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FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland

The accounting standard FRS 102 sets out accounting and reporting requirements for unlisted entities. Find articles, books and online resources providing quick links to the standard, summaries, guidance and news of recent developments.

We also have separate pages on individual topics and sections within FRS 102 and other new UK GAAP standards.

What's on this page?

  • Full-text standard
  • Guidance and support from ICAEW
  • Model accounts
  • eBooks
  • Guides
  • Online articles
  • Articles and books from the Library

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Full-text standard

FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland
As issued by the Financial Reporting Council (FRC) in March 2018. This updated edition incorporates changes made by the triennial review amendments in December 2017 and amendments issued in March 2016, December 2016 and May 2017. This version is effective for accounting periods beginning on or after 1 January 2019 although early application is permitted.

FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (Sep 2015)
As issued by the FRC in September 2015. This updated edition incorporates amendments issued in September 2014, February 2015, March 2015 and July 2015.

FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (Aug 2014)
As issued by the FRC in August 2014. This revised edition incorporates amendments issued in March 2014 and July 2014.

FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (Mar 2013)
As issued by the FRC in March 2013.

Amendments

Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial Review 2017 – Incremental Improvements and Clarifications
Amendment issued by the FRC on 14 December 2017.

Amendment to FRS 102 (May 2017): Directors’ loans – optional interim relief for small entities
News update issued by the FRC on 8 May 2017 issuing an amendment to FRS 102, effective immediately with retrospective application available. The text of the amendment is given in the news update. This amendment is considered to be an interim measure and will be deleted as part of the finalisation of FRED 67.

Amendments to FRS 101 Reduced Disclosure Framework and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland: Notification of shareholders
Amendment issued by the FRC in December 2016, removing the requirement for qualifying entities to notify shareholders in writing when intending to take advantage of disclosure exemptions in FRS 101 and FRS 102.

Amendments to FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland: Fair value hierarchy disclosures
Amendment issued by the FRC in March 2016.

Amendments to FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland: Small entities and other minor amendments
Amendment issued by the FRC in July 2015.

Amendments to FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland: Pension obligations
Amendment issued by the FRC in February 2015.

FRS 102 – Editorial amendments and clarification statements (last updated 16 April 2015)
Document compiling details of the amendments and clarifications that have been made to the August 2014 version of FRS 102, including changes to Sections 12 and 29.

FRS 102 – Editorial amendments and clarification statements
Document issued by the FRC in March 2014 and updated in August 2014 setting out amendments and clarifications that have been made to date to Sections 1, 11, 12, 29 and 35.

FRS 102 – Editorial amendments and clarification statements
Document issued by the FRC and updated in August 2014 setting out amendments and clarifications that have been made to date to Sections 1, 12 and 29.

ICAEW guidance and support

The new UK GAAP
ICAEW's financial reporting portal offering practical resources on the new regime, including guidance factsheets and FAQs covering key topics.

Ask ICAEW Technical Advisory Service

Get an opinion from the experts. Our experienced technical advisors can help you with your new UK GAAP questions and offer practical advice. Call the advisory helpline on +44 (0)1908 248 250.

Questions we've dealt with recently include:

  • What is happening to the FRSSE? Can I still use it?
  • How do I know if my financial instruments are basic or other under FRS 102?
  • How does FRS 102 impact charities?
  • What do I do with the revaluation reserve when I change from old UK GAAP to new UK GAAP if I am taking revaluation as deemed cost?

Find out more about the Technical and ethics advisory helpline, including our opening hours.

Financial Reporting Faculty

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.

Filing options under the new small companies regime
This FAQ explains the options available to small companies when they file their accounts at Companies House, particularly addressing questions about ‘filleted’ accounts. Published in September 2016.

An introduction to FRS 102 
This factsheet provides an overview of FRS 102, highlighting key differences compared to old UK GAAP and offering practical guidance on how to implement the new standard. Published April 2016.

Summaries

FRS 102
Timeline and summary from Deloitte UK Accounting Plus, giving a history of amendments to the standard.

New UK GAAP (FRS 102)
Topic summary provided by PwC, giving latest developments and overview, a summary of the standard and links to relevant resources.

