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FRS 102: Foreign currency translation under UK GAAP

FRS 102 Section 30 sets out the requirements that apply to foreign currency transactions, foreign operations and translation of financial statements into a presentation currency.

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The requirements relating to specific topics are set out as sections within 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.

ICAEW factsheets and guides

The Corporate Reporting Faculty's annual UK GAAP factsheets provide a more detailed discussion of recent UK GAAP amendments.

Exclusive Can accounts be prepared and filed at Companies House in a foreign currency?
  • Helpsheets and support
  • 19 Feb 2026
Helpsheet explaining how UK companies may prepare and file accounts at Companies House in a foreign presentation currency under FRS 102 or IFRS.
Exclusive Foreign currency translation under FRS 102
  • Helpsheets and support
  • 19 Feb 2026
Helpsheet outlining how to apply FRS 102 Section 30 to foreign currency transactions and operations, covering functional and presentation currency, translation of transactions and financial statements, and treatment of exchange differences.
Exclusive FRS 102 Financial Instruments - Hedge Accounting
  • Helpsheets and support
  • 14 Dec 2022
  • PDF (495kb)
This factsheet outlines the key requirements of FRS 102 in respect of hedge accounting and includes practical examples on their application.

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Exclusive Foreign currency issues
  • eBook chapter
  • 2026
  • Steve Collings
  • Group Accounts under UK GAAP
A chapter on foreign currency accounting issues, in this title providing accountants and auditors with easy to follow guidance on the preparation of group accounts in line with UK GAAP. Topics include: Functional currency, Reporting foreign currency transactions in the functional currency, Presentation currency, Intra-group balances and transactions, Goodwill on acquisition of a foreign operation. 
Exclusive Foreign currency translation
  • eBook chapter
  • 2026
  • Steve Collings
  • Financial Reporting for Unlisted Companies in the UK and Republic of Ireland
A chapter providing practical guidance on foreign currency translation for financial statements under UK GAAP.
Exclusive Foreign Currency Translation
  • eBook chapter
  • 2024
  • Julia Penny
  • Accounting Principles for Tax Purposes
A chapter on foreign currency translation, in this accessible introduction to the accounting rules relevant to tax computations in the UK.
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Other resources

UK Accounting Plus
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  • Deloitte

Overviews of each UK accounting standard, with a history and timeline of key events and amendments.

UK GAAP 2026: Application of FRS 100–FRS 104 in the UK (May 2026)
  • Website
  • EY

Detailed manual that incorporates the September 2024 editions of FRS 100–104, plus amendments issued up to March 2026, and changes to legal requirements for UK companies and LLPs. It offers insight on practical application issues.

UK GAAP model accounts and disclosure checklists
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  • ICAEW Library and Information Service
Example financial statements and disclosure checklists for UK GAAP available from the ICAEW Library & Information Service, Bloomsbury and other sources.

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