FRS 102: Financial instruments under UK GAAP (2024)

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16-02-2024

This guide looks at reporting requirements relating to the disclosure of key judgements made by management in the process of applying accounting policies, and of assumptions and other sources of estimation uncertainty underlying amounts within financial statements. The guide is aimed at preparers of accounts under IFRS Accounting Standards and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

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02-01-2024

This guide focuses on areas of heightened relevance for the current reporting season, highlighting new reporting requirements and the reporting impact of significant macroeconomic and geopolitical developments.

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06-10-2023

Eddy James summarises the latest technical developments, internationally and in the UK, including two new IFRS Accounting Standards, amends to the IFRS for SMEs by the IASB and the FRC’s proposed changes to FRS 102.

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05-07-2023

Eddy James summarises the latest technical developments in corporate reporting, including supplier finance arrangements, the first two International Sustainability Disclosure Standards, and the Periodic Review of UK GAAP.

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10-05-2023

This factsheet explains how to account for ‘debt for equity swaps’ in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

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17-04-2023

This factsheet provides an overview of the disclosure exemptions available to qualifying entities and the transitional issues arising when adopting FRS 101 for the first time.

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10-01-2023

This new factsheet is designed to provide an overview of FRS 105. It also covers the criteria for qualifying as a micro-entity and the exemptions available to such entities.

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05-01-2023

Summarising the requirements of FRS 102 for basic and other financial instruments, this factsheet includes practical tips and illustrative examples.

05-01-2023

This factsheet is a summary of the basic principles of accounting for impairment with practical guidance to will help with implementation.

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15-12-2022

This factsheet outlines the key requirements of FRS 102 in respect of hedge accounting and includes practical examples on their application.

08-12-2022

This guide looks at what is different about the current reporting season and where to focus your efforts. The guide is aimed primarily at preparers of IFRS and FRS 102 accounts, although the relevance of points will also depend on the size and nature of the business.

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22-11-2022

This recently updated factsheet provides an overview of the accounting and disclosure requirements for deferred tax in accordance with FRS 102 in response to some frequently asked questions about this challenging topic. (updated November 2022).

21-08-2020

ICAEW's Financial Services Faculty highlights 10 questions to inform the critical areas of accounting and financial disclosure that are being impacted by LIBOR transition.

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21-08-2019

In this guide, the Financial Reporting Faculty outlines the differences between FRS 102 and FRS 105 and other factors to consider when deciding whether to prepare accounts using the small or micro-entities regime.

26-09-2017

Following the invocation of Article 50, the implications of the June 2016 UK referendum remain at the forefront of political debate in the UK. The impact that Brexit will have on the UK’s financial reporting infrastructure and the related international ramifications have, however, not yet attracted sufficient attention.

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11-07-2017

This short guide outlines, and illustrates by example, the accounting requirements of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland applicable to loans that are provided interest free or at below-market interest rates, a common example of which are intercompany loans.

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01-12-2015

Technical helpsheet issued to help ICAEW members to understand aspects of hedge accounting under FRS 102.

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01-12-2015

Technical helpsheet issued to help members understand foreign currency translation under FRS 102.

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08-10-2012

This guideline deals with interest rate and foreign exchange risk management from a corporate finance perspective. These risks tend to be focused on during a ‘transaction event’, whether management buyout (MBO)-type transactions, M&A, or when new assets are acquired.

FRS 102: Financial instruments under UK GAAP (2024)

FAQs

Is FRS 102 under UK GAAP? ›

What is the new UK GAAP based on? The new UK GAAP standard is FRS 102, 'The financial reporting standard applicable in the UK and Republic of Ireland'. It is based on the IFRS for SMEs, a simplified IFRS standard developed by the International Accounting Standards Board for non-publicly accountable entities.

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What is a financial instrument in FRS 102? ›

A financial instrument is a contract that gives rise to a financial asset in one entity and a financial liability or equity instrument of another entity. Common financial instruments would include cash, trade debtors and interest rate swaps.

