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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.

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The requirements relating to specific topics are set out as sections within 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.

Exclusive The concepts and pervasive principles
  • 2024
  • Steve Collings
  • Financial Reporting for Unlisted Companies in the UK and Republic of Ireland
Chapter providing guidance for unlisted companies on the qualitative characteristics of financial statements and how items are classified among assets, liabilities, income, expenses and equity, as dealt with in FRS 102, Section 2.
Exclusive Accounting policies, estimates and errors
  • 2024
  • Steve Collings
  • Financial Reporting for Unlisted Companies in the UK and Republic of Ireland
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.
Exclusive Accounting principles for tax purposes
  • 2021
  • Julia Penny
  • Accounting Principles for Tax Purposes
An accessible introduction to the accounting rules relevant to tax computations in the UK.
Exclusive Back to basics: accounting principles
  • 2021
  • Julia Penny
  • Accounting Principles for Tax Purposes
A chapter on UK accounting principles, in this accessible introduction to the accounting rules relevant to tax computations in the UK.
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Exclusive FRS 102 - Small entities
  • eBook chapter
  • Rob Carrington, Ernst & Young
  • UK GAAP 2019 - Generally Accepted Accounting Practice under UK and Irish GAAP
Guide from 2019 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.
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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.

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Overviews of each UK accounting standard, with a history and timeline of key events and amendments.

UK GAAP model accounts and disclosure checklists
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Example financial statements and disclosure checklists for UK GAAP available from the ICAEW Library & Information Service, Bloomsbury and other sources.

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