FRS 102 Insights

What is FRS 102?

FRS 102 is the Financial Reporting Standard applicable in the UK and Republic of Ireland. It sets out the accounting requirements for entities that are not applying International Financial Reporting Standards (IFRS) or FRS 101. It is commonly used by small and medium-sized entities (SMEs) to prepare their financial statements in accordance with UK Generally Accepted Accounting Practice (GAAP).

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What other technologies are related to FRS 102?

FRS 102 Competitor Technologies

FRS 101

FRS 101 is a reduced disclosure framework under UK GAAP, and presents an alternative reporting option to FRS 102, making it a competitor.

mentioned alongside FRS 102 in 72% (71) of relevant job posts

UK GAAP

UK GAAP is the overall set of accounting standards in the UK, including FRS 102. However, other standards exist within UK GAAP, making it partially a competitor as companies may choose to use alternative standards within UK GAAP.

mentioned alongside FRS 102 in 8% (97) of relevant job posts

IFRS

IFRS (International Financial Reporting Standards) is an alternative accounting framework to FRS 102, often used by larger or listed companies. Therefore it is a competitor.

mentioned alongside FRS 102 in 2% (299) of relevant job posts

US GAAP

US GAAP (United States Generally Accepted Accounting Principles) is another alternative accounting framework, mainly used in the United States. It is a competitor to FRS 102 as it serves the same overall purpose of financial reporting.

mentioned alongside FRS 102 in 1% (71) of relevant job posts

FRS 102 Complementary Technologies

Microsoft Excel

Microsoft Excel can be used to prepare and analyze financial statements prepared in accordance with FRS 102. It is a tool that complements the implementation of the standard.

mentioned alongside FRS 102 in 0% (111) of relevant job posts