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Property, plant and equipment under new UK GAAP

Section 17 of the accounting standard FRS 102 covers property, plant and equipment. On this page you can access a range of articles, books and online resources providing useful links to the standard, summaries, guidance and news of recent developments.

General guidance and information on the accounting standard is available from our FRS 102 page.

Property, plant and equipment were dealt with in FRS 15 and FRS 5 under old UK GAAP. Both standards have been superseded by FRS 102.

What's on this page?

  • Full-text standard
  • Model accounts
  • Guidance and support from ICAEW
  • eBooks
  • Guides
  • Online articles
  • Articles and books from the Library

Contact the Library

Expert help for your enquiries and research.

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T  +44 (0)20 7920 8620

Full-text standard

FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland
As issued by the Financial Reporting Council (FRC) in September 2015. This updated edition incorporates amendments issued in September 2014, February 2015, March 2015 and July 2015. Property, plant and equipment is covered in Section 17.

More information and links to previous versions and amendments are available on our main FRS 102 page.

Model accounts

Model accounts and disclosure checklists for new UK GAAP
The ICAEW Library can provide model accounts and disclosure checklists for FRS 101, FRS 102, FRS 102 Section 1A, FRS 103 and FRS 105. The examples and checklists cover a broad range of entities, including small companies, charities, groups, LLPs and micro-companies.

ICAEW guidance and support

The new UK GAAP
ICAEW's financial reporting portal offering practical resources on the new regime, including guidance factsheets and FAQs covering key topics.

Ask ICAEW Technical Advisory Service

Get an opinion from the experts. Our experienced technical advisors can help you with your new UK GAAP questions and offer practical advice. Call the advisory helpline on +44 (0)1908 248 250.

Questions we've dealt with recently include:

  • I understand there is an option to take a revaluation as deemed cost for tangible fixed assets, when does the revaluation have to be performed?
  • What do I do with the revaluation reserve when I change from old UK GAAP to new UK GAAP if I am taking revaluation as deemed cost?
  • When do I have to apply FRS 102 to my UK company client?
  • How does FRS 102 impact charities?

Find out more about the Technical and ethics advisory helpline, including our opening hours.

Financial Reporting Faculty

Financial Reporting Faculty
The faculty offers assistance and support in IFRS, UK GAAP and other aspects of business reporting. It offers technical briefings and factsheets, IFRS and UK GAAP standards-trackers, plus practical advice from industry experts and working accountants.


The Library provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users. If you are unable to access an eBook, please see our Help and support advice or contact library@icaew.com.

Interpretation and application of UK GAAP for accounting periods commencing on or after 1 January 2015
Steve Collings (2015)
A detailed, practical guide to applying UK GAAP with specific sections and examples covering:

  • Property, plant and equipment and investment properties
  • Recognition of an item of property, plant and equipment
    Includes discussion of exchange of assets with examples.
  • Subsequent measurement of property, plant and equipment
  • Revaluation of property, plant and equipment
  • Depreciation of property, plant and equipment
    Includes discussion of changes in depreciation method and property, plant and equipment subjected to revaluation with examples.
  • Asset construction
  • Subsequent expenditure on property, plant and equipment
  • Disclosure issues.

UK GAAP financial statement disclosures manual
Steve Collings (2016)
A practical manual for preparing new UK GAAP-compliant disclosures. This guide collects all of the latest guidelines into one place and is designed for practical application with many real-world examples. The chapter on fixed assets and investment property covers:

UK GAAP 2017: Application of FRS 100–104 in the UK
EY (2017)
This guide has been fully updated to reflect the application of the new accounting standard in practice. It focuses on each area of the financial statement in detail and explains how they are treated by FRS 102, with illustrative examples. The chapter on property, plant and equipment covers:


Some guides and comparisons that we link to may pre-date the latest amendments to this standard. While these resources contain useful information, please treat them with appropriate caution.

Fact Sheet 5 – FRS 102: Property: Fair Value Measurement
FRC, December 2018
Staff factsheet focusing on how to account for a remeasurement to fair value for investment property and as property, plant and equipment.

Staff Education Note 5: Property, plant and equipment
FRC, December 2013
Guidance note produced by the FRC comparing the accounting requirements for property, plant and equipment under FRS 5, FRS 15 and FRS 102.

FRS 102: Property, plant and equipment – revaluations as deemed cost
AccountingWEB, February 2018
In this article, Steve Collings aims to clear up some of the confusion around the application of FRS 102 Section 17 and the impact of applying the transitional exemption. It discusses the revaluation model, revaluations and depreciation, transfer between revaluation reserve and retained earnings, and previous revaluations as deemed cost.

FRS 102: Accounting for plant and equipment - tips and advice
CCH Daily, December 2016
This article gives an overview of the revised accounting rules around plant and equipment, considering the long term nature of the assets, requirement to be written off against profit over their lives and the need to be reviewed for impairment. Available online to Accountancy Daily subscribers or in print from the Library.

Financial Reporting Standard 102: Tangible fixed assets and investment properties
Factsheet issued by Crowe Clark Whitehill covering aspects of accounting for tangible fixed assets under FRS 102.

Online articles

The Library provides access to leading business, finance and management journals. These journals are available to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use.

Articles are available to logged-in ICAEW members, ACA students and other entitled users.

Articles and books in the Library collection

To find out how you can borrow books from the Library please see our guide to book loans. You can obtain copies of articles or extracts of books and reports by post, fax or email through our document supply service.

Can't find what you are looking for?

If you're having trouble finding the information you need, ask the Library & Information Service. Contact us by telephone on +44 (0)20 7920 8620, by web chat or by email at library@icaew.com.

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