Model accounts

Model accounts and disclosure checklists for new UK GAAP
The ICAEW Library can provide model accounts and disclosure checklists for FRS 101, FRS 102, FRS 102 Section 1A, FRS 103 and FRS 105. The examples and checklists cover a broad range of entities, including small companies, charities, groups, LLPs and micro-companies.

eBooks

The Library provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users. If you are unable to access an eBook, please see our Help and support advice or contact library@icaew.com.

Interpretation and application of UK GAAP for accounting periods commencing on or after 1 January 2015

A detailed guide to applying new UK GAAP. Provides insight into the preparation of accounts under the EU-adopted IFRS, FRSs 100, 101, and 102, the FRSSE, and the Companies Act 2006, with guidance on which type of disclosure each scenario requires. The book also includes detailed analysis of the planned changes to the Small Companies' Regime scheduled to take effect in 2016.

UK GAAP 2017: generally accepted accounting practice under UK and Irish GAAP

UK GAAP 2017 is fully updated to reflect the application of the new accounting standards in practice. It focuses on each area of the financial statement in turn and explains how they are treated by FRS 102, FRS 100, FRS 101, FRS 103 and FRS 104.

UK GAAP financial statement disclosures manual

A practical manual for preparing new UK GAAP-compliant disclosures. This guide collects all of the latest guidelines into one place and is designed for practical application with many real-world examples.

Guides

Some guides and comparisons that we link to may pre-date the latest amendments to this standard. While these resources contain useful information, please treat them with appropriate caution.

New UK GAAP
The FRC guide to FRS 100, 101 and 102 gives summaries of latest developments, consultations and ongoing projects.

FRC issues a suite of staff factsheets on aspects of FRS 102
A suite of staff factsheets issued by the FRC in December 2018 highlighting certain requirements of FRS 102, including amendments made by the 2017 Triennial Review.

Staff Education Notes
A collection of guidance notes produced by the FRC illustrating certain requirements of FRS 102:

GAAP 2015: UK GAAP in your pocket – a guide to FRS 102
Comprehensive overview of each section of FRS 102 and of key differences between new UK GAAP, old UK GAAP and IFRS. Latest edition published in April 2015 by Deloitte.

Accounting standards: The UK tax implications of new UK GAAP
A series of papers published by HMRC, updated in December 2016, giving an overview of key accounting changes and tax considerations for companies moving from UK GAAP to FRS 102 regarding corporation tax and income tax.

SORP information sheet 4: The adoption of FRS 102 by charities reporting under the SORP
Information sheet issued by the Charity Commission discussing the legal position of the charity SORP 2005 and early adoption of FRS 102.

AccountingWEB: FRS 102
Continuing series of detailed articles with practical examples from AccountingWEB written by Steve Collings, highlighting new developments, implementation challenges and sector-specific guides. Many of the articles look at topics that were dealt with in separate standards under old UK GAAP, such as goodwill, employee benefits, deferred tax and leases. Key articles include:

Changing your GAAP
Guide published by Deloitte in December 2014. The guide explores which options are available under the new reporting framework, the key differences in GAAPs and the practical implications of changing GAAP.

Financial Reporting Standards – changes to UK GAAP
Crowe Clark Whitehill has produced a series of factsheets on aspects of FRS 100, 101 and 102, originally published in 2013.

Cutting through UK GAAP
Detailed guide produced by KPMG looking at FRS 100, 101 and 102. Published in 2015.

How will the transition from current UK GAAP to FRS 102 from January 2015 impact on my company's accounts?
Factsheet from Grant Thornton, published in 2013, highlighting major changes from current UK GAAP for non-small companies.

Comparisons

A comparison of old UK GAAP, new UK GAAP (FRS 102) and EU-adopted IFRS
Overview updated by PwC in April 2016. The full detailed guide is available to registered PwC Inform users.

FRC news

Simplification of UK GAAP benefits up to 4 million businesses
News update issued on 14 December 2017 announcing the completion of the FRC's triennial review of FRS 102 along with the publication of amendments and clarifications to the standard.

FRC proposes amendments to FRS 102 for gift aid payments
News update issued on 20 September by the FRC announcing FRED 68 which makes amendments to accounting for gift aid payments made by a subsidiary to its charitable parent.

