Page 391 - SBR Integrated Workbook STUDENT S18-J19

UK GAAP

UK GAAP differences

2.1 Differences

There are lots of differences between FRS 102 and full IFRS Standards. Some of the
key examinable differences are summarised below:

IFRS Standards FRS 102

Conceptual Framework

The Framework does not FRS 102 identifies qualitative
identify materiality, substance
Concepts over form and prudence as characteristics of materiality,
substance over form and
separate qualitative prudence.
characteristics.

IAS 1 Presentation of

Financial Statements

FRS 102 prepared in
IAS 1 provides recommended accordance with Companies Act
Formats
formats. 2006, therefore prescribed
format.

IAS 20 Accounting for
Government Grants and

Disclosure of Government
Assistance

Choice of using either the FRS 102 prescribes the
Capital grants deferred income or netting off deferred income method only.
method.

IAS 23 Borrowing Costs

Borrowing Eligible borrowing costs must be There is a choice to capitalise or
costs capitalised. expense borrowing costs.

IAS 12 Income Taxes

Conceptualises deferred tax Conceptualises deferred tax
Deferred tax through the statement of through the statement of profit
financial position. or loss.

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