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FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland

FRS 102 is the principal accounting standard in the UK financial reporting regime. It sets out the financial reporting requirements for entities that are not applying adopted IFRS, FRS 101 or FRS 105.

Find guidance on specific areas of UK GAAP on our separate FRS 102 topics pages.

Which version of the standard?

Guidance on the effective version of FRS 102 for different annual periods along with notes on amendments and early adoption are available exclusively to Financial Reporting Faculty members – log in or find out how to join the faculty.

For annual periods from 1 January 2020

For annual periods from 1 January 2019

For annual periods before 1 January 2019

See the FRC's website for a full list of standards in issue and earlier publications, including previous versions of FRS 102, amendments and guidance.

Summary and timeline

Our FRS 102 summary and timeline tells you who is eligible to apply the standard – alongside a synopsis, any current proposals and a timeline of FRC updates relating to the standard.


ICAEW guides and support

Helpsheets and factsheets

Factsheets, FAQs and other commentary on specific topics are on our separate FRS 102 topics pages.

Renegotiating loan contracts under FRS 102
Financial Reporting Faculty
This guide outlines the accounting requirements under FRS 102 when loan contract terms are renegotiated together with illustrative examples.

Checklist: implications of COVID-19 for the preparation of accounts under FRS 102
Financial Reporting Faculty
A checklist of some of the factors to consider when preparing your (or your client’s) accounts. This checklist is primarily aimed at companies with 2020 year ends.

Brexit - reflections on implications for financial reporting
Financial Reporting Faculty, December 2020
A summary of the key financial reporting considerations for December 2020 year-ends and beyond.

COVID-19-related rent concession under FRS 102 and FRS 105
Technical Advisory Service, December 2020
Technical helpsheet issued to help ICAEW members preparing financial statements under FRS 102 and FRS 105 to account for operating leases for which covid-19-related rent concessions have been granted.

FRS 102 overview
Financial Reporting Faculty, April 2019
This factsheet provides a high-level summary of FRS 102 and includes practical tips and guidance on some common pitfalls, including in relation to financial instruments, property, plant and equipment, and investment properties.

Preparing and filing UK small entity accounts
Financial Reporting Faculty, February 2019
This factsheet considers simplifications available to small entities and the criteria to be met. Published 28 February 2019.  

The UK financial reporting regime
Financial Reporting Faculty, July 2019
This factsheet provides an overview of the UK accounting framework and, in particular, which accounting standards are applicable and the options that are available to different types of entity.

Annual factsheets

These exclusive factsheets, produced annually by the Financial Reporting Faculty for its members, highlight all new and modified requirements for preparers of UK GAAP accounts. Each annual edition focuses primarily on new requirements with mandatory application for preparers with periods beginning on or after 1 January of that year.

2021 UK GAAP Accounts
Financial Reporting Faculty, June 2021

2020 UK GAAP Accounts
Financial Reporting Faculty, updated July 2021

2019 UK GAAP Accounts
Financial Reporting Faculty, December 2020 

Webinars and recordings

Webinars and podcasts on specific topics are on our separate FRS 102 topics pages.

Bitesize Briefing: Going concern and impairment - your questions answered
Financial Reporting Faculty, February 2021
Answering more questions from the related webinar on going concern and impairment issues for UK GAAP preparers in 2020/21 reporting.

Amendments to UK GAAP for COVID-19-related rent concessions
Financial Reporting Faculty, January 2021
Hear about the COVID-19-related rent concessions amendments to FRS 102 and FRS 105.

2020/21 Reporting: Going concern and impairment
Financial Reporting Faculty, January 2021
Going concern and impairment considerations for those preparing accounts under FRS 102 or FRS 105 with late 2020 or early 2021 year-ends. 

Bitesize Briefing: COVID-19 and impairment of assets
Financial Reporting Faculty, June 2020
Ashort webcast, suitable for UK GAAP and IFRS reporters, outlining the accounting requirements for impairment of assets in the context of the pandemic.

Bitesize Briefing: Accounting for COVID-19 support schemes
Financial Reporting Faculty, April 2020
Aimed at UK GAAP reporters, this webcast outlines accounting considerations for a range of support schemes being made available to businesses during the pandemic.

Bitesize Briefing: COVID 19 and post balance sheet events
Financial Reporting Faculty, April 2020
Suitable for both UK GAAP and IFRS reporters, this short webcast outlines the factors to consider in deciding whether COVID-19 is an adjusting or non-adjusting event after the reporting period

Bitesize Briefing: COVID-19 and financial reporting implications
Financial Reporting Faculty, April 2020
Aimed primarily at those preparing accounts under FRS 102, this short webcast provides an overview of the financial reporting implications of COVID-19 and discusses filing deadline extensions.

UK GAAP update
Financial Reporting Faculty, March 2020
With the triennial review changes to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland now mandatorily effective, this webinar explores implementation issues that have arisen.

UK GAAP top 10 countdown
Financial Reporting Faculty, March 2019
A countdown of today's top 10 hot topics in UK GAAP, including changes arising from the Triennial review 2017.

UK GAAP: Untangling the knots
Financial Reporting Faculty, December 2018
This webinar highlighted some of the current hot topics and common problem areas for FRS 102 and FRS 105 reporters in 2018.

