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FRS 12: Provisions, contingent assets and contingent liabilities

Find links to the accounting standard, technical summaries, useful guides and other resources on FRS 12 collated by ICAEW Library & Information Service.

The accounting standard FRS 12 set out the criteria for recognising provisions. It was issued by the Accounting Standards Board September 1998.

This standard and all other old UK GAAP FRSs have been withdrawn for reporting periods starting on or after 1 January 2015. Topics within provisions and contingencies are covered by Section 21 of FRS 102 under new UK GAAP.

How can I get a copy of this standard?

Consolidated standard

There is no free consolidated version of FRS 12 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 library@icaew.com for more information.

Unconsolidated standard and amendments as first issued

Financial Reporting Standard 12: Provisions, contingent assets and contingent liabilities
This is the full text of the original standard as issued by the Accounting Standards Board in September 1998. It does not include any subsequent amendments.

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.

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