FRS 5: Reporting the substance of transactions
Find links to the accounting standard, technical summaries, useful guides and other resources on FRS 5 collated by ICAEW Library & Information Service.
The accounting standard FRS 5 required entities to report the substance of their transactions in financial statements. It was issued by the Accounting Standards Board in April 1994 and subsequently amended in December 1994, September 1998 and November 2003.
This standard and all other old UK GAAP FRSs have been withdrawn for reporting periods starting on or after 1 January 2015. Topics within reporting the substance of transactions are covered by Section 2, Sections 11 and 12 and Section 23 of FRS 102 under new UK GAAP.
How can I get a copy of this standard?
There is no free consolidated version of FRS 5 available online.
However, we can provide copies of the consolidated standard, which includes amendments, through the Library's premium databases by email. Contact us by phone on +44 (0)20 7920 8620 or by email at email@example.com for more information.
Unconsolidated standard and amendments as first issued
Financial Reporting Standard 5: Reporting the Substance of Transactions
This is the full text of the original standard as issued by the Accounting Standards Board in April 1994. It does not include the amendments made in December 1994, September 1998 and November 2003. The amendments made by FRS 25 and FRS 26 are also not included.
Amendment to FRS 5 ‘Reporting the Substance of Transactions’: Revenue Recognition
Amendment issued by the ASB in November 2003.
Amendment to FRS 5 ‘Reporting the Substance of Transactions’: Private Finance Initiative and Similar Contracts
Amendment issued by the ASB in September 1998.
Amendment to FRS 5 ‘Reporting the substance of transactions’: Insurance Broking Transactions and Financial Reinsurance
Amendment issued by the ASB in December 1994 which sets out two transitional amendments to the standard. The amendment was reproduced in Accountancy (Vol. 115, No. 1217), January 1995, p.116–117, which is available in the Library.
FRS 5 has also been amended by FRS 25: Financial Instruments: Disclosure and Presentation and FRS 26: Financial Instruments: Recognition and Measurement.
Reporting the Substance of Transactions
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.
ASB Issues Convergence Standards
Press notice issued by the Financial Reporting Council on 2 December 2004, announcing the publication of FRS 25.
Guides and publications
Amendment to FRS 5, UITF 40 and the taxation of professional firms
A selection of links, citations and useful resources put together by the ICAEW Library.
Articles are available to logged-in ICAEW members, ACA students and other entitled users.
Articles and books in the Library collection
- View a list of articles and books in our collection on FRS 5, securitisations, off-balance sheet accounting and revenue recognition
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