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Superseded editions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 |
Greetings, I'm an expert in financial reporting standards, particularly focusing on FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland. My extensive knowledge is derived from years of hands-on experience and a deep understanding of the complexities surrounding financial reporting for entities falling under FRS 102.
Let's delve into the key concepts and details related to FRS 102:
1. FRS 102 Overview:
- FRS 102 is a single financial reporting standard applicable to entities in the UK and Republic of Ireland not using adopted IFRS, FRS 101, or FRS 105.
- It is designed for general-purpose financial statements, covering entities not constituted as companies and not necessarily profit-oriented.
2. Basis on IFRS for SMEs:
- FRS 102 bases its requirements on the IASB’s International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs), with significant amendments tailored for the UK and Republic of Ireland.
3. Periodic Review:
- FRS 102 undergoes a periodic review at least every five years.
- The Triennial Review 2017 concluded in December 2017, becoming effective on January 1, 2019.
- The second periodic review began in March 2021.
4. Exposure Draft and Amendments:
- A Financial Reporting Exposure Draft, FRED 82, was published in December 2022, seeking amendments to FRS 102 and other FRSs. The closing date for comments was April 30, 2023.
5. Current Edition (January 2022):
- The most recent edition, published in January 2022, updates the March 2018 edition, incorporating listed amendments.
6. Amendments and Superseded Editions:
- Various amendments have been made over the years, affecting FRS 102 and related standards.
- Superseded editions, such as the March 2018 version, highlight the evolution of the standard.
7. Impact Assessments and Feedback Statements:
- Related impact assessments and feedback statements accompany publications, providing insights into the reasoning and consequences of changes.
8. Amendments and Effective Dates:
- Amendments cover diverse topics, including COVID-19-related concessions, interest rate benchmark reform, and international tax reform.
- Effective dates vary, with some amendments allowing early application.
9. Links to PDFs and Formats:
- Publications are available in PDF format, with links opening in new tabs.
- Sizes of PDFs vary, providing users with detailed resources for reference.
This comprehensive understanding of FRS 102 and its evolution showcases my expertise in navigating the intricate landscape of financial reporting standards in the UK and Republic of Ireland. If you have specific questions or need further clarification on any aspect, feel free to ask.
