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FRS 102: Small entities under UK GAAP

FRS 102 Section 1A outlines simplified presentation and disclosure requirements for small entities. It applies to companies and LLPs opting for the small entities regime, and other entities meeting the criteria for small companies.

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Small and micro-entity reporting

Check our guides on choosing the right regime, the criteria for small companies and micro-entities, filing accounts, simplifications for small companies and micro-entities, and other guidance.

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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 Preparing and filing UK small entity accounts
  • Helpsheets and support
  • 29 Nov 2022
  • PDF (416kb)
This factsheet considers simplifications available to small entities and the criteria to be met. Updated November 2022.
Exclusive Small entity reporting – simplifications
  • Helpsheets and support
  • 15 Sep 2022
In this guide, the Financial Reporting Faculty sets out the financial reporting simplifications available to companies that are entitled to apply the Small Companies Regime.
Exclusive Small and micro-entity reporting compared
  • Helpsheets and support
  • 15 Sep 2022
In this guide, the Financial Reporting Faculty outlines the differences between FRS 102 and FRS 105 and other factors to consider when deciding whether to prepare accounts using the small or micro-entities regime.
Exclusive FRS 102: Section 1A Small Entities
  • Helpsheets and support
  • 28 Oct 2021
Technical helpsheet issued to help ICAEW members understand the reporting requirements applicable to small entities in the UK reporting under FRS 102 Section 1A.

ICAEW webinars

Exclusive Topical reporting issues for small and micro-entities
  • Webinar
  • 06 Dec 2022
This webinar explores the financial reporting impact for small and micro companies of topical issues including the current economic environment, as well as sustainability and climate change reporting. Upcoming changes due to Companies House reform and the periodic review of UK GAAP also feature.

ICAEW articles and features

Free CPD: FRS 102
  • Article
  • 10 Jun 2024
  • Insights
FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland has seen several, relatively minor, amendments since being introduced in 2015. More significant changes, however, take effect from January 2026 following the second, comprehensive, periodic review of the standard. This article will help you find free CPD-verifiable content that will bring you up to speed.
Exclusive It’s time to raise the threshold
  • Article
  • 03 Apr 2024
  • Sally Baker
  • By All Accounts
Following its call for evidence on non-financial reporting, the UK government has announced plans to lift the monetary company size thresholds from October 2024 – a measure called for in ICAEW’s response to the review. Sally Baker considers the 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 Small businesses beware – FRS 102 changes may require additional disclosures
  • Article
  • 03 Apr 2023
  • Simon Kettlewell
  • By All Accounts
Simon Kettlewell explains how proposed changes to FRS 102 are likely to affect the millions of UK small businesses that take advantage of the reduced disclosures set out in Section 1A of the standard.
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.
ICAEW submits views on the upcoming periodic review of FRS 102
  • Article
  • 15 Nov 2021
ICAEW responds to the FRC’s request for views to inform the periodic review of FRS 102.

eBooks

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 FRS 102 - Small entities
  • 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 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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Bloomsbury 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 Bloomsbury Accounting and Tax Service.

Exclusive Overview of small and micro-entity reporting
  • eBook chapter
  • 2023
  • Steve Collings
  • UK Financial Statements - Presentation and Disclosure Requirements
A chapter giving a brief overview of the relevant financial reporting frameworks for small and micro-entities under FRS 102, to help readers understand what reporting entities may need to deal with when preparing their annual reports.
Exclusive Small Company Financial Reporting (4th edition)
  • eBook
  • 2023
  • Steve Collings
  • Small Company Financial Reporting
Comprehensive practical guidance on the small companies' financial reporting framework and the micro-entities legislation, written by a specialist on small company reporting issues.
Exclusive UK Financial Statements: Presentation and Disclosure Requirements
  • eBook
  • 2023
  • Steve Collings
  • UK Financial Statements - Presentation and Disclosure Requirements
Detailed guidance on how the disclosure requirements under new UK GAAP (and EU-endorsed IFRS) should be prepared.
Exclusive Example financial statements
  • eBook
  • 2023
  • Example Financial Statements
Example FRS 102, FRS 102 section 1A and FRS 105 financial statements and disclosure checklists, for UK micro-entities and small & medium companies.
Exclusive Sample UK filleted financial statements
  • eBook chapter
  • 2023
  • Example Financial Statements
Example financial statements for an audit-exempt small entity.
Exclusive Small entity disclosure checklist
  • eBook chapter
  • 2023
  • Example Financial Statements
A UK small entity disclosure checklist based on the requirements of FRS 102 and the Companies Act 2006.
Exclusive Irish small entity disclosure checklist
  • eBook chapter
  • 2023
  • Example Financial Statements
An Irish small entity disclosure checklist, relevant to all small entities in the Republic of Ireland reporting under FRS 102 (March 2018), Section 1A Small Entities.
Exclusive Sample UK small company financial statements
  • eBook chapter
  • 2023
  • Example Financial Statements
Example financial statements based on the requirements of the Companies Act 2006 and FRS 102 Section 1A Small Entities.
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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 Acceptable usage terms.

Other resources

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
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  • ICAEW Library and Information Service
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
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Practical resources including factsheets, online guides and webinars on financial and non-financial reporting.

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