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

FRS 102 is the principal accounting standard in the UK financial reporting regime. It sets out the financial reporting requirements for entities that are not applying adopted IFRS, FRS 101 or FRS 105.

Find guidance on specific areas of UK GAAP on our separate FRS 102 topics pages.

Which version of the standard?

Guidance on the effective version of FRS 102 for different annual periods along with notes on amendments and early adoption are available exclusively to Corporate Reporting Faculty members – log in or find out how to join the faculty.

Current standard in issue

Amendments applicable from 1 January 2020

Amendments applicable from 1 January 2021

Amendments applicable from 1 January 2023

See the FRC's website for a full list of standards in issue and earlier publications, including previous versions of FRS 102, amendments and guidance.

Summary and timeline

Our FRS 102 summary and timeline tells you who is eligible to apply the standard – alongside a synopsis, any current proposals and a timeline of FRC updates relating to the standard.

ICAEW guides and support

Helpsheets and factsheets

Factsheets, FAQs and other commentary on specific topics are on our separate FRS 102 topics pages.

Judgements and estimates
Aimed at preparers of accounts under IFRS Accounting Standards and FRS 102, this guide looks at reporting requirements relating to the disclosure of key judgements and sources of estimation uncertainty.

FRS 102 overview
Corporate Reporting Faculty, April 2023
This factsheet provides a high-level summary of FRS 102 and includes practical tips and guidance on some common pitfalls. It also considers how climate-related matters might be reflected in the accounts.

The UK financial reporting regime
Corporate Reporting Faculty, April 2023
This factsheet provides an overview of the UK accounting framework and, in particular, which accounting standards are applicable and the options that are available to different types of entity.

Preparing and filing UK small entity accounts
Corporate Reporting Faculty, November 2022
This factsheet considers simplifications available to small entities and the criteria to be met.

Annual factsheets

These exclusive factsheets, produced annually by the Corporate Reporting Faculty for its members, highlight all new and modified requirements for preparers of UK GAAP accounts. Each annual edition focuses primarily on new requirements with mandatory application for preparers with periods beginning on or after 1 January of that year.

2023 UK GAAP Accounts
Corporate Reporting Faculty, August 2023

2022 UK GAAP Accounts
Corporate Reporting Faculty, updated August 2023

2021 UK GAAP Accounts
Corporate Reporting Faculty, updated August 2022

2020 UK GAAP Accounts
Corporate Reporting Faculty, updated August 2021 

Webinars and recordings

Webinars and podcasts on specific topics are on our separate FRS 102 topics pages.

Amendments to UK GAAP for COVID-19-related rent concessions
Corporate Reporting Faculty, January 2021
Hear about the COVID-19-related rent concessions amendments to FRS 102 and FRS 105.

2020/21 Reporting: Going concern and impairment
Corporate Reporting Faculty, January 2021
Going concern and impairment considerations for those preparing accounts under FRS 102 or FRS 105 with late 2020 or early 2021 year-ends. 

Bitesize Briefing: COVID-19 and impairment of assets
Corporate Reporting Faculty, June 2020
A short webcast, suitable for UK GAAP and IFRS reporters, outlining the accounting requirements for impairment of assets in the context of the pandemic.

Bitesize Briefing: COVID 19 and post balance sheet events
Financial Reporting Faculty, April 2020
Suitable for both UK GAAP and IFRS reporters, this short webcast outlines the factors to consider in deciding whether COVID-19 is an adjusting or non-adjusting event after the reporting period

Bitesize Briefing: COVID-19 and financial reporting implications
Corporate Reporting Faculty, April 2020
Aimed primarily at those preparing accounts under FRS 102, this short webcast provides an overview of the financial reporting implications of COVID-19 and discusses filing deadline extensions.

Articles and features

Planning for the 2023-4 reporting season
By All Accounts, January 2024
Against a backdrop of continuing economic and geopolitical uncertainty, Sally Baker highlights areas of particular relevance for the upcoming reporting season.

FRED 82: first reactions from ICAEW
By All Accounts, April 2023
Laura Woods summarises ICAEW’s preliminary views on the FRC’s proposals set out in FRED 82.

Periodic review results in proposals for major changes to UK GAAP
By All Accounts, April 2023
Stephen Maloney summarises the key proposals arising from the periodic review of FRS 102 and other UK standards.

Proposed amendments to UK GAAP – time to embrace the change?
By All Accounts, April 2023
Eddy James talks to Danielle Stewart OBE, partner and Head of Financial Reporting at RSM, about proposed amendments to UK GAAP.

Revenue and leasing under FRS 102 – the case for change
By All Accounts, April 2023
Kate Beeston and Sally Baker examine the arguments for changing the approach to recognising revenue and lease accounting.

Small businesses beware – FRS 102 changes may require additional disclosures
By All Accounts, April 2023
Simon Kettlewell explains how proposed changes to FRS 102 are likely to affect the millions of UK small businesses that take advantage of the reduced disclosures set out in Section 1A of the standard.

Bloomsbury Accounting and Tax Service

Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising around 80 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Bloomsbury Accounting and Tax Service.

Introduction to UK and Ireland GAAP
Steve Collings, 2022
A chapter on the structure of current UK and Ireland GAAP, including the alignment of FRS 102 with IFRS - part of a one-stop-shop guide by Steve Collings on all aspects of UK auditing standards and UK GAAP accounting standards.

UK Financial Statements: Presentation and Disclosure Requirements
Steve Collings, 2023
Detailed one-stop-shop guidance on how the disclosure requirements under new UK GAAP should be prepared.

Example financial statements
Steve Collings, 2023
Sample financial statements and disclosure checklists for a range of UK company sizes preparing annual financial statements in accordance with UK GAAP and FRS 102.

Terms of use: You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the Acceptable usage terms.

If you have any difficulties using these eBooks, please contact library@icaew.com.


Access to eBooks is only available to ICAEW members and ACA students – please log in to view these titles.

UK GAAP 2019: Application of FRS 100–104 in the UK
EY, Wiley, 2019
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. 

If you have any difficulties using these eBooks, please see our Help and support advice or contact library@icaew.com.

Example 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, and FRS 105. The examples and checklists cover a broad range of entities, including small companies, charities, groups, LLPs and micro-companies.

External resources

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 factsheets
A suite of staff factsheets were issued by the FRC in December 2018 and November 2021 highlighting certain requirements of FRS 102, including amendments made by the 2017 Triennial Review.

Ask ICAEW Technical Advisory Service

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

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

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

ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists. The links are provided ‘as is’ with no warranty, express or implied, for the information provided within them. Please see the full copyright and disclaimer notice.

* Some of the content on this web page was provided by the Chartered Accountants’ Trust for Education and Research, a registered charity, which owns the library and operates it for ICAEW.
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