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All other UK GAAP is withdrawn and replaced with effect from 2015.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

• FRS 100
• FRS 101
• UK GAAP

Other links

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