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FRS 102: Provisions and contingencies under UK GAAP

FRS 102 Section 21 sets out the requirements that apply to provisions, contingent liabilities and contingent assets that are not covered by other sections of the standard.

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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.

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Exclusive Provisions and contingencies
  • eBook chapter
  • 01 Jan 2024
  • Steve Collings
  • Financial Reporting for Unlisted Companies in the UK and Republic of Ireland
A chapter providing practical guidance on financial reporting of provisions and contingencies under FRS 102, section 21 and FRS 105, section 16.
Exclusive Provisions and Contingencies
  • eBook chapter
  • 01 Oct 2023
  • Steve Collings
  • Small Company Financial Reporting
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.
Exclusive Provisions and Contingencies
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  • 01 Apr 2023
  • Steve Collings
  • Practical Guide to UK Accounting and Auditing Standards
Chapter on provisions and contingencies in a guide to all aspects of UK auditing standards and UK GAAP accounting standards.
Exclusive Liabilities and equity, provisions and contingencies
  • eBook chapter
  • 01 Apr 2021
  • Julia Penny
  • Accounting Principles for Tax Purposes
A full chapter on FRS 102 sections 21 and 22, in this accessible introduction to the accounting rules relevant to tax computations in the UK.
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Exclusive Provisions and contingencies
  • eBook chapter
  • 2019
  • Rob Carrington, Ernst & Young
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 21 and IFRS, and looks at the scope of the section, how to determine when a provision should be recognised, contingent liabilities, contingent assets, how probability determines whether to recognise or disclose, initial and subsequent measurement, funding commitments, presentation, disclosure, and examples of provisions.
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