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Transition to FRS 102

FRS 102 Section 35 sets out the requirements that apply to first-time adopters of the standard and how entities should prepare their first financial statements under FRS 102.

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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 articles and features

Preparing for the next Charities SORP: practical steps you can take now
  • Article
  • 02 Dec 2024
  • Kristina Kopic
  • Charity Community Newsletter
The next iteration of the Charities Statement of Recommended Practice (SORP) is on the horizon, bringing with it some significant updates aligned with the revised Financial Reporting Standard (FRS 102). These changes will impact key areas such as revenue recognition and lease accounting. While we don’t expect the consultation for the new SORP to be available before early 2025, charities can take proactive steps now to ensure they are well prepared for the transition. This article highlights the most significant changes and offers some practical tips on how charities can start to prepare.
Exclusive Transition from Section 1A to full FRS 102
  • Article
  • 01 Jul 2020
  • Sarah Flint
  • By All Accounts
The common financial reporting issues faced as entities transition from FRS 102 Section 1A to FRS 102 in full.
Exclusive Transition from Section 1A to full FRS 102
  • Article
  • 01 Jul 2020
  • By All Accounts
The common financial reporting issues faced as entities transition from FRS 102 Section 1A to FRS 102 in full.

Bloomsbury Accounting and Tax Service

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Exclusive First-time adoption of FRS 102
  • eBook chapter
  • 2024
  • Steve Collings
  • Financial Reporting for Unlisted Companies in the UK and Republic of Ireland
A chapter providing practical guidance on first-time adoption of FRS 102 for financial statements under UK GAAP.
Exclusive The transition to FRS 102
  • eBook chapter
  • 2023
  • Steve Collings
  • Small Company Financial Reporting
A chapter on transition to FRS 102 within the small companies' financial reporting framework and the micro-entities legislation, written by a specialist on small company reporting issues.
Exclusive Transition to FRS 102
  • eBook chapter
  • 2021
  • Julia Penny
  • Accounting Principles for Tax Purposes
A chapter on transitioning to new UK GAAP, in this accessible introduction to the accounting rules relevant to tax computations in the UK.
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Exclusive FRS 100 – Application of financial reporting requirements
  • 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 covers the basis of preparation of financial statements, the status of the SORPs, requirements for transition, and requirements of the Companies Act 2006.
Exclusive Transition to FRS 102
  • 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 comparison of FRS 102 Section 35 and IFRS, and covers the preparation of the opening FRS 102 statement of financial position, mandatory and optional exceptions to retrospective application, presentation and disclosure.
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 terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.

Other resources

FRC Factsheet 7: Transition to FRS 102
  • Helpsheets and support
  • FRC
This factsheet explains how Section 35 Transition to this FRS applies to the first-time adoption of FRS 102 and sets out how an entity prepares its first financial statements under FRS 102.
UK Accounting Plus
  • Website
  • Deloitte

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

UK GAAP model accounts and disclosure checklists 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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