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Accountants Accounting and Reporting Policy UK Accounting Standards Standards in issue FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland

This FRS is a single financial reporting standard that applies to the financial statements of entities that are not applying EU-adopted IFRS, FRS 101 or FRS 105. FRS 102 is designed to apply to the general purpose financial statements and financial reporting of entities including those that are not constituted as companies and those that are not profit-oriented.

Related impact assessments and feedback statements to the following publications.

Extant publications

May 2017

Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Directors’ loans - optional interim relief for small entities

December 2016

Amendments to FRS 101 Reduced Disclosure Framework and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Notification of shareholders (PDF)

March 2016

Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Fair value hierarchy disclosures (PDF)

September 2015

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Sep 2015) (PDF)

Editorial amendment: Paragraph 41(2) of Schedule 1 to the Small Company Regulations was repealed by SI 2015/980 and paragraph IAC 25 was included in FRS 102 in error. This paragraph will be deleted in future editions of FRS 102.

As a result of changes in the LLP regulations, the legal requirements for the financial statements of small LLPs are now generally aligned with Section 1A Small Entities of FRS 102. However, there are some slight differences between the disclosure requirements of Section 1A and those set out in the Small LLP Regulations. In these cases small LLPs shall comply with the equivalent requirements of the Small LLP Regulations rather than Section 1A.

In respect of paragraph 1.15 of FRS 102, an LLP shall read the references to the regulations SI 2015/980 as being to the equivalent LLP regulations, namely SI 2016/575.

Clarification statements

The FRC considers queries arising from the implementation of FRS 102. In response, the FRC has issued the following clarification statements. For the avoidance of doubt, these apply to the August 2014 and September 2015 editions of FRS 102.

November 2013

Deferred tax arising on a business combination

April 2016

Net investment hedges of foreign operations that are branches

Earlier publications

July 2015

Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Small entities and other minor amendments (PDF)

February 2015

Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Pension obligations (PDF)

September 2014

Editorial amendment to correct a numerical error in Appendix to Section 12 – Examples of hedge accounting (PDF)

August 2014

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Aug 2014) (PDF)

July 2014

Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Basic financial instruments and Hedge accounting (PDF)

March 2013

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Mar 2013) (PDF)

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