Understanding Major Accounting Standards
Accounting standards form the foundation of financial reporting. They ensure transparency, comparability, and reliability across companies and countries — enabling investors, regulators, and stakeholders to make informed decisions.
This article provides a comprehensive overview of the six major accounting frameworks, a detailed comparison, and information on both suspended and upcoming standards. 📈
Indian Accounting Standards (IND-AS) 🇮🇳
- What it is: The Indian version of IFRS, with India-specific “carve-outs.”
- Who issues: Drafted by the **ICAI** and notified by the **Ministry of Corporate Affairs (MCA)** under the Companies (Indian Accounting Standards) Rules, 2015.
- Applicability: Applies to listed companies, large unlisted companies, NBFCs, and banks (on a phased basis).
- Purpose: To align India with global practices while addressing local tax and legal requirements.
Indian GAAP (Generally Accepted Accounting Principles – India) 🇮🇳
- What it is: The traditional accounting framework used in India before the adoption of IND-AS.
- Who issues: The **ICAI’s Accounting Standards Board (ASB)**.
- Applicability: Used by SMEs and unlisted companies not required to follow IND-AS.
- Purpose: To provide a baseline reporting framework for Indian businesses.
International Financial Reporting Standards (IFRS) 🌍
- What it is: A set of global, principle-based standards for harmonized financial reporting.
- Who issues: The **International Accounting Standards Board (IASB)**, which operates under the IFRS Foundation in London.
- Applicability: Adopted or mandated in over 140 countries (e.g., EU, Canada, Australia).
- Purpose: To ensure global comparability and enhance investor confidence.
International Accounting Standards (IAS) 🌍
- What it is: The **predecessor to IFRS**, issued by the IASC from 1973 to 2000.
- Who issues: The **International Accounting Standards Committee (IASC)** before it was replaced by the IASB in 2001.
- Applicability: Many IAS standards remain effective (e.g., IAS 1, IAS 2, IAS 7), but others have been superseded by newer IFRS.
- Purpose: Served as the first global attempt to create a uniform reporting framework.
US GAAP (Generally Accepted Accounting Principles – USA) 🇺🇸
- What it is: A detailed, rule-based accounting framework.
- Who issues: The **Financial Accounting Standards Board (FASB)**.
- Applicability: Mandated by the **SEC** for all U.S.-listed companies and widely used by private firms.
- Purpose: To protect investors and ensure consistency within the U.S. capital markets.
UK GAAP (Generally Accepted Accounting Practice – UK) 🇬🇧
- What it is: The UK’s national accounting framework for companies that don’t use IFRS.
- Who issues: The **Financial Reporting Council (FRC)**.
- Applicability: Applies to SMEs, private companies, and some public-interest entities.
- Purpose: To provide a framework tailored to the UK’s legal and business environment.
- Key Standards: FRS 102, FRS 101, FRS 105.
📊 Master Comparison of Accounting Standards
| Topic | IND-AS | IFRS | IAS | Indian GAAP (AS) | US GAAP (ASC) | UK GAAP (FRS 102) | Key Differences / Remarks |
|---|---|---|---|---|---|---|---|
| First-time Adoption | Ind AS 101 | IFRS 1 | – | – | – | FRS 102 | Both allow exemptions; Ind AS has **carve-outs** for the Indian context. |
| Presentation of FS | Ind AS 1 | IAS 1 | IAS 1 | AS 1 | ASC 205/210 | Sec. 3 | Ind AS 1 / IAS 1 allow a single or two statements; US GAAP more prescriptive. |
