FRS 102

Financial Reporting Standard 102 - "The financial reporting standard applicable in the UK and Republic of Ireland" - applies to larger unlisted companies and to other reporting entities.

This applies to reporting periods starting on or after 1 January 2015.

FRS 102 - in conjunction with FRS 100, FRS 101 and FRS 103 - is designed to:

1. Implement an international-based financial accounting framework for all relevant UK and Irish reporting entities and users.
2. Use the same accounting language regardless of the size of the reporting entity.
3. Retain a proportionate approach to disclosure in order to meet users’ information needs, without imposing undue reporting burdens.

See also

• FRS 100
• FRS 101
• FRS 103
• UK GAAP

Other links

Filling the GAAP, Stanislav Varkalov, The Treasurer, November 2013