FRS 102 Triennial review – Beyond the headlines
Financial Reporting Faculty, October 2018
This webinar looks beyond the headlines of the Triennial review 2017 amendments and will pick out some of the other changes.

UK GAAP update
Financial Reporting Faculty, March 2018
This webinar outlined the key changes to FRS 102 and FRS 105 and provides practical insights including, for example, in relation to the availability of early adoption.

FRS 102: Understanding the triennial review amendments
Financial Reporting Faculty, March 2018
In this short podcast, Sarah Dunn and Alison Dundjerovic, two of the Financial Reporting Faculty's Technical Managers provide an overview of the key changes to FRS 102, resulting from the Triennial review amendments issued by the FRC in December 2017.

Articles and features

Periodic review of UK GAAP
Jenny Carter, By All Accounts, July 2021
Highlights areas of potential change and seeks views to inform the next comprehensive review of FRS 102.

2020/21 reporting season: more than just numbers
Marianne Mau, By All Accounts, January 2021
Considering the impact of COVID-19, Brexit and other pervasive issues on financial statements in the current reporting season.

FRS 102 - what happens next?
Danielle Stewart, By All Accounts, January 2021
Considering what might be in store in the next periodic review of FRS 102.

Accounting for share-based payments
Martin Howard, By All Accounts, January 2021
Looking at whether it's time to rethink accounting for share-based payments for private companies.

Transitioning from FRS 102 Section 1A to full FRS 102
Sarah Flint, By All Accounts, July 2020
The common financial reporting issues faced as entities transition from FRS 102 Section 1A to FRS 102 in full.

Reporting climate change and energy transition
Anna Malcolm, By All Accounts, July 2020
Considering how UK GAAP reporters should account for and disclose the effects of climate change under FRS 102. 


Bloomsbury Core Accounting and Tax Service

Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 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 Core Accounting and Tax Service.

The differences between FRS 102 and the previous UK GAAP
Steve Collings, Bloomsbury Professional, 2018
A chapter on the new accounting practices and terminology changes introduced by FRS 102 - part of a one-stop-shop guide by Steve Collings on all aspects of UK auditing standards and new UK GAAP accounting standards.

UK Financial Statements: Presentation and Disclosure Requirements
Steve Collings, Bloomsbury Professional, 2019
Detailed one-stop-shop guidance on how the disclosure requirements under new UK GAAP should be prepared.

Example financial statements
Steve Collings, Bloomsbury Professional (2021)
Sample financial statements and disclosure checklists for a range of UK company sizes preparing annual financial statements in accordance with UK GAAP and FRS 102.

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.

If you have any difficulties using these eBooks, please contact library@icaew.com.


eBooks

Access to eBooks is only available to ICAEW members and ACA students – please log in to view these titles.

UK GAAP 2019: Application of FRS 100–104 in the UK
EY, Wiley, 2019
This guide has been fully updated to reflect the application of the new accounting standard in practice. It focuses on each area of the financial statement in detail and explains how they are treated by FRS 102, with illustrative examples. 

If you have any difficulties using these eBooks, please see our Help and support advice or contact library@icaew.com.


Example accounts

Model accounts and disclosure checklists for new UK GAAP
The ICAEW Library can provide model accounts and disclosure checklists for FRS 101, FRS 102, FRS 102 Section 1A, 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.

FRC issues a suite of staff factsheets on aspects of FRS 102
A suite of staff factsheets were issued by the FRC in December 2018 highlighting certain requirements of FRS 102, including amendments made by the 2017 Triennial Review.


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 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

Applying GAAP: A practical guide to financial reporting 2019–20
Anne Cowley, Croner-i, 2019
The latest edition of this detailed guide explains how to apply FRS 102 and FRS 105 with worked examples, disclosure suggestions and practical tips on implementing the standards.

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.

Manual of accounting: UK GAAP
PwC, Lexis Nexis, 2019
Practical guide with worked examples explaining the requirements of FRS 100, FRS 101, FRS 102, FRS 103, FRS 104 and FRS 105. This edition has been updated for changes from the triennial review issued in December 2017.

Preparing FRS 102 company accounts 2019–20
Anne Cowley, Croner-i, 2019
A practical guide for companies preparing accounts under FRS 102. Each edition includes updated illustrative model accounts, examples, tables and checklists.

Articles

The ICAEW Library subscribes to over 160 current journals and magazines, as well as offering access to 1,800 key UK and international business, management and trade titles online. You can browse articles on FRS 102 or request any of the selected articles below by contacting us on +44 (0)20 7920 8620, by web chat, or at library@icaew.com

FRS 101 v FRS 102
Anne Cowley, Accountancy, January 2018
This article examines fundamental accounting differences between FRS 101 and FRS 102 on loans, leases and revenue recognition. Contains examples. 

Find out more about how you can borrow books from the ICAEW Library or get articles and documents through our document supply service.


Ask ICAEW Technical Advisory Service

Get an opinion from the experts. Our experienced technical advisors can help you with your UK GAAP questions and offer practical advice. Call the advisory helpline on +44 (0)1908 248 250.

Find out more about the Technical and ethics advisory helpline, including our opening hours.


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