When it comes to financial reporting, there are two main sets of accounting standards that are used when preparing financial statements: International Financial Reporting Standards (IFRS) and FRS 102. Both sets of standards are used to ensure the accuracy and integrity of financial reporting, but they do have some differences that need to be considered when preparing financial statements. 

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The most significant difference between IFRS and FRS102 is the extent to which companies must report information on their financial statements. Under IFRS, companies must provide more detailed disclosures, including notes to the financial statements, which provide information about the nature and purpose of certain transactions, as well as financial and non-financial information about the company. In contrast, FRS102 requires companies to provide more limited information, such as a basic balance sheet, statement of changes in equity, income statement, and statement of cash flows.

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Another difference between IFRS and FRS 102 is in the way they treat assets and liabilities. IFRS is based on the accrual method of accounting, which means that the value of assets and liabilities is recorded when they are incurred, regardless of when they are paid or received. FRS 102, on the other hand, is based on the historical cost method, which means that assets and liabilities are recorded at the value they were when they were purchased, regardless of what their current value is.

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Furthermore, another difference between IFRS and FRS 102 is in the way they treat subsequent expenditure. Under IFRS, subsequent expenditure is treated as an expense, whereas under FRS 102, it is treated as an addition to the cost of the asset. For instance, if a company spends money to upgrade the machinery it uses to produce its products, the cost of the upgrade would be treated as an expense under IFRS, while the cost of the upgrade would be added to the cost of the machinery under FRS 102.

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Additionally, IFRS requires that companies use the fair value method to measure the value of assets and liabilities, while FRS 102 allows companies to use either the fair value method or the cost method. The fair value method takes into account changes in market value, whereas the cost method only takes into account the cost of the asset or liability when it was purchased.

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Finally, IFRS also has certain rules and regulations that must be followed when preparing financial statements, while FRS 102 has more of an emphasis on judgement and discretion. This means that while IFRS provides a more structured approach to financial reporting, FRS 102 allows companies to use their judgement when making decisions about financial reporting.

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In summary, the main difference between IFRS and FRS 102 is the way they treat assets and liabilities, with IFRS using the accrual method of accounting and FRS 102 using the historical cost method. Furthermore, IFRS requires the use of the fair value method to measure the value of assets and liabilities, while FRS 102 allows the use of either the fair value or the cost method.