ICAEW.com works better with JavaScript enabled.

FRS 102: Small entities under UK GAAP

FRS 102 Section 1A sets out the simpler presentation and disclosure requirements available to small entities. It applies to those companies that are entitled and choose to apply the small companies regime, LLPs entitled and choosing to apply the small LLPs regime, and any other entities that would have met the criteria for the small companies regime had they been companies.

Check our hub for on Small and micro-entity reporting for guides on choosing the right regime, the criteria for small companies and micro-entities, filing accounts, simplifications for small companies and micro-entities, and other guidance.

The standard

The requirements regarding small entities 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

Small company filing options FAQs

Premium Content: This is exclusive item - please log in or subscribe to view this item.

09-09-2019

This page answers frequently asked questions about the filing options for small companies. Updated September 2019.

Small LLPs filing options FAQs

Premium Content: This is exclusive item - please log in or subscribe to view this item.

09-09-2019

This page answers frequently asked questions about the filing options for small LLPs. Updated September 2019.

Small companies reporting – simplifications

Premium Content: This is exclusive item - please log in or subscribe to view this item.

21-08-2019

In this guide, the Financial Reporting Faculty sets out the financial reporting simplifications available to companies that qualify for the Small Companies Regime.

Small and micro-entity reporting compared

Premium Content: This is exclusive item - please log in or subscribe to view this item.

21-08-2019

In this guide, the Financial Reporting Faculty outlines the differences between FRS 102 and FRS 105 and other factors to consider when deciding whether to prepare accounts using the small or micro-entities regime.

Preparing and filing UK small entity accounts

Premium Content: This is exclusive item - please log in or subscribe to view this item.

28-02-2019

This factsheet considers simplifications available to small entities and the criteria to be met. Published 28 February 2019.

FRS 102: Section 1A Small Entities

Premium Content: This is exclusive item - please log in or subscribe to view this item.

01-12-2015

Technical helpsheet issued to help ICAEW members understand the reporting requirements applicable to small entities in the UK reporting under FRS 102 Section 1A.

Webinars and recordings

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.

Small Company Financial Reporting (2nd edition)

Premium Content: This is exclusive item - please log in or subscribe to view this item.

Steve Collings Small Company Financial Reporting Bloomsbury Publishing Plc August 2022

Comprehensive practical guidance on the small companies' financial reporting framework and the micro-entities legislation, written by a specialist on small company reporting issues. The recognition, measurement and presentation requirements of UK GAAP and company law are discussed, along with helpful real-life examples and model accounts. 

Provisions and Contingencies

Premium Content: This is exclusive item - please log in or subscribe to view this item.

Steve Collings Small Company Financial Reporting Bloomsbury Publishing Plc August 2022

A chapter on provisions and contingencies within the small companies' financial reporting framework and the micro-entities legislation, written by a specialist on small company reporting issues. The scope of FRS 102, Section 21 and FRS 105 Section 16 are discussed, along with helpful real-life examples.

Impairment of Assets

Premium Content: This is exclusive item - please log in or subscribe to view this item.

Steve Collings Small Company Financial Reporting Bloomsbury Publishing Plc August 2022

A chapter on impairment of assets within the small companies' financial reporting framework and the micro-entities legislation, written by a specialist on small company reporting issues. FRS 102 Section 27 and the impairment of inventories, impairment of assets other than inventory and impairment of goodwill are discussed, along with helpful real-life examples.

Showing 3 of 15 items

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.

Financial and management accounting: an introduction

This book uses the international Conceptual Framework (as revised in 2018) and International Financial Reporting Standards (IFRS) as its primary focus. It enables students in their early stages of study to understand and analyse the published annual reports and financial statements of our largest businesses and public sector institutions. IFRS are now applied in many aspects of government, local authority and other public sector accounting. Where relevant it also refers to the approach used in small and medium-sized businesses where the traditions of UK GAAP continue to be applied.

Financial accounting: an introduction

This book uses the international Conceptual Framework (as revised in 2018) and International Financial Reporting Standards (IFRS) as its primary focus. It enables students in their early stages of study to understand and analyse the published annual reports and financial statements of our largest businesses and public sector institutions. IFRS are now applied in many aspects of government, local authority and other public sector accounting. Where relevant it also refers to the approach used in small and medium-sized businesses where the traditions of UK GAAP continue to be applied.

FRS 102 - Small entities

Fully updated guide focusing on each area of the financial statement in detail with illustrative examples. This chapter gives a summary of FRS 102 Section 1A and related Companies Act 2006 requirements, and covers the scope of the small entities and LLPs regime, recognition and measurement requirements, the complete set of financial statements, statement of financial position, income statement (or profit and loss account), notes to the financial statements, statutory exemptions, and filing requirements.

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 small entities 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

Small company financial reporting
Steve Collings, Bloomsbury, 2019
Practical and comprehensive guide on the small companies and micro-entities regime, with examples throughout.

Preparing small and micro company accounts 2019-20
Anne Cowley, Croner-i, 2019
A practical guide for small companies and micro-entities preparing accounts under FRS 102 or FRS 105 for periods beginning on or after 1 January 2019. This book includes model accounts and disclosure checklists, with detailed commentary on the disclosure and presentation requirements of FRS 102 Section 1A.

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 the UK regulatory background covers small entities under FRS 102 and the requirements of Section 1A and Appendix A, B, C and D.

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 small entities looks at options available to small entities, the definition of small entity, the complete set of financial statements, options for format, statement of financial position, income statement, notes to the financial statements, groups, strategic report and directors’ report, filing requirements, and transition.

Accounting considerations for small businesses (Accountants Digest no. 637)
Anne Cowley, Croner-i, 2018
This digest looks at key considerations and challenges for small businesses when preparing accounts under FRS 102 and FRS 105, incorporating amendments from the December 2017 triennial review. It deals with key technical requirements and practical application issues, with examples. 

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


Can't find what you are looking for?

If you're having trouble finding the information you need, ask the Library & Information Service. Contact us by telephone on +44 (0)20 7920 8620, by web chat or by email at library@icaew.com

ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists. The links are provided ‘as is’ with no warranty, express or implied, for the information provided within them. Please see the full copyright and disclaimer notice.

* Some of the content on this web page was provided by the Chartered Accountants’ Trust for Education and Research, a registered charity, which owns the library and operates it for ICAEW.