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FRS 102: Foreign currency translation under UK GAAP

FRS 102 Section 30 sets out the requirements that apply to foreign currency transactions, foreign operations and translation of financial statements into a presentation currency.

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Access the standard

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.

ICAEW factsheets and guides

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

Exclusive Can accounts be prepared and filed at Companies House in a foreign currency?
  • Helpsheets and support
  • 13 Aug 2019
Technical helpsheet to help ICAEW members to understand whether companies can prepare and file their accounts at Companies House in a foreign currency.
Exclusive Foreign currency translation under FRS 102
  • Helpsheets and support
  • 19 Sep 2018
Technical helpsheet issued to help members understand foreign currency translation 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.

Exclusive Foreign currency translation
  • eBook chapter
  • 2024
  • Steve Collings
  • Financial Reporting for Unlisted Companies in the UK and Republic of Ireland
A chapter providing practical guidance on foreign currency translation for financial statements under UK GAAP.
Exclusive Foreign currency issues
  • eBook chapter
  • 2022
  • Steve Collings
  • Group Accounts under UK GAAP
A chapter on foreign currency accounting issues, in this title providing accountants and auditors with easy to follow guidance on the preparation of group accounts in line with UK GAAP. Topics include: Functional currency, Reporting foreign currency transactions in the functional currency, Presentation currency, Intra-group balances and transactions, Goodwill on acquisition of a foreign operation. 
Exclusive Foreign Currency Translation
  • eBook chapter
  • 2021
  • Julia Penny
  • Accounting Principles for Tax Purposes
A chapter on foreign currency translation, in this accessible introduction to the accounting rules relevant to tax computations in the UK.
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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.

Exclusive Foreign currency translation
  • eBook chapter
  • 2019
  • 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 comparison of FRS 102 Section 30 and IFRS, and covers determination of an entity’s functional currency, reporting foreign currency transactions, change in functional currency, use of a presentation currency other than the functional currency, disposal of a foreign operation, tax effects of exchange differences, change of presentation currency, and disclosure 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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UK Accounting Plus
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  • Deloitte

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

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

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