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FRS 102: Related party disclosures under UK GAAP

FRS 102 Section 33 Related Party Disclosures sets out the requirements for entities to disclose the possibility that its financial position and profit or loss have been affected by the existence of related parties and by transactions and outstanding balances with such parties.

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Related party disclosures under FRS 102

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01-03-2017

Technical helpsheet to help ICAEW members understand key disclosure requirements for related parties under FRS 102.

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Related parties

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Steve Collings Small Company Financial Reporting August 2022

A chapter on related party disclosure requirements within the small companies' financial reporting framework and the micro-entities legislation, written by a specialist on small company reporting issues. Identifying related parties, transactions among members of a group, parties who are not related parties, examples of related party transactions and disclosure requirements are discussed, along with helpful real-life examples.

Related party disclosures

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Steve Collings Financial Reporting for Unlisted Companies in the UK and Republic of Ireland 2021

A detailed, practical chapter on related party disclosures for financial statements under UK GAAP, containing illustrative examples. Includes sections on the definition of a related party, definition of a related party transaction, examples of related party transactions, excluded parties and disclosure requirements.

Related parties

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Julia Penny Accounting Principles for Tax Purposes 2021

A full chapter on related parties, in this accessible introduction to the accounting rules relevant to tax computations in the UK. Includes sections on FRS 102, Section 33 'Related Party Disclosures' and the International Accounting Standard 24. Written for tax practitioners who wish to gain a better understanding of accounting rules in the UK.

Related parties

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Steve Collings Practical Guide to UK Accounting and Auditing Standards 2021

A chapter on related parties - 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 the scope of the accounting standards, definition of a related party, parties who are not related parties, disclosure requirements and auditing related parties.

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Related party disclosures

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 33 and IFRS, and covers the definition of a related party, and disclosures of related party transactions, balances and relationships.

Related parties

A practical manual for preparing new UK GAAP-compliant disclosures. This chapter on related party disclosures discusses the definition of a related party, groups, parties not considered to be related parties, key management personnel, controlling parties, small companies’ regime disclosure requirements, and other disclosure requirements.

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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.


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 related party disclosures 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 on related party disclosures covers the definition of related party, statutory disclosures of transactions with directors, and disclosures under the Companies Act 2006.

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 related party disclosures looks at relationships with persons, key management personnel, close family members, relationships with other entities, parties that are not necessarily related, substance of the relationship, related party transactions, and disclosure requirements.

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