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CLG and FRS 105

  • 15-08-2018 9:19am
    #1
    TitianGerm
    Registered Users, Registered Users 2 Posts: 28,712 ✭✭✭✭


    Folks a query in relation to the above.

    Can a Company Limited By Guarantee (no employees and balance sheet of less than €10,000) produce accounts under FRS 105?

    I've read so much over the last two days I think I'm confusing myself even more.


Comments

  • #2
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi there

    Yes but Charitable companies cannot produce their accounts under FRS 105.

    Even assuming it is not a charity, from a practical point of view I think you may be taking some risk in producing FRS105 accounts for a CLG. The level of disclosure is minimal.

    It may give the impression that you have something to hide and you may find that you have to do so much explaining of the figures to the members of the company that you would probably be better off using FRS102 s1a in the first place.

    Regards


    dbran


  • #3
    TitianGerm
    Registered Users, Registered Users 2 Posts: 28,712 ✭✭✭✭TitianGerm


    dbran wrote: »
    Hi there

    Yes but Charitable companies cannot produce their accounts under FRS 105.

    Even assuming it is not a charity, from a practical point of view I think you may be taking some risk in producing FRS105 accounts for a CLG. The level of disclosure is minimal.

    It may give the impression that you have something to hide and you may find that you have to do so much explaining of the figures to the members of the company that you would probably be better off using FRS102 s1a in the first place.

    Regards


    dbran

    Thanks dbran.

    I got clarification from ACCA after and they confirmed your post.

    In this case it was a property management company run by members for the upkeep of the common areas.


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