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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.

The standard

The requirements regarding first-time adoption 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 transition to FRS 102

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Steve Collings Small Company Financial Reporting October 2023

A chapter on transition to FRS 102 within the small companies' financial reporting framework and the micro-entities legislation. Topics including identifying the date of transition, the four-stage process and accounting policy alignments, mandatory exceptions and optional exemptions from retrospective application under FRS 102 and disclosure requirements are discussed, along with helpful real-life examples.

First-time adoption of FRS 102

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Steve Collings Financial Reporting for Unlisted Companies in the UK and Republic of Ireland 2022

A detailed, practical chapter on first-time adoption of FRS 102 for unlisted companies under UK GAAP, containing illustrative examples. Contains sections on procedures at the date of transition, transitional adjustments, exceptions from retrospective applications, exemptions and first-time adoption disclosure requirements. 

Transition to FRS 102

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Julia Penny Accounting Principles for Tax Purposes 2021

A chapter on transitioning to new UK GAAP, in this accessible introduction to the accounting rules relevant to tax computations in the UK. The chapter considers FRS 102, Section 35, where an entity adopts the standard for the first time, for instance because it is transitioning from FRS 105 or from IFRS. Sections cover accounting at the date of transition and tax in the year of transition. 

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Transition to FRS 102

Fully updated guide 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.

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Example accounts

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.

External resources

Some guides and comparisons that we link to may pre-date the latest amendments to this standard. While these resources contain useful information, please treat them with appropriate caution.

From the FRC

Fact Sheet 7 – FRS 102: Transition to FRS 102
FRC, December 2018
Staff factsheet outlining the general procedures for transitioning, mandatory transitional exceptions and optional transitional exemptions to retrospective restatement, and disclosure requirements on transition.

Further reading

Manuals and handbooks

The ICAEW Library stocks the latest UK GAAP handbooks and manuals. You can browse all our books on FRS 102 and first-time adoption or request any of the following popular titles by contacting us on +44 (0)20 7920 8620, by web chat, or at library@icaew.com

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 transition to FRS 102 covers first-time adoption, procedures for preparing financial statements at the date of transition, 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 transition to FRS 102 looks at first annual financial statements, date of transition, initial recognition and measurement, exceptions to retrospective application, exemptions from full retrospective application, applying first-time adoption rules, disclosures, and practical applications.

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