UK and Irish accounting.
Financial Reporting Standard 102, 'The financial reporting standard applicable in the UK and Republic of Ireland', applies to larger unlisted companies and to certain other reporting entities.
FRS 102 - in conjunction with FRS 100, FRS 101 and FRS 103 - is designed to:
- Implement an international-based financial accounting framework for all relevant UK and Irish reporting entities and users.
- Use the same accounting language regardless of the size of the reporting entity.
- Retain a proportionate approach to disclosure in order to meet users’ information needs, without imposing undue reporting burdens.