FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland deals with first-time adoption in Section 35 Transition to this FRS. Section 35 applies to a first-time adopter of FRS 102 regardless of whether its previous financial reporting framework was adopted IFRS (EU-adopted IFRS or UK-adopted IAS) or another GAAP.

The term ‘first-time adopter of this FRS’ is defined as: ‘An entity that presents its first annual financial statements that conform to this FRS, regardless of whether its previous financial reporting framework was adopted IFRS or another set of accounting standards.’

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