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| Home > News > Practice Directions > Practice Directions 2 |
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CCDG PRACTICE DIRECTIONS 2
| FRS 101 First-time Adoption Of Financial Reporting Standards |
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| 1. |
For companies using Statements of Accounting Standards or SASs previously, the switch to Financial Reporting Standards or FRSs does not represent a change in accounting standards. FRSs are issued following legislative changes to make compliance with accounting standards a legal requirement. |
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| 2. |
FRS 101 would not apply to companies that have been complying with SASs, since there is no change in accounting standards. However, FRS 101 would apply to companies preparing financial statements in compliance with FRSs for the first time. |
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Issued on 5 Dec 2003 |
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Last reviewed on 11 December 2007
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