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FRS 2: Accounting for subsidiary undertakings

The accounting standard FRS 2 set out the conditions relating to parent undertakings and the preparation of consolidated financial statements for subsidiaries. Subsidiary undertakings are covered by Section 9 of FRS 102 under new UK GAAP.


This standard and all other old UK GAAP FRSs have been withdrawn for reporting periods starting on or after 1 January 2015.

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Full-text standard

Financial Reporting Standard 2: Accounting for Subsidiary Undertakings
This is the full text of the original standard as issued by the Accounting Standards Board in July 1992. It does not include the amendments made in December 2004 and June 2009.

A consolidated version of the standard which includes these amendments is available from the Library. Please contact us by phone on +44 (0)20 7920 8620, by fax on +44 (0)20 7920 8621 or by email at library@icaew.com for more information.


Amendments to FRS 2, FRS 6 and FRS 28: Legal Changes
Amendment issued by the ASB in June 2009.

Amendment to Financial Reporting Standard 2 Accounting for Subsidiary Undertakings: Legal Changes – December 2004
Amendment issued by the ASB in December 2004.


Accounting for Subsidiary Undertakings
Summary published by the Financial Reporting Council.

ICAEW guidance and support

Financial Reporting Faculty
The faculty offers assistance and support in IFRS, UK GAAP and other aspects of business reporting. It offers technical briefings and factsheets, IFRS and UK GAAP standards-trackers, plus practical advice from industry experts and working accountants.

FRC news

ASB issues Amendments to Financial Reporting Standard for Companies Act Changes
Press notice published by the ASB on 18 June 2009.

Relevant Financial Reporting Review Panel findings

Findings of the Financial Reporting Review Panel in respect of the accounts of Liberty International PLC for the period ended 31 December 2000
Press release issued by the FRRP on 26 February 2002.

Online articles

The library provides access to a range of articles in full text from leading business, finance and management journals. Access to articles is provided to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use.

Articles are available to logged-in ICAEW members, ACA students and other entitled users.

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