| Inventories | Ind AS 2 | IAS 2 | IAS 2 | AS 2 | ASC 330 | Sec. 13 | **LIFO is permitted only under US GAAP**. Reversal of write-downs is not allowed in US GAAP. |
| Cash Flow Statements | Ind AS 7 | IAS 7 | IAS 7 | AS 3 | ASC 230 | Sec. 7 | US GAAP requires interest/dividends to be classified as operating cash flows; IFRS allows a choice. |
| Accounting Policies & Estimates | Ind AS 8 | IAS 8 | IAS 8 | AS 5 (part) | ASC 250 | Sec. 10 | Ind AS and IFRS require disclosure of key judgments and estimates. |
| Events after Reporting Date | Ind AS 10 | IAS 10 | IAS 10 | AS 4 | ASC 855 | Sec. 32 | The standards are broadly aligned. |
| Construction Contracts / Revenue | Ind AS 115 | IFRS 15 | IAS 11/18 (withdrawn) | AS 7/9 | ASC 606 | Sec. 23 | Now converged under a **5-step model**. |
| Property, Plant & Equipment | Ind AS 16 | IAS 16 | IAS 16 | AS 10 | ASC 360 | Sec. 17 | The **revaluation model is not permitted under US GAAP**. |
| Borrowing Costs | Ind AS 23 | IAS 23 | IAS 23 | AS 16 | ASC 835 | Sec. 25 | Capitalization rules differ slightly. |
| Related Party Disclosures | Ind AS 24 | IAS 24 | IAS 24 | AS 18 | ASC 850 | Sec. 33 | UK GAAP disclosures are generally less detailed. |
| Separate FS | Ind AS 27 | IAS 27 | IAS 27 | – | ASC 810 | Sec. 9 | IFRS/Ind-AS require specific disclosures on subsidiaries. |
| Consolidated FS | Ind AS 110 | IFRS 10 | – | AS 21 | ASC 810 | Sec. 9 | The definition of **control** is largely converged. |
| Investments in Associates | Ind AS 28 | IAS 28 | IAS 28 | AS 23 | ASC 323 | Sec. 14 | The **equity method** is largely aligned. |
| Joint Arrangements | Ind AS 111 | IFRS 11 | – | – | ASC 323/810 | Sec. 15 | Classification differs under older AS. |
| Disclosure of Interests | Ind AS 112 | IFRS 12 | – | – | ASC 810 | Sec. 9 | Broad disclosure requirements. |
| Fair Value Measurement | Ind AS 113 | IFRS 13 | – | – | ASC 820 | Sec. 11 | Converged measurement principles. |
| Investment Property | Ind AS 40 | IAS 40 | IAS 40 | AS 13 | ASC 360 (partial) | Sec. 16 | **US GAAP prohibits the fair value model**. |
| Agriculture | Ind AS 41 | IAS 41 | IAS 41 | – | – | – | No equivalent standard exists under Indian GAAP or US GAAP. |
| Leases | Ind AS 116 | IFRS 16 | IAS 17 (withdrawn) | AS 19 | ASC 842 | Sec. 20–21 | **IFRS/Ind AS use a single-lessee model**; US GAAP retains a dual model. |
| Revenue from Contracts | Ind AS 115 | IFRS 15 | IAS 11/18 (withdrawn) | AS 9 | ASC 606 | Sec. 23 | The standards are converged under the **5-step model**. |
| Financial Instruments | Ind AS 32, 107, 109 | IFRS 7, 9 | IAS 32, 39 (withdrawn) | AS 30–32 | ASC 825/320 | Sec. 11–12 | US GAAP more detailed/rule-based. |
| Business Combinations & Goodwill | Ind AS 103 | IFRS 3 | IAS 22 (withdrawn) | AS 14 | ASC 805 | Sec. 19 | Goodwill is **amortized under UK GAAP** (≤10 yrs) but **impaired only under IFRS/Ind AS/US GAAP**. |
| Impairment of Assets | Ind AS 36 | IAS 36 | IAS 36 | AS 28 | ASC 360 | Sec. 27 | **Reversal of impairment is not allowed under US GAAP**. |
| Employee Benefits | Ind AS 19 | IAS 19 | IAS 19 | AS 15 | ASC 715 | Sec. 28 | The corridor method is not allowed in Ind-AS. |
| Share-based Payments | Ind AS 102 | IFRS 2 | – | – | ASC 718 | Sec. 26 | Largely converged. |
| Operating Segments | Ind AS 108 | IFRS 8 | – | AS 17 (withdrawn) | ASC 280 | – | Similar approach. |
| Earnings per Share | Ind AS 33 | IAS 33 | IAS 33 | AS 20 | ASC 260 | Sec. 33 | The calculation is aligned. |
| Interim Financial Reporting | Ind AS 34 | IAS 34 | IAS 34 | AS 25 | ASC 270 | – | Broadly converged. |
