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Chapter CFM23020

Document Cited in Related
Vincent
Published date16 April 2016
Record NumberCFM23020

For those applying FRS 102 an accounting policy choice is present:

  • Apply the recognition and measurement requirements of Section 11 and 12
  • Apply the recognition and measurement requirements of IAS 39
  • Apply the recognition and measurement provisions of IFRS 9 Financial Instruments (together with IAS 39 as amended for IFRS 9).

Where this manual refers to FRS 102 it should be assumed that this relates to the application of the recognition and measurement requirements of Section 11 and Section 12 of FRS 102 unless otherwise stated.

Section 11 and Section 12 option

Sections 11 and 12 within FRS 102 provide specific guidance on accounting for financial instruments. Section 11 addresses ‘Basic’ financial instruments while Section 12 considers all ‘other’ financial instruments. While Sections 11 and 12 address accounting for financial instruments, there are...

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