Section 1
Scope
Scope of this Financial Reporting Standard
1.1 This FRS applies to financial statements that are intended to give a true and fair view
of a reporting entity’s financial position and profit or loss (or income and
expenditure) for a period.
1.2 The requirements of this FRS are applicable to public benefit entities and other
entities, not just to companies. However, those paragraph numbers prefixed with ‘PBE’
shall only be applied by public benefit entities, and shall not be applied directly, or by
analogy, by entities that are not public benefit entities, other than, where specifically
directed, entities within a public benefit entity group.