FRS 102: Property, plant and equipment under UK GAAP
FRS 102 Section 17 Property, Plant and Equipment sets out the requirements that apply to tangible long-term assets used by an entity for its business operations.
The standard
The requirements regarding property, plant and equipment 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.
ICAEW guides and support
Helpsheets and factsheets
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18-09-2018
Technical helpsheet to help ICAEW members with accounting for the transfer of property between Investment Property, Property, Plant and Equipment (PPE) and Inventories under FRS 102.
Bloomsbury Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising around 80 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 Bloomsbury Accounting and Tax Service.
Property, plant and equipment
A detailed, practical chapter on financial reporting of property, plant and equipment under FRS 102, section 17 and FRS 105, section 12. Includes sections on initial recognition, subsequent measurement, depreciation, impairment of assets, derecognition and disclosure requirements, with many worked examples.
Property, plant and equipment
Chapter on property, plant and equipment - part of a one-stop-shop guide by Steve Collings on all aspects of UK auditing standards and new UK GAAP accounting standards. The chapter shows how to put the standards into practice, covering both auditing and accounting for property, plant and equipment.
Property, plant and equipment
A chapter on FRS 102, Section 17 'Property, plant and equipment', in this 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 in the UK.
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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.
Fact Sheet 5 – FRS 102: Property: Fair Value Measurement
FRC, December 2018
Staff factsheet focusing on how to account for a remeasurement to fair value for investment property and as property, plant and equipment.
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 property, plant and equipment 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 property, plant and equipment covers recognition, measurement, the revaluation model, depreciation, impairment, derecognition, 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 property, plant and equipment looks at recognition, measurement at and after initial recognition, depreciation, impairment, derecognition, presentation and disclosure.
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