Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

FRS 102 definition

What does FRS 102 mean? FRS 102 describes the main UK–Irish GAAP accounting standard used to prepare statutory financial statements where UK‑adopted IFRS is not applied. Issued by the Financial reporting Council, it is not defined in legislation or case law, but is the “applicable accounting standard” contemplated by the Companies Acts when requiring compliance with accounting standards. It has applied to periods beginning on or after 1 January 2015 and, as amended, applies to companies and other entities in the UK and Republic of Ireland that are not using UK‑adopted IFRS, frs 101 (Reduced Disclosure Framework) or FRS 105 (micro‑entities). listed groups...

UK company accounts for lawyers: IFRS/FRS 102 frameworks, Companies Act formats, small/micro regimes, required primary statements, notes, and statutory and accounting reserves and their permitted uses

Published by a LexisNexis Corporate expert

Practice notes

Practice Note

This Practice Note outlines what a complete set of company financial statements should contain for entities reporting under frs 102 (UK GAAP) or International Financial Reporting Standards (IFRS). It concentrates on the key financial content required in the accounts (the ‘primary statements’), and, save for incidental mentions, does not deal in depth with the accompanying notes. It also considers the various reserves a company may show on its balance sheet, together with a high-level explanation of their permitted purposes. The fundamental principle guiding the preparation of financial statements is that they must present a true and fair view of the company’s income and expenditure, financial position, and cash flows for the relevant reporting period. This does not require precision to the last penny, but it does require that the figures are materially correct. In broad terms, an item is material to the financial statements if its inclusion, or its absence, would affect the economic choices made by the users of those statements. There are several factors that influence what needs to be considered in determining the content and presentation of the primary statements and the reserves shown on a company’s balance sheet for the applicable period, depending on circumstances,...

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Tessa Park

Moore Kingston Smith

Tessa is technical partner of Kingston Smith LLP where she is responsible for preparing and presenting technical guidance and training on all aspects of financial reporting including FRS 102 and International Financial Reporting Standards (IFRS). Prior to joining Kingston Smith from a technical role within the mid tier, she worked with growing and entrepreneurial businesses, including listed companies, in a number of roles including as an audit manager in a Big Four firm....

Web page updated on 22/05/2026

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