Which accounting framework?

There are too many accounting framework around IFRS, IFRS for SMEs, FRSSE, FRS 102 and others,  all creating a confusing mess.

I have created below a simple table explaining the applicable frameworks:

Company type	Accounting framework
Micro company       ie. Turnover below £632,000 per annum1	FRS 105
Small Companies    ie.  Turnover below £10.20 million per annum1	Section 1A Small Entities of FRS 102
All others	FRS 102
Listed Companies	IFRS

Where an entity prepares its financial statements in accordance with an accounting framework , a statement of compliance needs to be included in the notes.

Notes :

1. Other criteria also apply like number of employees and balance sheet total.

Further reading:

1. ICAEW article with all resources.