Accounting Standards and Guidance

FRC Financial Reporting Standards (FRSs)

UK/Irish accounting framework (effective for periods beginning on or after 1 Jan 2015)

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland

Section 10 Accounting Policies, Estimates and Errors
Section 10 – Scope of this section
10.1This section sets out the requirements for:
 (a)selecting and applying the accounting policies used in preparing financial statements;
 (b)accounting for changes in accounting estimates; and
 (c)accounting for corrections of errors in prior period financial statements. [AMD 271]
AMD 271

Amendment

Paragraph 10.1 amended by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017)

Effective date

01/01/2019

Previous text

10.1 This section provides guidance for selecting and applying the accounting policies used in preparing financial statements. It also covers changes in accounting estimates and corrections of errors in prior period financial statements.
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