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<p>The Government considers that there is no difference between the meaning of a liability,
as recorded in companies’ accounts, in Parts 18 and 23 of the Companies Act 2006,
compared with the definition of a liability in The Financial Reporting Standard (FRS)
102, which may be applied in accordance with Part 15 of the Act.</p><p> </p><p>The
FRC issues the standards for the purposes of section 464 of the Companies Act 2006,
having been prescribed as the standard issuing body by the Statutory Auditors (Amendment
of Companies Act 2006 and Delegation of Functions etc) Order 2012 (SI 2012/1741).
In doing so the FRC must adhere to the requirements set out in statute. Unquoted companies
are required to use accounting standards issued by the FRC, including FRS 102, when
preparing their accounts under the Companies Act, except where they choose to use
International Accounting Standards.</p>
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