Under the old Financial Reporting Standard for Smaller Entities (FRSSE) accounting rules, investment property was held at market value, so on the face of it, FRS 102 might appear to change relatively little for small businesses. Yet it is often the small changes that create some of the biggest challenges. Here we will look at the subtle but critical differences that have been introduced around investment property including the definition, the possibility of accounting at cost and what fair value means in this context.