What is the difference between FRS 102 and FRS 102 S1A

The difference between FRS102 and FRS 102 Section 1A, is that with FRS102 Section 1A there are fewer disclosures and primary statements are required compared to FRS 102. With FRS102 there are more tasks and additional items to be completed. The following are a few examples of the differences between the two:

1. Primary statement


2. Disclosure

3. Accounting treatment

FRS 102 Section 1A provides reduced disclosures for small entities that meet the conditions specified below and therefore do not have to follow the detailed disclosures specified in Sections 4 to 35 of FRS 102.

What type of entities can apply?

  • LLPS that are not excluded from the small LLPs regimes;
  • Companies that are not excluded from the small companies regime
  • Other unincorporated entities that qualify as small

When can an entity qualify as small?

  • 2 or more of the thresholds are met in the current financial year;
  • 2 or more of the thresholds in the previous financial year (if the company is not newly incorporated).


  • Annual turnover < €12m
  • Balance Sheet total <€6m
  • Average number of employees <50

If you choose to report under FRS 102 Section 1A you can: 

  • Retain the ability to omit the profit and loss account and directors’ report when filing accounts at the Registrar (this does not apply to charitable entities).
  • Reduce the volume of disclosure notes in your accounts compared to applying all the disclosure requirements of FRS 102; and
  • Prepare abridged accounts as your statutory accounts (if all members agree).
As well as that parent companies of small groups continue to be exempt from the consolidation requirement and, together with their subsidiaries, may also be eligible to apply reduced disclosure options under FRS 102, the latter being an alternative to section 1A. However, directors will still have to comply with the Companies Act and show a true and far view of the company’s assets, liabilities, financial position, and performance. You will, therefore, need to include all relevant disclosure notes. 


Reach out to our team of experts for more information at info@cooneycarey.ie.