework?
• Are deferred tax balances calculated consistently with the framework your group uses?
• Has Companies House or a regulator ever queried which framework your accounts were prepared under?
• Do your investors compare your company against peers that report under IFRS?