This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

UK GAAP

Since 2005 listed groups in the UK have been required to prepare their consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs). Almost all other groups and companies have a choice. They can choose to follow IFRSs or UK GAAP. 

For periods beginning on or after 1 January 2015, FRSs 100101 and 102 came into force, bringing with them a number of new options for all UK entities and groups. These Standards replaced old UK GAAP.

In addition to the above three Standards, two additional Standards were in force from 1 January 2015 - FRS 103 Insurance Contracts which contains specific accounting requirements for entities that have insurance contracts (including reinsurance contracts) and are applying FRS 102 and FRS 104 Interim Financial Reporting, which is intended for use in the preparation of interim financial reports by those entities that apply FRS 102.

Companies who operate within specialised industries or sectors will also apply the requirements of their specific Statement of Recommended Practice (SORP) in conjunction with the Financial Reporting Standards.  Most of the various SORP-issuing bodies have revised their SORPs in the light of FRS 102.

As the new UK GAAP regime has now been in place for two years, preparation of either parent company or subsidiary accounts under either FRS 101 or FRS 102 should now have become a more routine exercise.  The FRC has made several changes to FRS 102 as part of its first triennial review of the Standard to deal with issues highlighted in its implementation.  The amendments were published in December 2017.

The news articles and publications below - organised chronologically - provide a comprehensive collection of resources on the new UK GAAP framework. Additionally we also provide links to highlight application for reporting periods ending 31 December 2018.

Click for direct access to:

Related Resources

Accounting Roundup — May 2019

23 May 2019

This accounting roundup, covering the period January 2019 through to April 2019, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

Deloitte comment letter on FRED 70 'FRS 101 Reduced Disclosure Framework - 2018/19 cycle'

10 May 2019

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 70 ‘'FRS 101 Reduced Disclosure Framework - 2018/19 cycle'

PRAG issues guidance on accounting for Guaranteed Minimum Pension equalisation

05 Apr 2019

The Pensions Research Accountants Group (PRAG) has issued guidance on accounting for Guaranteed Minimum Pension (GMP) equalisation by pension schemes.

We comment on FRED 71 ‘Draft amendments to FRS 102 — Multi-employer defined benefit plans’

14 Mar 2019

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 71 ‘Draft amendments to FRS 102 – Multi-employer defined benefit plans’

Deloitte comment letter on FRED 71 — ‘Draft amendments to FRS 102 – Multi-employer defined benefit plans’

14 Mar 2019

We have published our comment letter on Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 71 Draft amendments to FRS 102 – Multi-employer defined benefit plans.

Need to know — FRC proposes amendments to FRS 101 and FRS 102

06 Feb 2019

The Financial Report Council (FRC) has issued FRED 70 'Draft amendments to FRS 101 – 2018/19 cycle' and FRED 71 'Draft amendments to FRS 102 – Multi-employer defined benefit plans'.

FRC proposes amendments to FRS 101 and FRS 102

31 Jan 2019

The Financial Report Council (FRC) has issued FRED 70 ‘Draft amendments to FRS 101 – 2018/19 cycle’ and FRED 71 ‘Draft amendments to FRS 102 – Multi-employer defined benefit plans’.

Accounting Roundup January 2019

24 Jan 2019

This accounting roundup, covering the period October 2018 through to December 2018, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

Need to know - Equalisation of guaranteed minimum pensions

20 Dec 2018

This Need to know addresses the impact of a recent ruling regarding equalisation of guaranteed minimum pensions payable under UK defined benefit schemes. It is equally relevant to those reporting under IFRS and FRS 102.

CCAB publishes revised SORP for Limited Liability Partnerships

18 Dec 2018

The Consultative Committee of Accountancy Bodies (CCAB) has published a revised Statement of Recommended Practice (SORP) which sets out a framework for accounting by Limited Liability Partnerships (LLPs) (“LLP SORP”).

FRC publishes a suite of factsheets on FRS 102

14 Dec 2018

The Financial Reporting Council (FRC) has issued a suite of staff factsheets on aspects of FRS 102, including the 2017 triennial review.

Accounting Roundup - Closing Out 2018

13 Dec 2018

Closing out 2018 discusses the significant corporate reporting issues relevant to 31 December 2018 annual reports, covering areas of regulatory focus identified in the FRC’s Annual Review of Corporate Reporting 2017/2018, the ESMA’s common enforcement priorities for issuers in the European Union together with developments in reporting standards and areas of investor interest.

Charity Commission and OSCR issue further ‘Update Bulletin’ amending the Charities SORP (FRS 102) as a result of changes to UK Accounting Standards

08 Nov 2018

The Charity Commission for England and Wales (‘Charity Commission’) and the Office of the Scottish Charity Regulator (OSCR) have published a further ‘Update Bulletin 2’ which amends the Charities SORP (FRS 102) as a result of changes to UK Accounting Standards.

Accounting Roundup October 2018

31 Oct 2018

This accounting roundup, covering the period July 2018 through to September 2018, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

Updated SORP for registered social housing published

26 Oct 2018

The National Housing Federation (NHF) has published an updated Statement of Recommended Practice (SORP) setting out revised guidance for accounting for registered social housing providers in the UK.

Deloitte comment letter on updated draft SORP for Limited Liability Partnerships

17 Oct 2018

We have published our comment letter on the Consultative Committee of Accountancy Bodies’ (CCAB’s) Exposure Draft on an updated Statement of Recommended Practice (SORP) for Limited Liability Partnerships (LLPs).

We comment on updated draft SORP for Limited Liability Partnerships

17 Oct 2018

We have published our comment letter on the Consultative Committee of Accountancy Bodies' (CCAB's) Exposure Draft on an updated Limited Liability Partnerships (LLPs) Statement of Recommended Practice (SORP).

FRC updates taxonomies to reflect changes to UK GAAP and IFRS standards

08 Oct 2018

The Financial Reporting Council (FRC) has made amendments to its suite of taxonomies last issued in December 2017.

Updated SORP for further and higher education published

08 Oct 2018

The Further and Higher Education SORP Board (the SORP Board) has published a revised Statement of Recommended Practice (SORP) setting out proposals for accounting for further and higher education institutions in the UK.

Comments invited on updated draft SORP for Limited Liability Partnerships

02 Aug 2018

The Consultative Committee of Accountancy Bodies (CCAB) has published an Exposure Draft on an updated Statement of Recommended Practice (SORP) which sets out a framework for accounting by Limited Liability Partnerships (LLPs) (“LLP SORP”). Comments are invited until 17 October 2018.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.