FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (2024)

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland

This FRS is a single financial reporting standard that applies to the financial statements of entities that are not applying adopted IFRS, FRS 101 or FRS 105. FRS 102 is designed to apply to the general purpose financial statements and financial reporting of entities including those that are not constituted as companies and those that are not profit-oriented.

The requirements in FRS 102 are based on the IASB’s International Financial Reporting Standard for Small and Medium-sized Entities (‘the IFRS for SMEs Accounting Standard’), with some significant amendments made for application in the UK and Republic of Ireland. The Table of Differences describes the relationships between UK and Ireland financial reporting standards and IFRS Accounting Standards.

FRS 102 is subject to a periodic review at least every five years. The first periodic review, the Triennial Review 2017, was completed in December 2017, with an effective date of 1 January 2019. The second periodic review commenced in March 2021 (see Current Projects). A Financial Reporting Exposure Draft, FRED 82 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review, was published in December 2022, with a closing date of 30 April 2023.

Related impact assessments and feedback statements to the following publications.

Current edition

January 2022

The full edition of the Standard published in January 2022, plus any amendments made subsequently, together constitute the current edition.

Links to PDFs open in new tabs

Name FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (January 2022)
Publication date 31 January 2022
Type Standard
Notes This edition of FRS 102 updates the previous edition issued in March 2018 and reflects the amendments listed with that edition. To compile the extant version of FRS 102 the amendments listed below should be applied to this text.
Format PDF, 2.2MB
Name Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 101 Reduced Disclosure Framework – International tax reform – Pillar Two model rules
Publication date 11 July 2023
Type Amendment
Notes The temporary exception is effective immediately upon issue and the disclosure requirements are effective for accounting periods beginning on or after 1 January 2023, with early application permitted.
Format PDF, 181.7KB

Superseded editions

March 2018

Name FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018)
Publication date 28 March 2018
Type Standard
Format PDF, 1.5MB
Name Amendment to FRS 101 Reduced Disclosure Framework - Effective date of IFRS 17
Publication date 19 October 2020
Effective from 1 January 2023
Type Amendment
Notes This amendment to FRS 101 also makes an amendment to FRS 102.
Format PDF, 363.2KB
Name Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime - COVID-19-related rent concessions beyond 30 June 2021
Publication date 9 June 2021
Effective from 1 January 2021 (Early application permitted)
Type Amendment
Format PDF, 399.7KB
Name Amendments to UK and Republic of Ireland accounting standards - UK exit from the European Union
Publication date 21 December 2020
Effective from 1 January 2021 (Early application permitted)
Type Amendment
Format PDF, 726.6KB
Name Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Interest rate benchmark reform (Phase 2)
Publication date 21 December 2020
Effective from 1 January 2021 (Early application permitted)
Type Amendment
Notes In the amendments to Section 1 set out in paragraph 2 on page 5, the reference to paragraph 11.22 should be read as paragraph 11.2.
Format PDF, 356.7KB
Name Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime - COVID-19-related rent concessions
Publication date 19 October 2020
Effective from 1 January 2020 (Early application permitted)
Type Amendment
Format PDF, 292.4KB
Name Amendments to FRS 101 Reduced Disclosure Framework - 2019/20 cycle
Publication date 29 May 2020
Type Amendment
Notes These amendments to FRS 101 also make amendments to FRS 102. The amendments are available for financial statements approved after 29 May 2020: the date that the amendments were finalised.
Format PDF, 287.7KB
Name Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Interest rate benchmark reform
Publication date 16 December 2019
Effective from 1 January 2020 (Early application permitted)
Type Amendment
Format PDF, 314.2KB
Name Amendments to FRS 101 Reduced Disclosure Framework - 2018/19 cycle
Publication date 9 July 2019
Effective from 1 January 2021 (Early application permitted)
Type Amendment
Notes These amendments to FRS 101 also make amendments to FRS 102.
Format PDF, 343.2KB
Name
Publication date 24 May 2019
Effective from 1 January 2020 (Early application permitted)
Type Amendment
Format PDF, 501.8KB

September 2015

Name FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Sep 2015)
Publication date 29 September 2015
Type Standard
Notes Editorial amendment: Paragraph 41(2) of Schedule 1 to the Small Company Regulations was repealed by SI 2015/980 and paragraph IAC 25 was included in FRS 102 in error. This paragraph will be deleted in future editions of FRS 102.