| Insurance Contracts | IND AS 104 | IFRS 17 | – | – | ASC 944 | – | IFRS 17 is principle-based; US GAAP retains detailed guidance |
| Non-current Assets Held for Sale & Discontinued Operations | Ind AS 105 | IFRS 5 | – | AS 24 | ASC 360-10 | FRS 102 Section 12 | Ind AS/IFRS similar; US GAAP differs in discontinued ops; AS 24 only disclosures. |
| Exploration for and Evaluation of Mineral Resources | Ind AS 106 | IFRS 6 | – | – | ASC 930 | – | Ind AS/IFRS allow policy choice; US GAAP more prescriptive; no AS/UK GAAP. |
| Regulatory Deferral Accounts | Ind AS 114 | IFRS 14 | – | – | – | – | Ind AS/IFRS permit continuation of old GAAP policies; no equivalent in AS/US/UK GAAP. |
| Income Taxes | Ind AS 12 | IAS 12 | IAS 12 | AS 22 | ASC 740 | FRS 102 Section 29 | Ind AS/IAS aligned; US GAAP differs on uncertain tax positions; AS 22 simpler. |
| Foreign Currency Transactions | Ind AS 21 | IAS 21 | IAS 21 | AS 11 | ASC 830 | FRS 102 Section 30 | Ind AS/IAS aligned; Indian carve-out for long-term loans; US GAAP more detailed. |
| Financial Reporting in Hyperinflationary Economies | Ind AS 29 | IAS 29 | IAS 29 | – | ASC 830 (partial) | – | Ind AS/IAS aligned; US GAAP uses currency translation rules; no AS/UK GAAP equivalent. |
| Provisions & Contingencies | Ind AS 37 | IAS 37 | IAS 37 | AS 29 | ASC 450 | FRS 102 Section 21 | Ind AS/IAS aligned; US GAAP stricter on recognition; AS/UK GAAP less detailed. |
| Intangible Assets | Ind AS 38 | IAS 38 | IAS 38 | AS 26 | ASC 350 | FRS 102 Section 18 | Ind AS/IAS allow revaluation; US GAAP cost only; AS/UK GAAP stricter. |
| Reduced disclosures for subsidiaries without public accountability | — | IFRS 19 | — | — | — | — | Allows full recognition & measurement like IFRS, but with reduced disclosures for eligible subsidiaries. | Government Grants | Ind AS 20 | IAS 20 | IAS 20 | AS 12 | ASC 958 | Sec. 24 | Treatment differs in US GAAP between non-profits and businesses. |
📌 Superseded / Withdrawn Standards
- Ind AS 17 (Leases) → Replaced by Ind AS 116.
- IFRS 4 (Insurance Contracts) → Replaced by IFRS 17.
- IAS 17 (Leases) → Replaced by IFRS 16.
- IAS 18 (Revenue) → Replaced by IFRS 15.
- IAS 11 (Construction Contracts) → Replaced by IFRS 15.
- IAS 22 (Business Combinations) → Replaced by IFRS 3.
- IAS 39 (Financial Instruments) → Replaced by IFRS 9.
- IAS 14 (Segment Reporting) → Replaced by IFRS 8.
📌 Standards Under Development
- IFRS Sustainability Standards: The first two standards, IFRS S1 (General Requirements) and IFRS S2 (Climate-related Disclosures), were issued in 2023, with more under development.
- Insurance Contracts: IFRS 4, Ind AS 104 was introduced as a temporary / interim standard, pending completion of the comprehensive IFRS 17 / Ind AS equivalent. IFRS 17 (Insurance Contracts) became effective globally from 1 January 2023, replacing IFRS 4. India has not yet notified Ind AS equivalent of IFRS 17, so Ind AS 104 is still in force in India for entities covered under Ind AS.
- Business Combinations under Common Control: This is currently in the exposure draft stage.
- Primary Financial Statements: A project to revise IAS 1 to improve the structure and content of financial statements.
- Rate-regulated Activities: A draft has been issued for this topic.
- IFRS 18 – Presentation and Disclosure in Financial Statements (issued April 2024, effective 2027). Replaces IAS 1, introduces operating/investing/financing categories and new subtotals. No Ind AS equivalent yet.
- Climate-related and ESG-linked disclosures: Both the IASB and FASB have ongoing projects in this area.
