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FRS 102: Group accounts and business combinations under UK GAAP

FRS 102 Section 9 Consolidated and Separate Financial Statements explains when a parent entity must prepare group accounts, the treatment of special purpose entities and the consolidation procedures. Section 19 Business Combinations and Goodwill sets out the accounting treatment under the purchase method.

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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 Share for share exchanges
  • Helpsheets and support
  • 29 Nov 2023
Technical helpsheet issued to help ICAEW members to understand the company law and financial reporting implications of a share for share exchange.
Exclusive Hive up under FRS 102
  • Helpsheets and support
  • 09 Nov 2022
Technical helpsheet covering the basic accounting requirements for a 'hive up' restructure within a group of companies.
Exclusive Exemptions from consolidating and when a subsidiary can be excluded from consolidation under FRS 102
  • Helpsheets and support
  • 07 Nov 2022
Technical helpsheet and flowchart to help members understand the limited situations in which a subsidiary may be excluded from consolidation under FRS 102 and the accounting treatment for such subsidiaries.
Exclusive Groups and consolidated accounts under FRS 102
  • Helpsheets and support
  • 07 Nov 2022
Technical helpsheet to help ICAEW members to understand key aspects of accounting for groups 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 Business combinations and goodwill
  • eBook chapter
  • 2024
  • Steve Collings
  • Financial Reporting for Unlisted Companies in the UK and Republic of Ireland
A chapter on financial reporting of business combinations and goodwill under FRS 102, section 19.
Exclusive Consolidated financial statements
  • eBook chapter
  • 2023
  • Steve Collings
  • UK Financial Statements - Presentation and Disclosure Requirements
A chapter focusing on consolidated financial statements under FRS 102, to help readers understand what reporting entities may need to deal with when preparing their annual reports.
Exclusive Sample UK consolidated financial statements
  • eBook chapter
  • 2023
  • Example Financial Statements
Example financial statements based on the requirements of FRS 102. 
Exclusive Business combinations
  • eBook chapter
  • 2023
  • Steve Collings
  • Practical Guide to UK Accounting and Auditing Standards
Chapter on business combinations in a guide to all aspects of UK auditing standards and UK GAAP accounting standards.
Exclusive Group accounts under UK GAAP
  • eBook
  • 2022
  • Steve Collings
  • Group Accounts under UK GAAP
This title provides accountants and auditors with easy to follow and well structured guidance on the preparation of group accounts in line with UK GAAP. The commentary also identifies the differences between IFRS and UK GAAP in the treatment of group accounts and between accounts produced pre and post Brexit.
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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 Consolidated and separate financial statements
  • 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 9 and IFRS, and covers the requirement to present consolidated financial statements, the definition of a subsidiary, special purpose entities (SPEs), subsidiaries excluded from consolidation, consolidation procedures, accounting for associates and jointly controlled entities in individual and separate financial statements, group reorganisations, and other topics.
Exclusive Business combinations and goodwill
  • 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 19 and IFRS, and covers the requirements for business combinations and goodwill, disclosures, and group reconstructions.
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.

Other resources

FRC Factsheet 6: FRS 102 Business Combinations
  • Helpsheets and support
  • FRC
This factsheet has been prepared to provide a high level overview to entities applying FRS 102 that undertake a business combination for the first time, covering an outline of the purchase method, the separation of intangible assets from goodwill and illustrative disclosures.
UK Accounting Plus
  • Website
  • 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.

Further support

Financial reporting helpsheets
Corporate reporting resources

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

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