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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 EU-adopted IFRS, FRS 101 or FRS 105.

Triennial review

The triennial review amendments to UK GAAP are effective for accounting periods beginning on or after 1 January 2019. Although many of the amendments aim to clarify rather than change accounting treatments, there are significant changes to some areas.

You can find more information on our Triennial review page.

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 – 31 December 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.

Who is eligible?

Our FRS 102 summary and timeline tells you who may 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.

We have also a separate page on the Triennial review - Amendments to FRS 102 and other UK standards that brings together expert commentary and practical guidance.

FRS 102 overview πŸ”’
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 πŸ”’
Financial Reporting Faculty, February 2019
This factsheet considers simplifications available to small entities and the criteria to be met. Published 28 February 2019.

Brexit and financial reporting: Preparing FRS 102 accounts for 2018/19 πŸ”’
Financial Reporting Faculty, February 2019
UK companies preparing accounts for 2018 and early 2019 will need to consider how Brexit will affect the numbers and disclosures required.

FRS 102 Triennial review 2017 amendments – What are the changes? πŸ”’
Financial Reporting Faculty, June 2018
In December 2017 the UK’s FRC issued amendments to UK GAAP standards arising from its Triennial review. Although many of the amendments aim to clarify rather than change accounting treatments, there are significant changes to some areas. In this Financial Reporting Faculty FRS 102 Update, we answer some of the frequently asked questions on the changes to the standards. 

The UK financial reporting regime πŸ”’
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.

Webinars and recordings

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

UK GAAP top 10 countdown πŸ”’
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 πŸ”’
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 πŸ”’
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 πŸ”’
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 πŸ”’
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.

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.

2019 UK GAAP Accounts πŸ”’
Financial Reporting Faculty, June 2019

2018 UK GAAP Accounts πŸ”’
Financial Reporting Faculty, June 2018

2017 UK GAAP Accounts πŸ”’
Financial Reporting Faculty, June 2017

Articles and features

Spoiled for choice πŸ”’
Adrian Gibbons, Audit and Beyond, June 2018
Auditors must not make decisions for clients, but they may still need to discuss some FRS 102 options.

Smoothly does it πŸ”’
Azhar Baig, Chartech, May/June 2017
FRS 102 has caused plenty of waves for bigger firms using accounting software lately. Now it's the turn of smaller accounting practices to take on board the changes.


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 πŸ”’
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.

UK GAAP financial statement disclosures manual πŸ”’
Steve Collings, Wiley, 2016
A practical manual for preparing new UK GAAP-compliant disclosures. This guide collects all of the latest guidelines into one place and is designed for practical application with many real-world examples.

Interpretation and application of UK GAAP for accounting periods commencing on or after 1 January 2015 πŸ”’
Steve Collings, Wiley, 2015
A detailed guide to applying new UK GAAP. Provides insight into the preparation of accounts under the EU-adopted IFRS, FRSs 100, 101, and 102, the FRSSE, and the Companies Act 2006, with guidance on which type of disclosure each scenario requires. The book also includes detailed analysis of the planned changes to the Small Companies' Regime scheduled to take effect in 2016.

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, 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

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.

Staff Education Notes
The FRC produced a series of guidance notes in December 2013 and October 2015 to illustrate certain requirements of FRS 102. These cover a wide range of topics.

From other sources

Accounting standards: The UK tax implications of new UK GAAP
HMRC, December 2016
A series of papers giving an overview of key accounting changes and tax considerations for companies moving from UK GAAP to FRS 102 regarding corporation tax and income tax.

A comparison of old UK GAAP, new UK GAAP (FRS 102) and EU-adopted IFRS
PwC, April 2016
Overview comparison with a full detailed guide available to registered PwC Inform users.


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

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.

GAAP 2018: UK reporting – FRS 102 (Volume B)
Deloitte, Croner-i, 2018
Comprehensive manual explaining how to apply FRS 102, with worked examples and extensive interpretation and guidance. This manual deals with standards as at 1 September 2017.

Preparing FRS 102 company accounts 2018-19
Anne Cowley, Croner-i, 2018
A practical guide for companies preparing accounts under FRS 102 for periods beginning on or after 1 January 2018. 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.

FRS 102: Ten things you need to know
Accountancy, January 2016
This article provides essential tips and practical help on what to consider when adopting new UK GAAP. It looks at choosing the right framework in the first place; financial instruments; contents of accounts; tax; business combinations; associates and joint ventures; investment properties; impairment; intercompany transactions and balances; reporting errors and corrections.

Find out more about how you can borrow books from the ICAEW Library or get articles and documents sent to you by email, post or fax.


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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