FRS
Business & Finance abbreviation · Accounting
| Stands for | Financial Reporting Standard |
|---|---|
| Categories | Business & Finance |
FRS stands for Financial Reporting Standard, an accounting abbreviation.
Accounting standard issued in the UK and Ireland by the Financial Reporting Council (FRC); together these standards form UK GAAP for companies that do not use IFRS. FRS 102 is the main standard for medium and large private companies, while FRS 105 serves micro-entities.
Example: The subsidiary prepares its statutory accounts under FRS 102 rather than full IFRS.
Usage notes
The current suite, FRS 100 to FRS 105, replaced older UK standards from 2015. FRS 101 lets subsidiaries of IFRS groups use IFRS measurement with reduced disclosures. Amendments effective from 2026 bring FRS 102's lease and revenue rules closer to IFRS 16 and IFRS 15.
Related abbreviations
More accounting abbreviations
- EBITDA – Earnings before interest, taxes, depreciation and amortization
- EBITDAR – Earnings before interest, taxes, depreciation, amortization and rent…
- EBT – Earnings before taxes
- EPS – Earnings per share
- FASB – Financial Accounting Standards Board
- FIFO – First in, first out
- FV – Fair value
- FY – Fiscal year
- FYE – Fiscal year-end
- G&A – General and administrative expenses
- GAAP – Generally accepted accounting principles
- GAAS – Generally accepted auditing standards