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FRS 102: Revenue under UK GAAP

FRS 102 Section 23 Revenue sets out the requirements that apply to revenue arising from the sale of goods, services, construction contracts, and entity assets yielding interest, royalties or dividends.

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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.

ICAEW factsheets and guides

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

ICAEW articles and features

Regulation: FRS 102
  • Article
  • 12 Nov 2024
  • Patrick O’Brien and Pinkesh Patel
  • Corporate Financier
Amendments to financial reporting standard FRS 102 will change how revenue is recognised and leases are accounted for. Grant Thornton’s Patrick O’Brien and Pinkesh Patel explain the impact on M&A valuations.
How to prepare for UK GAAP changes
  • Article
  • 17 Oct 2024
  • ICAEW Insights
With just 15 months until implementation of most of the Periodic Review 2024 amendments to UK GAAP, the Corporate Reporting Faculty’s recent event brought faculty members together to learn about the changes and consider practical implications.
New revenue recognition model for FRS 102 and FRS 105
  • Article
  • 28 Mar 2024
  • ICAEW Insights
The FRC has issued its latest amendments to UK GAAP, introducing a five-step model for revenue recognition and on-balance sheet recognition for most leases by lessees to FRS 102.
Exclusive Technical round-up: October 2023
  • Article
  • 06 Oct 2023
  • Eddy James
  • By All Accounts
Eddy James summarises the latest technical developments, internationally and in the UK, including two new IFRS Accounting Standards, amends to the IFRS for SMEs by the IASB and the FRC’s proposed changes to FRS 102.
Exclusive Revenue and leasing under FRS 102 – the case for change
  • Article
  • 04 Apr 2023
  • Kate Beeston, Sally Baker
  • By All Accounts
Kate Beeston and Sally Baker examine the arguments for changing the approach to recognising revenue and lease accounting.
Exclusive FRED 82: first reactions from ICAEW
  • Article
  • 03 Apr 2023
  • Laura Woods
  • By All Accounts
Laura Woods summarises ICAEW’s preliminary views on the FRC’s proposals set out in FRED 82.
Exclusive Proposed amendments to UK GAAP – time to embrace the change?
  • Article
  • 03 Apr 2023
  • Eddy James
  • By All Accounts
Eddy James talks to Danielle Stewart OBE, partner and Head of Financial Reporting at RSM, about proposed amendments to UK GAAP.
Exclusive Periodic review results in proposals for major changes to UK GAAP
  • Article
  • 03 Apr 2023
  • Stephen Maloney
  • By All Accounts
Stephen Maloney summarises the key proposals arising from the periodic review of FRS 102 and other UK standards.

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 Revenue
  • eBook chapter
  • 2024
  • Steve Collings
  • Financial Reporting for Unlisted Companies in the UK and Republic of Ireland
A chapter on financial reporting of revenue recognition for unlisted companies in the UK and Republic of Ireland.
Exclusive Revenue
  • eBook chapter
  • 2023
  • Steve Collings
  • Practical Guide to UK Accounting and Auditing Standards
Chapter on revenue in a guide to all aspects of UK auditing standards and UK GAAP accounting standards.
Exclusive Revenue recognition
  • eBook chapter
  • 2021
  • Julia Penny
  • Accounting Principles for Tax Purposes
A full chapter on revenue recognition 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 Revenue
  • 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 on accounting for revenue gives a comparison of FRS 102 Section 23 and IFRS, and looks at measurement of revenue, identification of the revenue transaction, sale of goods, rendering of services, percentage of completion method, franchise fees, interest, royalties, dividends, construction contracts, disclosures, and practical implementation issues.
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.

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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.

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Financial reporting helpsheets
Corporate reporting resources

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

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