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FRS 12: Provisions, contingent assets and contingent liabilities

The accounting standard FRS 12 set out the criteria for recognising provisions. Provisions and contingencies are covered by Section 21 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This standard and all other old UK GAAP FRSs have been withdrawn for reporting periods starting on or after 1 January 2015.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 12: Provisions, Contingent Liabilities and Contingent Assets
This is the full text of the original standard as issued by the Accounting Standards Board in September 1998. It does not include the amendments made by FRS 17, FRS 21 and FRS 26.

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.


FRS 12 was amended by FRS 17: Retirement BenefitsFRS 21: Events After the Balance Sheet Date and FRS 26: Financial Instruments: Recognition and Measure.


Provisions, Contingent Liabilities and Contingent Assets
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.

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