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FRS 102: accounting policy choices

13 June 2017

The accounting policy choices you use in FRS 102 could enable you to influence the strength of your balance sheet or simplify your accounting but be careful, because they may also create earnings volatility.

FRS 102: fair value

13 June 2017

Fundamental to FRS 102 is the concept of ‘Fair Value’. Fair value is the amount for which an asset, liability or equity instrument could be exchanged or settled between knowledgeable, willing parties in an arm’s length transaction. In some instances you may require expert advice to determine a fair value.

FRS 102: frequently asked questions

13 June 2017

Below are some answers to recent questions we've had around the changes to FRS 102.

Which financial reporting framework is applicable to me?

13 June 2017

The financial reporting framework that applies to UK entities preparing financial statements is set out in FRS 100 Application of Financial Reporting Requirements. FRS 100 sets out five options for preparing financial statements.

UK GAAP - FRS 102 Section 1A

13 June 2017

In September 2015, FRS 102 was amended to include a new Section 1A (S1A). With effect from 1 January 2016, this section replaces the FRSSE. Whilst the recognition and measurement requirements will apply, Section 1A sets out the presentation and disclosure requirements for small entities.


13 June 2017

Detailed concerning the recent changes to and frequently asked questions around FRS 102.


13 June 2017

With effect from 1 January 2016, FRS 105 can be applied by micro entities. FRS 105 replaces the FRSSE and micro-entities will have to choose a different framework.


13 June 2017

FRS 101 ‘Reduced Disclosure Framework’ sets out the financial reporting requirements and disclosure exemptions available for use by subsidiaries and ultimate parent companies in their individual financial statements.


13 June 2017

UK companies listed in an EU securities market are required to prepare their consolidated financial statements in accordance with IFRS, complying with all relevant standards.

FRC letter to investors highlighting recent changes and developments in reporting
Danielle Stewart OBE

The FRC has published an open letter to users of the financial statements in advance of the 2017 shareholder meeting season to help investors understand their suggested strategy.