📜 Applicability of Ind-AS in India: Phased Roadmap & Key Rules (2025)
Indian Accounting Standards (**Ind-AS**) are the financial reporting rules issued by the **Ministry of Corporate Affairs (MCA)** under the Companies (Indian Accounting Standards) Rules, 2015. These standards are aligned with **IFRS** and apply to specific companies based on net worth, listing status, and sector (e.g., NBFCs, banks). This article outlines the phased roadmap and key rules to help you understand the compliance requirements. 🏢
📅 Phased Applicability Timeline
Ind-AS has been implemented in a phased manner to allow companies a smooth transition. Here is a summary of the key phases:
| Phase | Effective From | Who is Mandatorily Covered |
|---|---|---|
| Phase I | 1 April 2016 | Companies (listed or unlisted) with **Net Worth ≥ ₹500 crore**; also their holding, subsidiary, associate, and Joint Venture (JV) entities. |
| Phase II | 1 April 2017 | Companies listed or in the process of listing with **Net Worth < ₹500 crore**, or unlisted companies whose Net Worth is between **₹250 crore and ₹500 crore**. Also their group entities. |
| Phase III (NBFC etc.) | 1 April 2018 | **NBFCs** with **Net Worth ≥ ₹500 crore**, plus their group/associate entities. |
| Phase IV (NBFC etc.) | 1 April 2019 | **NBFCs** with **Net Worth between ₹250 crore and ₹500 crore**, and listed NBFCs or those in the process of listing. Also their group entities. |
🧠 Key Definitions & Rules
- Net Worth: As defined under **Section 2(57)** of the Companies Act, 2013, it includes paid-up share capital, securities premium, and all reserves (excluding revaluation reserve etc.), minus accumulated losses, deferred expenditure etc.
- Stand-alone vs. Consolidated: The net worth test is based on **stand-alone financial statements**. If a company meets the criteria, both its standalone and consolidated financial statements must comply with Ind-AS.
- Comparative Periods: When a company transitions to Ind-AS, it must present **comparatives** for the previous period(s) in accordance with the new standards.
- Irrevocability: Once a company adopts Ind-AS (voluntarily or mandatorily), it **cannot revert** to the old standards, even if its net worth later falls below the threshold.
- Group Entities: If a parent company meets the Ind-AS criteria, its holding, subsidiary, joint venture, and associate companies are also required to comply, regardless of their individual net worth.
🔍 Practical Implications for 2025
Staying compliant in 2025 requires vigilance. Companies must:
- Check thresholds carefully: If your company’s net worth crosses a threshold in a given audited year, Ind-AS becomes applicable in the **immediate next financial year**.
- Consider regulatory sectors: Banks, NBFCs, and insurers have additional regulator-issued guidance, and compliance details may differ from the general corporate roadmap.
- Prepare for expanded reporting: Ind-AS requires more extensive disclosures, fair value measurements, and complex impairment models. This necessitates robust internal controls and advanced accounting systems.
- Remember voluntary adoption: Companies that voluntarily adopted Ind-AS from 1 April 2015 must continue to do so and ensure all comparative data and transition adjustments follow **Ind-AS 101**.
❓ FAQs (Commonly Asked)
-
Can a company voluntarily adopt Ind-AS even if it doesn’t meet the threshold?
Yes. Voluntary adoption is allowed from 1 April 2015, but once adopted, it is irreversible. -
Do overseas subsidiaries need to use Ind-AS for their standalone financials?
No, they follow local GAAP. However, the Indian parent company will require them to provide adjustments to their numbers for consolidation purposes to comply with Ind-AS. -
What about companies listed on SME exchanges?
SME-listed companies are generally excluded from mandatory applicability under the current phases.
🔗 Official Source:
For the definitive rules and standards, refer to the official document notified by the MCA.
📊 Ind-AS vs IFRS Applicability in 2025 – Key Differences Explained
When it comes to financial reporting, businesses often ask:
👉 How is Ind-AS applicability in India different from IFRS globally?
Both frameworks are aligned in principle (since Ind-AS is IFRS-converged), but their applicability rules differ significantly.
