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Revenue recognition under new UK GAAP

Section 23 of the accounting standard FRS 102 covers revenue recognition. On this page you can access a range of articles, books and online resources providing useful links to the standard, summaries, guidance and news of recent developments.

General guidance and information on the accounting standard is available from our FRS 102 page.

Revenue recognition was dealt with in FRS 5 under old UK GAAP. This standard has been superseded by FRS 102.

What's on this page?

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

Contact the Library

Expert help for your enquiries and research.

E  library@icaew.com

T  +44 (0)20 7920 8620

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 September 2015. This updated edition incorporates amendments issued in September 2014, February 2015, March 2015 and July 2015. Revenue recognition is covered in Section 23.

More information and links to previous versions and amendments are available on our main FRS 102 page.

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.

ICAEW guidance and support

Will moving to FRS 102 affect when contingent revenue is recognised?
Financial Reporting Faculty staff comment on some of the questions raised by members about the impact of the standard on the recognition of contingent revenue. This FAQ discusses recognising revenue from rendering of services, applying judgement, individual contracts, portfolios of contracts and implications for auditors. Published in March 2016.

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:

  • I understand there is an option to take a revaluation as deemed cost for tangible fixed assets, when does the revaluation have to be performed?
  • 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?
  • When do I have to apply FRS 102 to my UK company client?
  • How does FRS 102 impact charities?

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.

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
Steve Collings (2015)
A detailed, practical guide to applying UK GAAP with specific sections and examples covering:

UK GAAP 2017: Application of FRS 100–104 in the UK
EY (2017)
This guide has been fully updated to reflect the application of the new accounting standard in practice. It focuses on each area of the financial statement in detail and explains how they are treated by FRS 102, with illustrative examples. The chapter on revenue covers:

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.

Staff Education Note 7: Revenue recognition 
Guidance note produced by the FRC comparing the accounting requirements for revenue recognition under FRS 102 with the previous requirements (which included FRS 5, SSAP 9 and UITF 40).

FRS 102: Accounting for revenue - tips and advice
CCH Daily, February 2017
This article considers the accounting rules on the complicated issue of revenue reporting, focusing on key requirements set out in FRS 102 section 23 Revenue.

Financial Reporting Standard 102: Revenue recognition 
Factsheet issued by Crowe Clark Whitehill covering aspects of accounting for tangible fixed assets under FRS 102.

Revenue Recognition under FRS 102 – Good news, bad news or a damp squib?
Andrew Guntert reflects on whether FRS 102 would have an effect on the sales and profit of a client. Published on the mercia-group blog in June 2015.

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 and books in the Library collection

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.

Can't find what you are looking for?

If you're having trouble finding the information you need, ask the Library & Information Service. Contact us by telephone on +44 (0)20 7920 8620, by web chat or by email at library@icaew.com.

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