FRS 102 Section 9 Consolidated and Separate Financial Statements explains when a parent entity must prepare group accounts, the treatment of special purpose entities and the consolidation procedures. Section 19 Business Combinations and Goodwill sets out the accounting treatment under the purchase method.
The requirements regarding consolidated financial statements, business combinations and goodwill are set out as part of FRS 102. However, individual sections of the standard should not be looked at in isolation as other parts may be relevant.
FRS 102 is regularly updated and amended by the Financial Reporting Council (FRC). For the full text of FRS 102, guidance on which version of the standard to apply and notes on recent amendments, see our main FRS 102 page.
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Technical helpsheet issued to help ICAEW members to understand the company law and financial reporting implications of a share for share exchange.
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Technical helpsheet covering the basic accounting requirements for a 'hive up' restructure within a group of companies.
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Technical helpsheet and flowchart to help members understand the limited situations in which a subsidiary may be excluded from consolidation under FRS 102 and the accounting treatment for such subsidiaries.
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Technical helpsheet to help ICAEW members to understand key aspects of accounting for groups under FRS 102.
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A chapter on financial reporting of business combinations and goodwill under FRS 102, section 19, including information on accounting for positive and negative goodwill.
A chapter focusing on consolidated financial statements (or 'group accounts' as they are commonly referred to in practice) under FRS 102. The chapter covers Companies Act 2006 requirements, control relationships, accounting policies, accounting reference dates, overview of the consolidation process, consolidated balance sheet, consolidated profit and loss account and the consolidated cash flow statement.
Example financial statements based on the requirements of the Companies Act 2006 and FRS 102. The sample statements are for a group which is subject to audit and the auditor's report is unqualified.
A chapter on business combinations - part of a one-stop-shop guide by Steve Collings on all aspects of UK auditing standards and new UK GAAP accounting standards. The chapter shows how to put the standards into practice, covering both auditing of groups and accounting for business combinations.
This title provides accountants and auditors with easy to follow and well structured guidance on the preparation of group accounts in line with UK GAAP. The commentary identifies the differences between IFRS and UK GAAP in the treatment of group accounts. The differences between accounts produced pre and post Brexit are also covered. All commentary is supported throughout by the inclusion of worked practical examples, based on the author's experience dealing with clients and running training courses.
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Guide from 2019 focusing on each area of the financial statement in detail with illustrative examples. This chapter gives a comparison of FRS 102 Section 9 and IFRS, and covers the requirement to present consolidated financial statements, the definition of a subsidiary, special purpose entities (SPEs), subsidiaries excluded from consolidation, consolidation procedures, accounting for associates and jointly controlled entities in individual and separate financial statements, group reorganisations, and other topics.
Guide from 2019 focusing on each area of the financial statement in detail with illustrative examples. This chapter gives a comparison of FRS 102 Section 19 and IFRS, and covers the requirements for business combinations and goodwill, disclosures, and group reconstructions.
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Model accounts and disclosure checklists for UK GAAP
The ICAEW Library can provide model accounts and disclosure checklists for FRS 101, FRS 102, FRS 102 Section 1A, FRS 103 and FRS 105. The examples cover a broad range of entities, including small companies, charities, groups, LLPs and micro-companies.
Some guides and comparisons that we link to may pre-date the latest amendments to this standard. While these resources contain useful information, please treat them with appropriate caution.
Fact Sheet 6 – FRS 102: Business Combinations
FRC, December 2018
Staff factsheet giving a high-level overview of the requirements for entities applying FRS 102 that undertake a business combination for the first time. It provides an outline of the purchase method, discusses the separation of intangible assets from goodwill, and presents several illustrative disclosures.
The ICAEW Library stocks the latest UK GAAP handbooks and manuals. You can browse all our books on FRS 102 and consolidated accounts or business combinations or request any of the following popular titles by contacting us on +44 (0)20 7920 8620, by web chat, or at library@icaew.com
GAAP 2019: UK reporting – FRS 102 (Volume B)
Deloitte, Croner-i, 2019
Comprehensive manual explaining how to apply FRS 102, with worked examples and extensive interpretation and guidance. The chapter on business combinations and goodwill covers the definition of business combinations, purchase method, disclosures, and group reorganisations. The chapter on consolidated and separate financial statements covers the requirement to present consolidated financial statements, inclusion of special purpose entities, consolidation procedures, and disclosures.
Manual of accounting: UK GAAP
PwC, Lexis Nexis, 2019
Practical guide with worked examples throughout, dealing with day-to-day issues as well as complex questions. The chapter on business combinations and goodwill looks at the identifying and structuring a business combination, the purchase method, and other topics. The chapter on consolidated and separate financial statements looks at the form of consolidated financial statements, exemptions, parent and subsidiaries, special purpose entities, subsidiaries excluded from consolidation, consolidation procedures, and other topics.
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