🔎 Quick Overview
| Aspect | Ind-AS (India) | IFRS (Global) |
|---|---|---|
| Authority | Ministry of Corporate Affairs (MCA), under Companies Act, 2013 | International Accounting Standards Board (IASB) |
| Standard Type | Converged with IFRS, with carve-outs | Full IFRS (no carve-outs) |
| Applicability Trigger | ✅ Net worth thresholds ✅ Listing status ✅ Sectoral category (NBFCs, Banks, Insurers) |
🚫 No thresholds ✅ Depends on jurisdiction rules (usually mandatory for listed/public interest entities) |
| Phased Roadmap? | Yes — 2016 onwards phased based on Net Worth & type of entity | No — immediate adoption as per jurisdiction’s law |
| Voluntary Adoption | Allowed since 2015 (irrevocable once opted) | Depends on country (e.g., optional in UK for private cos, mandatory in EU for listed) |
| Scope in 2025 | All large Indian companies (NW ≥ ₹250 Cr) and NBFCs, plus listed cos | Listed/public interest entities in most IFRS jurisdictions; varies for private cos |
🇮🇳 Ind-AS Applicability in India (2025)
✅ The phased roadmap was notified by the **MCA** under the Companies (Indian Accounting Standards) Rules, 2015.
- Phase I (from 1 Apr 2016): Companies (listed/unlisted) with **Net Worth ≥ ₹500 Cr**
- Phase II (from 1 Apr 2017): Listed companies (any NW) & unlisted companies with **Net Worth ≥ ₹250 Cr**
- Phase III (from 1 Apr 2018): **NBFCs** with **Net Worth ≥ ₹500 Cr**
- Phase IV (from 1 Apr 2019): **NBFCs** with **Net Worth ≥ ₹250 Cr**
📌 **Key rules:**
- Once applicable, **always applicable** (irrevocable).
- Applies to both **standalone and consolidated financials**.
- Subsidiary, JV, and associate of an Ind-AS company must also comply.
🌍 IFRS Applicability Globally
Issued by the **IASB**, IFRS standards apply differently across countries based on local regulations, not financial thresholds.
- European Union (EU): IFRS is mandatory for all listed companies’ consolidated accounts.
- UK: Listed companies must use IFRS; private companies may use UK GAAP or IFRS.
- Australia, Canada, South Africa, Singapore, etc.: IFRS is mandatory for listed/public interest entities.
- USA: Uses **US GAAP** (not IFRS), but foreign private issuers can file using IFRS.
- India: Uses **Ind-AS**, not IFRS.
📌 **Key point:** IFRS does not use thresholds like “Net Worth” or phased rollouts. Adoption depends on the country’s regulatory decision.
⚖️ Key Differences Summarised
- Thresholds:
Ind-AS: Phased based on **Net Worth**, Listing, and Sector.
IFRS: **No thresholds**; adoption is jurisdiction-based. - Jurisdictional Flexibility:
Ind-AS: Applies **only in India** (with Indian carve-outs).
IFRS: Adopted/mandated in **140+ countries** (with some differences in implementation). - Transition:
Ind-AS: Companies had to transition with comparatives (**Ind-AS 101**).
IFRS: Direct adoption when mandated, no phased national thresholds.
❓ FAQs
-
Q1: Can Indian companies directly adopt IFRS?
🚫 No, companies in India must follow Ind-AS (not pure IFRS), except some foreign subsidiaries filing abroad. -
Q2: Why does India use Ind-AS instead of IFRS?
**🇮🇳 To align with IFRS** while keeping **carve-outs** for Indian regulatory, legal, and economic conditions. -
Q3: Do SMEs follow Ind-AS in India?
❌ No, smaller Indian companies follow Accounting Standards (AS), unless they cross Ind-AS thresholds.
📝 Conclusion
Ind-AS = IFRS-converged standards with phased, threshold-based applicability in India.
IFRS = globally adopted for listed/public interest entities, with rules varying by jurisdiction, not by net worth thresholds.
👉 For companies in India, **Ind-AS** is the only path, while **IFRS** directly applies in other countries depending on their regulators.
🔗 Official Source:
For the definitive rules and standards, refer to the official document by IFRS Foundation.
🇬🇧 Comprehensive Guide to UK GAAP and Financial Reporting Standards (FRS) in 2025
The **United Kingdom Generally Accepted Accounting Practice (UK GAAP)** is overseen by the **Financial Reporting Council (FRC)** and defines the accounting standards applicable to entities in the UK. UK GAAP provides a tiered framework designed to suit companies of various sizes and types, with thresholds that evolve to reflect economic conditions and inflation. 📈
Key Financial Reporting Standards (FRS) and Applicability
1. FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland
- Applicability: The default standard for most UK entities not required to apply full **IFRS**. This includes small and medium-sized businesses, charities, and not-for-profits.
