FRS 102: Accounting policies, concepts and principles under UK GAAP
FRS 102 Section 2 sets out the objectives, qualitative characteristics and elements of financial statements. FRS 102 Section 10 sets out the requirements for selecting and applying accounting policies used in preparing financial statements.
The requirements regarding accounting policies are set out as part of FRS 102. However, individual sections of the standard should not be looked at in isolation as other parts may be relevant.
FRS 102 is regularly updated and amended by the Financial Reporting Council (FRC). For the full text of FRS 102, guidance on which version of the standard to apply and notes on recent amendments, see our main FRS 102 page.
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The concepts and pervasive principles
Chapter providing guidance for unlisted companies on the qualitative characteristics of financial statements and how items are classified among assets, liabilities, income, expenses and equity, as dealt with in FRS 102, Section 2. Topics covered include the elements of financial statements, recognition and measurement of items with the financial statements, offsetting and going concern.
Accounting policies, estimates and errors
Chapter covering the need for a reporting entity to select appropriate accounting policies and estimation techniques, apply them consistently and make certain disclosures in their financial statements under FRS 102 and FRS 105. This detailed guide by Steve Collings has been comprehensively updated to reflect all changes made to UK and Ireland accounting standards up to November 2022.
Accounting principles for tax purposes
An accessible introduction to the accounting rules relevant to tax computations in the UK. Written for tax practitioners who wish to gain a better understanding of accounting rules, this edition has been updated to reflect recent developments and amendments to the new UK GAAP framework, including amendments related to COVID-19 rent concessions. The tax commentary has also been brought up to date with the Finance Act 2020.
Back to basics: accounting principles
A chapter on UK accounting principles, in this accessible introduction to the accounting rules relevant to tax computations in the UK. Includes sections on FRS 102, Section 2 'Concepts and pervasive principles' and fair values under FRS 102. Written for tax practitioners who wish to gain a better understanding of accounting rules in the UK.
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Model accounts and disclosure checklists for 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.
Manuals and handbooks
The ICAEW Library stocks the latest UK GAAP handbooks and manuals. You can browse all our books on FRS 102 and accounting policies, concepts and principles or request any of the following popular titles by contacting us on +44 (0)20 7920 8620, by web chat, or at firstname.lastname@example.org
GAAP 2019: UK reporting – FRS 102 (Volume B)
Deloitte, Croner-i, 2019
Comprehensive manual explaining how to apply FRS 102, with worked examples and extensive interpretation and guidance. The chapter on concepts and pervasive principles covers the objective of financial statements, qualitative characteristics of information in financial statements, recognition and measurement of assets, liabilities, income and expenses, and other topics. The chapter on accounting policies, estimates and errors covers the selection and application of accounting policies, consistency of accounting policies, and changes in accounting policies.
Manual of accounting: UK GAAP
PwC, Lexis Nexis, 2019
Practical guide with worked examples throughout, dealing with day-to-day issues as well as complex questions. The chapter on accounting policies, estimates and errors deals with selecting and applying policies, changes in accounting policies, changes in accounting estimates, and corrections of prior period errors.
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