Overview

This FRS is a single financial reporting standard that applies to the financial statements of entities that are not applying 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.

The requirements in FRS 102 are based on the IASB’s IFRS for SMEs Accounting Standard, with some significant amendments made for application in the UK and Republic of Ireland. The Table of Differences describes the relationships between UK and Ireland financial reporting standards and IFRS Accounting Standards.

FRS 102 is subject to a periodic review at least every five years. The first periodic review, the Triennial Review 2017, was completed in December 2017, with an effective date of 1 January 2019. The second periodic review, the Periodic Review 2024, was completed in March 2024, with a principal effective date of 1 January 2026.

Related impact assessments and feedback statements to the following publications.

Current edition

September 2024