- Small company regime: Under sections 382 and 383 of the Companies Act 2006 (thresholds updated from **6 April 2025**), a company qualifies as small if it does not exceed two or more of the following criteria for two consecutive financial years:
- Turnover: £15 million (previously £10.2m)
- Balance sheet total (total assets): £7.5 million (previously £5.1m)
- Average employees: 50 (unchanged)
- Disclosure relief: Small entities applying FRS 102 can use **Section 1A** for reduced presentation and disclosure requirements.
2. FRS 105 – The Financial Reporting Standard for Micro-Entities
- Applicability: Micro-entities meeting any two of the following:
- Turnover: ≤ £1 million (previously £632,000)
- Balance sheet total: ≤ £500,000 (previously £316,000)
- Employees: ≤ 10
- Note: This provides the simplest reporting regime, with highly abridged accounts and minimal disclosure requirements.
3. FRS 101 – Reduced Disclosure Framework
- Applicability: For qualifying subsidiaries and ultimate parent companies that prepare **IFRS consolidated accounts** but wish to reduce disclosures in their individual financial statements.
- Note: Recognition and measurement follow IFRS, but with exemptions from many disclosure requirements.
4. FRS 103 – Insurance Contracts
- Applicability: Insurance companies issuing or managing insurance contracts.
- Note: This standard supplements FRS 102 with specific requirements aligned with international insurance accounting principles.
5. FRS 106 – Application of FRS 102 by Public Benefit Entities (PBEs)
- Applicability: Charities, housing associations, higher education institutions, and other not-for-profits.
- Note: Provides tailored recognition, measurement, and disclosure modifications to FRS 102.
📅 Updated UK GAAP Entity Size Thresholds (effective from 6 April 2025)
To qualify as micro, small, or medium, a company must meet at least **two out of three** thresholds for **two consecutive financial years** (except in its first year).
| Size Category | Turnover Threshold | Balance Sheet Total (Assets) | Employee Threshold |
|---|---|---|---|
| Micro-entity | ≤ £1,000,000 | ≤ £500,000 | ≤ 10 |
| Small | ≤ £15,000,000 | ≤ £7,500,000 | ≤ 50 |
| Medium | ≤ £54,000,000 | ≤ £27,000,000 | ≤ 250 |
| Large | Exceeds at least two of the medium thresholds. | ||
💡 Additional Notes on Applicability and Changes
Regulatory changes: The threshold increases effective from **6 April 2025** come from the Companies (Accounts and Reports) Amendment Regulations 2024, aiming to reduce the reporting burden and account for inflation. ⚖️
- Group considerations: Where a company is part of a group, thresholds are tested using **gross and net group figures** (gross = before consolidation adjustments; net = after). This affects eligibility for small/micro exemptions.
- Exclusions: Certain companies cannot apply the small company regime (Companies Act 2006, s.384), including public companies, insurance undertakings, and financial institutions.
- Reliefs available: Eligible companies can benefit from:
- Audit exemptions (where permitted)
- Filing abridged or filleted accounts
- Simplified directors’ report and reduced disclosures
- Narrative reporting: Some disclosure obligations in the Directors’ Report (e.g., details on financial instruments, employee policies, future developments) are removed or simplified for smaller companies.
- Balance sheet definition: The **“balance sheet total”** refers to **total assets**, not net assets—this is a critical distinction.
- Parallel reporting: UK GAAP remains available for most private companies, while listed or public companies must continue to report under **IFRS** as adopted in the UK.
📚 Where to Find More UK GAAP Information
- **FRC UK GAAP standards** – FRC Standards page
- **ICAEW overview of FRS 102 & small company regime** – ICAEW Technical Guidance
- **Companies Act 2006, sections 382–384** – Criteria for small companies and exclusions
✅ Conclusion
UK GAAP offers a flexible, tiered reporting framework tailored to company size and purpose. The recent uplift in thresholds from **6 April 2025** means more companies can access simplified reporting regimes under FRS 102 Section 1A and FRS 105, reducing compliance costs. At the same time, larger and public entities remain subject to fuller reporting under FRS 102 or IFRS. 💼