FRS Factsheets
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The factsheets are intended to assist stakeholders by highlighting certain requirements of FRS 102 and other FRSs.
The original suite of seven factsheets was issued in December 2018 to accompany the Triennial Review 2017, and an eighth factsheet was issued in November 2021 and updated in March 2024.
In November 2024, the FRC issued an updated suite of FRS factsheets, principally to reflect the changes made by Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review 2024. These amendments made significant changes to the requirements of FRS 102, the headline amendments being new versions of Section 20 'Leases' and Section 23 'Revenue from Contracts with Customers'.
The November 2024 updates consisted of:
- Updated versions of Factsheets 3, 4, 5, 6 and 7, principally to reflect the changes made to FRS 102 by the Periodic Review 2024 amendments.
- The withdrawal of Factsheets 1 and 2 (which related specifically to the Triennial Review 2017).
- New Factsheets 9, 10 and 11.
Preparers should note that most of the Periodic Review 2024 amendments are effective from 1 January 2026 and so these factsheets are also effective from that date (unless early adopting); for earlier periods, the previous suite of factsheets can still be accessed.
In March 2025, the FRC issued an updated version of ‘FRS 102 Factsheet 8 - Climate-related matters‘ to reflect changes in narrative reporting requirements.
In September 2025, the FRC issued ‘FRS Factsheet 12 – Presentation of financial statements’, which sets out the options available to entities applying FRS 102 (including small entities) for presenting the financial statements, particularly in relation to the ‘statutory’ and ‘adapted’ formats for the balance sheet and the profit and loss account.
In September 2025, the FRC issued ‘FRS Factsheet 13 - The Going Concern Basis of Accounting for Small Companies and Micro-entities’, which supports directors of small companies and micro-entities in performing their going concern assessments and making any relevant financial statement disclosures. This factsheet relates to the FRC’s Guidance on the Going Concern Basis of Accounting and Related Reporting, including Solvency and Liquidity Risks.
| Name | FRS 102 Factsheet 3 - Statement of cash flows |
|---|---|
| Publication date | 27 November 2024 |
| Type | Information sheet |
| Format | PDF, 210.1 KB |
| Name | FRS 102 Factsheet 4 - Financial instruments |
| Publication date | 27 November 2024 |
| Type | Information sheet |
| Format | PDF, 306.8 KB |
| Name | FRS 102 Factsheet 5 - Property - fair value measurement and company law |
| Publication date | 27 November 2024 |
| Type | Information sheet |
| Format | PDF, 165.7 KB |
| Name | FRS 102 Factsheet 6 - Business combinations |
| Publication date | 27 November 2024 |
| Type | Information sheet |
| Format | PDF, 227.2 KB |
| Name | FRS 102 Factsheet 7 - Transition to FRS 102 |
| Publication date | 27 November 2024 |
| Type | Information sheet |
| Format | PDF, 300.8 KB |
| Name | FRS 102 Factsheet 8 - Climate-related matters |
| Publication date | 21 March 2025 |
| Type | Information sheet |
| Format | PDF, 371.4 KB |
| Name | FRS 102 Factsheet 9 - Initial application of Periodic Review 2024 amendments |
| Publication date | 27 November 2024 |
| Type | Information sheet |
| Format | PDF, 234.9 KB |
| Name | FRS 102 Factsheet 10 - Revenue from Contracts with Customers |
| Publication date | 27 November 2024 |
| Type | Information sheet |
| Format | PDF, 292.7 KB |
| Name | FRS 102 Factsheet 11 - Lease accounting for lessees |
| Publication date | 27 November 2024 |
| Type | Information sheet |
| Format | PDF, 291.1 KB |
| Name | FRS Factsheet 12 - Presentation of the financial statements |
| Publication date | 9 September 2025 |
| Type | Information sheet |
| Format | PDF, 225.6 KB |
| Name | FRS Factsheet 13 - The Going Concern Basis of Accounting for Small Companies and Micro-entities |
| Publication date | 9 September 2025 |
| Type | Information sheet |
| Format | PDF, 355.9 KB |