FRS 102: Revenue under UK GAAP
FRS 102 Section 23 Revenue sets out the requirements that apply to revenue arising from the sale of goods, services, construction contracts, and entity assets yielding interest, royalties or dividends.
The requirements regarding revenue 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.
Bloomsbury Accounting and Tax Service
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A chapter on revenue - part of a one-stop-shop guide by Steve Collings on all aspects of UK auditing standards and new UK GAAP accounting standards. The chapter shows how to put the standards into practice, covering accounting requirements for revenue under FRS 102, FRS 105 and IFRS 15 as well as auditing revenue.
A chapter on financial reporting of revenue recognition under FRS 102 and FRS 105 for unlisted companies in the UK and Republic of Ireland. This key title by Steve Collings has been comprehensively updated to reflect changes issued by the Financial Reporting Council (FRC) since 2019.
A full chapter on revenue recognition, in this accessible introduction to the accounting rules relevant to tax computations in the UK. Includes sections on FRS 102, Section 23 'Revenue' and IFRS 15, 'Revenue from Contracts with Customers'. Written for tax practitioners who wish to gain a better understanding of accounting rules in the UK.
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Fully updated guide focusing on each area of the financial statement in detail with illustrative examples. This chapter on accounting for revenue gives a comparison of FRS 102 Section 23 and IFRS, and looks at measurement of revenue, identification of the revenue transaction, sale of goods, rendering of services, percentage of completion method, franchise fees, interest, royalties, dividends, construction contracts, disclosures, and practical implementation issues.
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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 revenue 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 revenue covers measurement of revenue, identification of the revenue transaction, sale of goods, rendering of services, construction contracts, percentage of completion method, interest, royalties, dividends, and disclosures.
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 revenue explains general recognition principles, measurement of revenue, identification of the revenue transaction, sale of goods, sales of services, construction contracts, revenue generated from assets, presentation and disclosure.
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