Amendment to FRS 102 (May 2017): Directors’ loans – optional interim relief for small entities
News update issued by the FRC on 8 May 2017 announcing an amendment to the standard, effective immediately with retrospective application available. This amendment is considered to be an interim measure and will be deleted as part of the finalisation of FRED 67.

Triennial review results in simplifications proposed to FRS 102
Press notice issued by the FRC on 23 March 2017 announcing FRED 67 with proposals to simplify accounting for directors' loans along with changes to accounting for intangible assets and investment property.

FRC issues amendments to fair value disclosures in FRS 102
Press notice issued by the FRC on 8 March 2016 announcing amendments to simplify the preparation of disclosures about financial instruments for financial institutions and retirement benefit plans.

FRC proposes limited scope improvements to FRS 102
Press notice issued by the FRC on 4 November 2015 announcing an exposure draft (FRED 62) proposing limited scope improvements to FRS 102 relating to financial institutions and retirement benefit plans.

New accounting standards offer simplification for micro-entities and small entities
Press notice issued by the FRC on 16 July 2015 announcing amendments to FRS 100, 101 and 102 and the publication of a new accounting standard FRS 105.

FRC consults on limited amendments to FRS 102
Press notice issued by the FRC on 20 April 2015 announcing the release of FRED 61 which proposes amendments to simplify the accounting for share and share option awards where a cash-settlement alternative exists.

FRC amends FRS 102 relating to pension obligations
Press notice issued by the FRC on 27 February 2015 announcing amendments on accounting for defined benefit pension plans.

FRC proposes amendments to FRS 102 relating to pension obligations
Press notice issued by the FRC on 20 August 2014.

FRC issues FRS 102
Press notice issued by the FRC on 14 March 2013.

Online articles

The Library provides access to leading business, finance and management journals. These journals are available 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.

Articles from other sources

FRS 102 amendments explained: Practical issues
CCH Daily, December 2017
This article reviews the latest amendments to FRS 102 resulting from the FRC's triennial review. It highlights changes to directors' loans, recognition of intangible assets and investment property, as well as the definition of financial institutions, which on balance simplify aspects of UK GAAP. Available online to Accountancy Daily subscribers or in print from the Library.

FRC issues amendments to FRS 102
AccountingWEB, December 2017
On 14 December 2017, the FRC issued final amendments to FRS 102 as part of its first triennial review. This article outlines the amendments that will have a direct impact on financial statements, including those for small companies.

FRS 102: Tax implications for financial statements
CCH Daily, June 2016
The transition to FRS 102 accounting from old UK GAAP needs careful consideration to avoid contravening tax rules. This article will consider some of the most notable differences in accounting between old UK GAAP and new UK GAAP together with their associated tax implications. Available online to Accountancy Daily subscribers or in print from the Library.

FRS 102: Ten things you need to know about new UK GAAP accounting rules
CCH Daily, January 2016
The new UK GAAP sees an overhaul of UK accounting rules with the introduction of FRS 102. This article provides essential tips and practical help on what to consider when adopting new UK GAAP, which must be implemented now. Available online to Accountancy Daily subscribers or in print from the Library.

GAAP conversion: tips and pitfalls on transition to FRS 102
CCH Daily, October 2015
With less than three months until the deadline for GAAP conversion and the adoption of FRS 102 for company reporters, this article considers the essentials for a smooth transition, with eight tips for avoiding potential pitfalls. Available online to Accountancy Daily subscribers or in print from the Library.

How FRS 102 affects raising finance for your business
Economia, May 2014
Most finance directors know ­they will need to apply FRS 102 to their financial statements for accounting periods beginning on or after 1 January 2015. But many have not considered what this means for their business. We highlight some of the areas to consider when you're raising finance for your business.

FRS 102: Future-proof your covenants – don't get caught out
Article from RSM drawing attention to the impact of FRS 102 with steps you should take to protect your business and a list of areas that could affect covenants.

Articles and books in the Library collection

Selected books

Preparing FRS 102 company accounts
Anne Cowley
The guide covers financial reporting for large and medium-sized companies and contains example accounts and auditor's reports.

Find more resources

To find out how you can borrow books from the Library please see our guide to book loans. You can obtain copies of articles or extracts of books and reports by post, fax or email through our document supply service.

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