FRS102 isn’t something most businesses are going to get excited about. Even for those that have heard of it, many may not know what it means in practice.
In summary FRS102 is a set of rules that looks to standardise the accounting treatment that accountants use to represent the financial affairs of a company. The idea is that when looking at financial reporting across the spectrum of business, anyone looking will be comparing apples with apples because the treatment will be the same.
Small companies do have different disclosure requirements to large companies. There is also a class of companies called micro-entities – very small companies and they also have different rules.