Access the standard
All editions of FRS 102 can be found on the FRC’s website. Note the September 2024 edition of FRS 102 includes some amendments with a mandatory effective date that is later than 1 January 2024. Find details of the effective dates of amendments in the Recent amendments section below.
Summary
FRS 102 applies to financial statements that are intended to give a true and fair view of a reporting entity’s financial position and profit or loss for a period. It applies not only to companies but also to public benefit and other types of entity.
Reduced disclosures area available for the individual accounts of qualifying subsidiaries and parents. Section 1A Small Entities sets out the different presentation and disclosure requirements available to small entities.
FRS 102 is based on the IFRS for SMEs, however the text of the IASB’s standard has been amended in some significant respects in order to:
- comply with the Companies Act;
- allow additional accounting policy choices such that where a policy choice exists in current UK GAAP and this is aligned with IFRS the choice also exists in FRS 102; and
- reflect feedback during the consultation process.
In some circumstances, entities applying FRS 102 will need to refer to other accounting standards.
- Entities with publicly traded ordinary shares must apply IAS 33 Earnings per Share.
- Entities with publicly traded equity or debt instruments must apply IFRS 8 Operating Segments.
- Entities engaged in extractive industries must apply IFRS 6 Exploration for and Evaluation of Mineral Resources.
- Entities that issue insurance contracts, reinsurance contracts or financial instruments must apply FRS 103 Insurance Contracts.
-
Reduced disclosures
FRS 102 includes some disclosure exemptions for subsidiary and parent companies meeting certain conditions in their individual accounts. The main exemptions are from:
- preparation of a cash flow statement;
- disclosure of related party transactions with and between wholly-owned subsidiaries;
- disclosures relating to financial instruments.
-
Small entities
Section 1A Small Entities may be applied by:
- a company meeting the definition of a small company that is not excluded from the small companies regime;
- an LLP meeting the definition of small that is not excluded from the small LLPs regime*; or
- any other entity that would have met the definition of a small company if it were an incorporated company*.
*To the extent that the requirements of Section 1A do not conflict with any statutory framework under which such entities report, for example, from a SORP making body.
-
Who should apply the standard?
FRS 102 will be applied by all entities which are neither required nor elect to apply:
- Adopted IFRS (being EU-adopted IFRS prior to 1 January 2021 and thereafter UK-adopted international accounting standards for companies that apply UK company law and EU-adopted IFRS for companies that apply Irish company law);
- FRS 101 Reduced Disclosure Framework; or
- FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime.
Which version of the standard?
| Annual period | Effective version of the standard | Notes on amendments and early adoption |
|---|---|---|
| Starts on or after 1 January 2026 | FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (September 2024) | This edition of FRS 102 incorporates all amendments issued up to September 2024, including the Periodic Review 2024 amendments, which are mostly effective from 1 January 2026. |
| Starts on or after 1 January 2025 | FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (January 2022) | An entity will apply the January 2022 edition of FRS 102, plus:
|
| Starts on or after 1 January 2024 | FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (January 2022) | An entity will apply the January 2022 edition of FRS 102, plus:
|
| Starts on or after 1 January 2023 | FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (January 2022) | An entity will apply the January 2022 edition of FRS 102, plus:
|
| Starts on or after 1 January 2022 | FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (January 2022) | This edition of FRS 102 incorporates all amendments issued up to January 2022. |
Note
Care will need to be taken to apply the correct version of FRS 102, as the updated September 2024 edition includes significant amendments, most of which are not effective until accounting periods beginning in 2026.
Recent amendments
Log in to read more
These resources are available exclusively to Corporate Reporting Faculty subscribers, ICAEW members and students.
ICAEW resources
Featured factsheet
The ‘FRS 102 Overview’ factsheet provides a high-level summary of FRS 102 and includes practical tips and guidance on some common pitfalls.
eBooks
The ICAEW Library & Information Service provides full text access to a selection of key business and reference eBooks from leading publishers. Explore the collection by A–Z of title or browse by subject, including IFRS, UK GAAP and US GAAP.
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.
Other resources
Further support
Corporate reporting resources
Practical resources including factsheets, online guides and webinars on financial and non-financial reporting.
Browse the collections
Technical Advisory Services
Our experienced advisors can help you with technical questions.
Get in touch
Library and Information Service
Expert help with research and access to trustworthy, professional sources.