FRS 102

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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 with effect from 2015.


FRS 102 - in conjunction with FRS 100 and FRS 101 - 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.


All other UK GAAP is withdrawn and replaced with effect from 2015.


See also