FRS 2 Accounting for Subsidiary Undertakings
Issued July 1992. Effective for accounting periods ending on or after 23 December 1992. Amended December 2004.
FRS 2 has been superseded by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for accounting periods beginning on or after 1 January 2015. For more information visit:
Synopsis
The purpose of consolidated financial statements is to provide financial information about the economic activities of a group. FRS 2 sets out:
- the conditions under which a parent undertaking should prepare consolidated financial statements
- the manner in which consolidated financial statements should be prepared, and
- the very limited situations where a subsidiary may be excluded from consolidation.
Last updated 21 June 2015