FRS 102 came into effect for accounting periods commencing on or after 1 January 2015
The following entities can apply FRS 102:
- entities which are not required to apply IFRS;
- small entities; and
- micro-entities.
Small entities can also apply FRS 102 Section 1A (S1A) and micro entities can also apply FRS 102 S1A or FRS 105.
The accounting policy choices you apply could enable you to influence the strength of your balance sheet or simplify your accounting but care must be taken because they may also create earnings volatility.
Fundamental to FRS 102 is the concept of ‘Fair Value’. In some instances you may require expert advice to determine a fair value.
Changes affecting entities reporting under FRS 102
- FRS 102: 2021 and beyond
- Does a change to accounting for leases under US GAAP impact my UK entity?
- FRC advice on interim reporting
- Brexit: amendments to UK GAAP
- Coronavirus and FRS102
- Brexit: changes to accounting
- Significant changes affect work needed for auditing going concern
- Amendments to FRS 102 for pension accounting
- FRS 102: Triennial Review 2017 amendments
Frequently asked questions
For more information please get in touch with Danielle Stewart.
