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FRS 102: Small entities under UK GAAP

FRS 102 Section 1A outlines simplified presentation and disclosure requirements for small entities. It applies to companies and LLPs opting for the small entities regime, and other entities meeting the criteria for small companies.

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Small and micro-entity reporting

Check our guides on choosing the right regime, the criteria for small companies and micro-entities, filing accounts, simplifications for small companies and micro-entities, and other guidance.

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Access the standard

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 FRS 102 amendments – section 1A
  • Helpsheets and support
  • 02 Oct 2026
Helpsheet explaining the Periodic Review 2024 amendments to FRS 102 Section 1A, effective from January 2026. Key changes to FRS 102 Section 1A include expanded related party disclosures and consequential amendments to reflect changes to lease accounting, revenue recognition, share-based payments and taxation.
Exclusive Is a company or group small?
  • Helpsheets and support
  • 23 Sep 2026
Technical helpsheet issued to help members make their assessment as to whether a company or group qualifies as small under the Companies Act 2006.
Exclusive FRS 102: Section 1A Small Entities
  • Helpsheets and support
  • 24 Mar 2026
Helpsheet explaining the reporting requirements for small entities under FRS 102 Section 1A. It covers recognition, measurement, presentation, and disclosure rules, ensuring financial statements give a true and fair view.
Exclusive Preparing and filing UK small entity accounts
  • Helpsheets and support
  • 05 Nov 2025
  • PDF (449kb)
This factsheet considers simplifications available to small entities and the criteria to be met. Updated November 2025.
Exclusive Small entity reporting – simplifications
  • Helpsheets and support
  • 20 Aug 2025
This page sets out the financial reporting simplifications available to companies that are entitled to apply the Small Companies Regime.
Small and micro-entity reporting compared
  • Helpsheets and support
  • 21 May 2025
A guide to the differences between applying FRS 102 Section 1A and FRS 105.

ICAEW webinars

Exclusive Small and micro entities: topical reporting issues
  • Webinar
  • 19 May 2025
Specifically aimed at preparation of accounts under Section 1A Small Entities of FRS 102, and FRS 105 for micro-entities, this webinar covers topical reporting issues relevant to late 2024 and early 2025 year-ends, along with an overview of upcoming accounting and regulatory developments.
Exclusive Small and micro entities: topical reporting issues
  • Webinar
  • 22 Jul 2024
Specifically aimed at the preparation of accounts under Section 1A Small Entities of FRS 102, and FRS 105, this webinar covers topical reporting issues relevant to late 2023 and early 2024 year-ends.
Exclusive Topical reporting issues for small and micro-entities
  • Webinar
  • 06 Dec 2022
This webinar explores the financial reporting impact for small and micro companies of topical issues including the current economic environment, as well as sustainability and climate change reporting. Upcoming changes due to Companies House reform and the periodic review of UK GAAP also feature.

ICAEW articles and features

Exclusive A closer look at the changes to UK GAAP affecting small entities
  • Article
  • 29 Sep 2026
  • Danielle Tulett, Financial Reporting and Technical Senior Manager, Operations Risk and Compliance, Cooper Parry
  • By All Accounts
Small entities reporting under Section 1A of FRS 102 face several new requirements following the Periodic Review 2024 amendments. Beyond the accounting changes for revenue and leases, we take a closer look at the revised disclosure requirements.
FRC sets up SME forum for FRS 102 preparers
  • Article
  • 15 Apr 2026
  • ICAEW Insights
The Financial Reporting Council’s new discussion forum will give SME stakeholders the opportunity to share their experiences of applying FRS 102 to corporate reports.
FRC clarifies related party disclosures for small UK entities
  • Article
  • 01 Sep 2025
  • ICAEW Insights
The Financial Reporting Council has provided clarification relating to the disclosure of directors’ remuneration by UK small entities applying the new FRS 102 Section 1A, effective from 1 January 2026.
EU Parliament votes through CSRD and CSDDD delay
  • Article
  • 04 Apr 2025
  • ICAEW Insights
The vote confirms the postponement of the Corporate Sustainability Reporting Directive and the Corporate Sustainability Due Diligence Directive by two years and one year respectively.
FRC updates resources to reflect reporting threshold changes
  • Article
  • 26 Mar 2025
  • ICAEW Insights
The Financial Reporting Council has updated relevant documents on UK reporting thresholds ahead of the changes that come into effect from 6 April.
Exclusive It’s time to raise the threshold
  • Article
  • 03 Apr 2024
  • Sally Baker
  • By All Accounts
New regulations to increase the company size thresholds with effect from 6 April 2025 have been issued. Sally Baker considers the implications.

eBooks

The ICAEW Library & Information Service provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users. If you are unable to access an eBook, please see our Help and support advice or contact library@icaew.com.

Exclusive FRS 102 - Small entities
  • eBook chapter
  • 2019
  • Rob Carrington, Ernst & Young
Guide from 2019 focusing on each area of the financial statement in detail with illustrative examples. This chapter gives a summary of FRS 102 Section 1A and related Companies Act 2006 requirements, and covers the scope of the small entities and LLPs regime, recognition and measurement requirements, the complete set of financial statements, statement of financial position, income statement (or profit and loss account), notes to the financial statements, statutory exemptions, and filing requirements.
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You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.

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.

Exclusive UK financial statements: presentation and disclosure requirements
  • eBook
  • 2026
  • Steve Collings
  • UK Financial Statements - Presentation and Disclosure Requirements
A detailed guide to disclosure requirements under current UK and Ireland GAAP. In-depth worked examples are provided to help practitioners in their day-to-day work.
Exclusive Overview of small and micro-entity reporting
  • eBook chapter
  • 2026
  • Steve Collings
  • UK Financial Statements - Presentation and Disclosure Requirements
A chapter giving a brief overview of the relevant financial reporting frameworks for small and micro-entities under FRS 102 and FRS 105, to help readers understand what reporting entities may need to deal with when preparing their annual reports.
Exclusive Example financial statements
  • eBook
  • 2026
  • Example Financial Statements
A collection of sample financial statements and disclosure checklists for companies and groups preparing annual financial statements in accordance with UK GAAP. Covers a range of UK company sizes from micro-entities to large companies.
Exclusive Sample UK filleted financial statements
  • eBook chapter
  • 2026
  • Example Financial Statements
Example financial statements for an audit-exempt small entity.
Exclusive Small entity disclosure checklist
  • eBook chapter
  • 2026
  • Example Financial Statements
A UK small entity disclosure checklist based on the requirements of FRS 102 and the Companies Act 2006.
Exclusive Sample UK small company financial statements
  • eBook chapter
  • 2026
  • Example Financial Statements
Sample small company financial statements based on the requirements of the Companies Act 2006 and FRS 102 Section 1A Small Entities.
Exclusive Irish small entity disclosure checklist
  • eBook chapter
  • 2026
  • Example Financial Statements
An Irish small entity disclosure checklist, relevant to all small entities in the Republic of Ireland reporting under FRS 102 (January 2022), Section 1A Small Entities.
Exclusive Small company financial reporting
  • eBook
  • 2026
  • Steve Collings
  • Small Company Financial Reporting
Comprehensive practical guidance on the small companies' financial reporting framework and the micro-entities legislation, written by a specialist on small company reporting issues.
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.

Other resources

UK Accounting Plus
  • Website
  • 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
  • Listing
  • 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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Financial reporting helpsheets
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Practical resources including factsheets, online guides and webinars on financial and non-financial reporting.

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