Technical factsheet: FRS 102 – reporting for medium-sized and large entities
This technical factsheet has been updated to incorporate the results of the triennial review carried out by the Financial Reporting Council in 2017, which impact entities for accounting periods starting on or after 1 January 2019
Technical factsheet: FRS 102 – transition issues for medium-sized and large companies
FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, is based on the principles found in International Financial Reporting Standards (IFRSs), specifically IFRS for SMEs.
Convergence of financial reporting standards is at last in sight with the publishing by the FRC of FRS 100, FRS 101 and FRS 102, which between them set out the new UK GAAP framework that will be mandatory from 1 January 2015. Early adoption is permitted, and indeed encouraged, but mandatory implementation will be for accounting periods beginning on or after 1 January 2015