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
| 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Superseded editions
| 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 |
| 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 |
| 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 |
| 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 |
I'm a seasoned financial reporting expert with a comprehensive understanding of FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland. My expertise is not merely theoretical; I've actively engaged with the standard and its updates, staying abreast of the changes and amendments over the years.
The Financial Reporting Standard 102 is a crucial framework designed for the financial statements of entities not adopting IFRS, FRS 101, or FRS 105 in the UK and Republic of Ireland. It's tailored for general-purpose financial statements, encompassing a diverse range of entities, including non-profit-oriented and non-corporate entities.
One notable aspect is FRS 102's foundation on the IASB’s International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs Accounting Standard), with specific modifications for the UK and Republic of Ireland. These adaptations are highlighted in the Table of Differences, offering insights into the relationships between UK and Ireland financial reporting standards and IFRS Accounting Standards.
The standard undergoes periodic reviews, with the first Triennial Review in 2017 and the second one initiated in March 2021. The recent Financial Reporting Exposure Draft, FRED 82, outlines draft amendments to FRS 102 and other FRSs as part of the ongoing periodic review.
The current edition, as of January 2022, reflects updates from the March 2018 edition, and any amendments subsequently made. Additionally, various amendments, such as those related to international tax reform, COVID-19 concessions, and interest rate benchmark reform, have been introduced through separate publications.
For instance, the Amendments to FRS 102 published in July 2023 addresses international tax reform's Pillar Two model rules, effective from January 1, 2023. Other amendments, such as those related to COVID-19 rent concessions and Brexit, showcase the adaptability of FRS 102 to evolving financial landscapes.
These updates and amendments are essential for entities navigating the complex terrain of financial reporting, ensuring compliance and relevance to the dynamic economic environment. If you have specific questions or need clarification on any aspect of FRS 102 or its amendments, feel free to ask.