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What is FRS in the UK? ›

Fellowship of the Royal Society (FRS, ForMemRS and HonFRS) is an award granted by the Fellows of the Royal Society of London to individuals who have made a "substantial contribution to the improvement of natural knowledge, including mathematics, engineering science, and medical science".

What is the financial reporting standard applicable in the UK? ›

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 adopted IFRS, FRS 101 or FRS 105.

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What is FRS 102 and FRS 105 in UK? ›

FRS 105 is the financial reporting standard for companies classed as micro-entities. It's based on FRS 102 but is simplified further. Under the FRS 105 financial reporting standard, your statutory accounts must include: Balance sheet.

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What is the difference between UK accounting standards and US GAAP? ›

IFRS allows the capitalization of development costs when specific criteria are met, treating them as an asset. In contrast, US GAAP generally requires these costs to be expensed as incurred, which can significantly affect reported earnings and asset values.

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What is the difference between financial instruments FRS 102 and IFRS? ›

The standard requires you to measure a company's revenue at the fair value of the consideration received or receivable. FRS 102 is based on a risks-and-reward approach. IFRS follows a different approach. It generally recognises revenue when an entity transfers control of an asset to a customer.

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What are Section 11 basic financial instruments of FRS 102? ›

Sections 11 and 12 Basic and Other Financial Instruments

FRS 102 includes two sections on financial instruments. Section 11 applies to so-called 'basic' financial instruments, whereas Section 12 applies to other, more complex financial instruments and transactions, including hedge accounting.

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What counts as a financial instrument? ›

A financial instrument refers to any type of asset that can be traded by investors, whether it's a tangible entity like property or a debt contract. Financial instruments can also involve packages of capital used in investment, rather than a single asset.

Which GAAP is used in the UK? ›

Is UK GAAP still used? Yes, UK GAAP is still used, and FRS 102 is a prominent part of it. The choice between UK GAAP, IFRS, and FRS 102 depends on factors like company size, structure, and reporting requirements.

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How many frs in the uk? ›

In 2022, roughly 376.4 thousand doctors were registered in the United Kingdom (UK). The age group with the highest number of doctors is among 30 to 34 years with nearly 60 thousand professionals, followed by 58 thousand registered doctors aged 35 to 39 years.

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Which UK entities should apply FRS 103? ›

FRS 103 is applied by companies that apply FRS 102 and: issue insurance (and reinsurance) contracts; hold reinsurance contracts; issue financial instruments with a discretionary participation feature.

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What is the common reporting standard in the UK? ›

expandable section. The Common Reporting Standard (CRS) is a global standard for the automatic exchange of Financial Account information between governments. CRS helps fight against tax evasion around the world and protects the integrity of systems by improving transparency.

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What is the financial regulation in the UK? ›

The Financial Conduct Authority (FCA) regulates the financial services industry in the UK. Its role includes protecting consumers, keeping the industry stable, and promoting healthy competition between financial service providers.

What is the difference between FRS 101 and 102? ›

FRS 101 may only be applied by qualifying entities which are members of a group where the parent of that group prepares publicly available consolidated financial statements. All entities can choose to report under FRS 102 except those required to apply UK-adopted International accounting standards.

Is FRS 102 under IFRS? ›

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 following table outlines these significant amendments; more minor amendments are not included.

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Is FRS 102 the same as Irish GAAP? ›

FRS 102 “The Financial Reporting Standard Applicable in the UK and Republic of Ireland” is the 'main' standard which replaces current Irish GAAP. It is based on the IFRS for Small and Medium-sized Entities (IFRS for SMEs), which was issued by the International Accounting Standards Boards (IASB) back in July 2009.

Does UK GAAP include IFRS 16? ›

The FRC has issued its amendments to FRS 102 via the periodic review 2024, which will move UK GAAP to an 'on balance sheet' lease accounting model for most leases. The new approach is based on IFRS 16 and is similar to current finance lease accounting.

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