ICAEW.com works better with JavaScript enabled.

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland

FRS 102 The Financial Reporting Standard is the principal accounting standard in the UK financial reporting regime. It sets out the requirements for entities that are not applying adopted IFRS, FRS 101 or FRS 105.

Which version of the standard?

Annual period Effective version of the standard Notes on amendments and early adoption
Starts on or after 1 January 2023 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
(September 2024)
This edition incorporates the Periodic Review 2024 amendments, which are not mandatory at time of publishing.
Starts 1 January 2021 – 31 December 2022 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
(January 2022)

Amendments to FRS 101: Reduced Disclosure Framework – 2018/19 Cycle is only relevant to those entities that have contracts within the scope of IFRS 17 Insurance Contracts. It is mandatory for periods starting on or after 1 January 2023 but should be adopted earlier if the Reduced Disclosure Framework 2018/19 amendments to FRS 101 are applied early.

Amendments to FRS 102 – Covid-19-related rent concessions beyond 30 June 2021is short-term in nature and only applies to rent concessions that do not extent beyond 30 June 2022.

Recent amendments

Summary

FRS 102 applies to financial statements that are intended to give a true and fair view of a reporting entity’s financial position and profit or loss for a period. It applies not only to companies but also to public benefit and other types of entity.

ICAEW articles and features

ICAEW factsheets and guides

For more factsheets on specific sections of the standard, please see our pages on FRS 102 topics.

Annual factsheets

The Corporate Reporting Faculty's annual UK GAAP factsheets provide a more detailed discussion of recent UK GAAP amendments.

The ICAEW Library & Information Service 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.

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.

Other resources

Further support

Financial reporting helpsheets
Corporate reporting resources

Practical resources including factsheets, online guides and webinars on financial and non-financial reporting.

Browse the collections
Black woman working at computer
Technical Advisory Services

Our experienced advisors can help you with technical questions.

Get in touch
Young man reading in a library
Library and Information Service

Expert help with research and access to trustworthy, professional sources.