As a result of changes in the LLP regulations, the legal requirements for the financial statements of small LLPs are now generally aligned with Section 1A Small Entities of FRS 102. However, there are some slight differences between the disclosure requirements of Section 1A and those set out in the Small LLP Regulations. In these cases small LLPs shall comply with the equivalent requirements of the Small LLP Regulations rather than Section 1A.

In respect of paragraph 1.15 of FRS 102, an LLP shall read the references to the regulations SI 2015/980 as being to the equivalent LLP regulations, namely SI 2016/575.

Format PDF, 1.5MB
Name Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland - Triennial Review 2017 - Incremental Improvements and Clarifications
Publication date 14 December 2017
Type Amendment
Format PDF, 790.8KB
Name Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Directors’ loans - optional interim relief for small entities
Publication date 8 May 2017
Type Amendment
Format PDF, 108.4KB
Name Amendments to FRS 101 Reduced Disclosure Framework and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Notification of shareholders
Publication date 13 December 2016
Type Amendment
Format PDF, 530.5KB
Name Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Fair value hierarchy disclosures
Publication date 8 March 2016
Type Amendment
Format PDF, 524.4KB

August 2014

Name FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Aug 2014)
Publication date 22 August 2014
Type Standard
Format PDF, 1.4MB
Name Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Small entities and other minor amendments
Publication date 16 July 2015
Type Amendment
Format PDF, 526.1KB
Name Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Pension obligations
Publication date 27 February 2015
Type Amendment
Format PDF, 302.4KB
Name Editorial amendment to correct a numerical error in Appendix to Section 12 – Examples of hedge accounting
Publication date 7 August 2014
Type Editorial correction
Format PDF, 207.1KB

March 2013

Name FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Mar 2013)
Publication date 14 March 2013
Type Standard
Format PDF, 5.2MB
Name Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Basic financial instruments and Hedge accounting
Publication date 13 July 2014
Type Amendment
Format PDF, 474.1KB

As an expert in financial reporting standards, I bring forth a comprehensive understanding of the FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. My expertise is grounded in a deep knowledge of the standard, its evolution over time, and the intricacies of its application.

The FRS 102 is a pivotal financial reporting standard that plays a crucial role in governing the financial statements of entities in the UK and Republic of Ireland. It is designed for entities not applying adopted IFRS, FRS 101, or FRS 105. This standard is intended for general purpose financial statements and is applicable to various entities, including those not constituted as companies and those not profit-oriented.

One of the key foundations of FRS 102 is its alignment with the IASB’s International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs Accounting Standard). However, it incorporates significant amendments tailored to suit the specific needs of the UK and Republic of Ireland.

Notably, FRS 102 undergoes periodic reviews, with the first Triennial Review completed in December 2017, resulting in amendments effective from 1 January 2019. The second periodic review commenced in March 2021, with a Financial Reporting Exposure Draft (FRED 82) published in December 2022.

To stay current with the standard, users can refer to the latest edition published in January 2022, which updates the previous edition issued in March 2018. This edition reflects amendments listed in the accompanying documentation.

In addition to the standard, various amendments have been introduced over time. Examples include amendments related to international tax reform, COVID-19-related rent concessions, interest rate benchmark reform, and the UK exit from the European Union. Each amendment has its own effective date and format, typically presented in PDF documents.

For instance, the Amendments to FRS 102 and FRS 101 published on 11 July 2023, addressing international tax reform, are effective for accounting periods beginning on or after 1 January 2023. Early application is permitted, and the related document is in PDF format with a size of 181.7KB.

These amendments demonstrate the adaptability of FRS 102 to evolving financial landscapes and regulatory changes. It is crucial for financial professionals, accountants, and entities subject to this standard to stay informed about the latest editions and amendments to ensure compliance with reporting requirements.

In conclusion, my expertise in financial reporting standards, especially FRS 102, is substantiated by a thorough understanding of its principles, evolution, and related amendments. This knowledge positions me to provide accurate and informed insights into the intricacies of financial reporting in the UK and Republic of Ireland.

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (2024)
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