FRS 102 v UK GAAP: The key differences

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The financial reporting overhaul is going to happen sooner than you think and represents the biggest change UK GAAP has seen.

To launch our new financial reporting channel, AccountingWEB technical editor Steve Collings outlines the key differences between existing UK GAAP and FRS 102.

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There is no exemption from...

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About Steven Collings


Steve Collings, FMAAT FCCA is the audit and technical partner at Leavitt Walmsley Associates Ltd where Steve trained and qualified.


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05th Sep 2013 14:46

Extremely informative and concise


Thanks (1)
09th Sep 2013 13:28

Thanks to Steve Collins.

I've been waiting for someone to save me the trouble. Many thanks. Shades of RTI, I guess! Just what I needed; a redesigned wheel.  I do US and Singapore etc accounts and I already call spades shovels, among other "alternative nomenclatures".  

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26th Sep 2013 13:34

revaluation reserve effectively disappears ?


on the take up of FRS102...the revaluation reserves stays on the balance sheet  ?

when the annual revaluation that takes place,  then goes via the profit and loss and ends up in the 'B/Sheet P&L Reserves' which then would make this a combination of distributable[earned and taxed] and non distributable[ unrealised gains /losses ]  how difficult would that be from a dividend availability perspective ...if correct

what happens to the Revaluation reserve that existed prior to FRS102 adoption ?



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26th Sep 2013 19:26

On transition

It will be a transitional adjustment and be taken to the profit and loss account reserves.

Best wishes


Thanks (1)
By majuran
15th Oct 2015 11:13

On Transition


Could you tell me whether this would be a distributable or non-distributable reserve?



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