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FRS 102: Accounting policies, concepts and principles under UK GAAP

FRS 102 Section 2 sets out the objectives, qualitative characteristics and elements of financial statements. FRS 102 Section 10 sets out the requirements for selecting and applying accounting policies used in preparing financial statements.

The standard

The requirements regarding accounting policies 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.

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.

Accounting policies, estimates and errors

Chapter covering the need for a reporting entity to select appropriate accounting policies and estimation techniques, apply them consistently and make certain disclosures in their financial statements under FRS 102 and FRS 105. This detailed guide by Steve Collings has been comprehensively updated to reflect changes issued by the Financial Reporting Council (FRC) since 2019.

Accounting principles for tax purposes

An accessible introduction to the accounting rules relevant to tax computations in the UK. Written for tax practitioners who wish to gain a better understanding of accounting rules, this edition has been updated to reflect recent developments and amendments to the new UK GAAP framework, including amendments related to COVID-19 rent concessions. The tax commentary has also been brought up to date with the Finance Act 2020.

Back to basics: accounting principles

A chapter on UK accounting principles, in this accessible introduction to the accounting rules relevant to tax computations in the UK. Includes sections on FRS 102, Section 2 'Concepts and pervasive principles' and fair values under FRS 102. Written for tax practitioners who wish to gain a better understanding of accounting rules in the UK.

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.

eBooks

The Library 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.

Concepts and pervasive principles

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 2 and IFRS, and covers the objectives and qualitative characteristics of information in financial statements.

Accounting policies, estimates and errors

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 10 and IFRS, and covers the selection and application of accounting policies, consistency of accounting policies, changes in accounting policies, changes in accounting estimates, corrections of prior period errors, disclosure, and company law matters.

Accounting policies, estimates and errors

A practical manual for preparing new UK GAAP-compliant disclosures. This chapter discusses selecting and disclosing accounting policies, changing an accounting policy, changing an accounting estimate, disclosing changes, and disclosing information relating to error correction.

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.

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.


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 accounting policies, concepts and principles 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 concepts and pervasive principles covers the objective of financial statements, qualitative characteristics of information in financial statements, recognition and measurement of assets, liabilities, income and expenses, and other topics. The chapter on accounting policies, estimates and errors covers the selection and application of accounting policies, consistency of accounting policies, and changes in accounting policies.

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 accounting policies, estimates and errors deals with selecting and applying policies, changes in accounting policies, changes in accounting estimates, and corrections of prior period errors.

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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.

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