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New 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.

Any companies that have not yet transitioned to the new UK GAAP framework, our collection of resources below, will provide helpful guidance.  For those that are already applying it there are amended versions of FRSs 100, 101 and 102 which incorporate changes as a result of the UK implementation of the EU Accounting Directive to be aware of.  Additionally, there are significant changes to the financial reporting regime for smaller and micro companies who can no longer follow the FRSSE.  These changes are applicable for accounting periods beginning on or after 1 January 2016. 

Those entities who currently apply the FRSSE will either have to follow the recognition and measurement requirements of FRS 102 and the presentation and disclosure requirements within Section 1A Small Entities or apply FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime (if they qualify as micro-entities). 

A number of changes have also been made to the accounting and reporting requirements for LLPs in the law, to align with the changes made for companies and qualifying partnerships including extending the scope of FRS 105 to include such entities.   Our Need to know publication highlights these. 

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 2016.

Click for direct access to:

Latest Resources

HMRC publishes paper on the tax implications of FRS 105

21 Jul 2017

HM Revenue and Customs has published a paper which provides an overview of the key accounting changes and the key tax considerations of moving from the Financial Reporting Standard for Smaller Entities (FRSSE) or ‘old’ UK GAAP to FRS 105 ‘The Financial Reporting Standard applicable to the Micro-entities Regime’.

FRC issues amendments to FRS 101

12 Jul 2017

The Financial Reporting Council (FRC) has issued amendments to FRS 101 ‘Reduced Disclosure Framework’.

OTS publishes report recommending simplifications to corporate taxation

07 Jul 2017

The Office of Tax Simplification (OTS) has published a report which makes a number of “practical recommendations” aimed at simplifying the corporation tax system from both the perspective of smaller and larger companies.

New UK GAAP application for reporting periods ending 30 June 2017

04 Jul 2017

The table below reflects new and revised new UK GAAP financial reporting requirements that need to be considered for financial reporting periods ending on 30 June 2017

We comment on FRED 67— 'Draft amendments to FRS 102 - Triennial review - Incremental improvements and clarifications'

04 Jul 2017

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 67 ‘Draft amendments to FRS 102 - Triennial review - Incremental improvements and clarifications'.

Deloitte comment letter on FRED 67— 'Draft amendments to FRS 102 - Triennial review - Incremental improvements and clarifications'

04 Jul 2017

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 67 ‘Draft amendments to FRS 102 - Triennial review - Incremental improvements and clarifications'.

FRC defers decision on updating FRS 102 to reflect major changes in IFRSs

30 Jun 2017

The Financial Reporting Council (FRC) has today published a feedback statement summarising respondents views on its consultation Document containing proposals to update Financial Reporting Standard (FRS) 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ to reflect recent changes in International Financial Reporting Standards (IFRSs).

Academies accounts direction 2016 to 2017 published

21 Jun 2017

The Education and Skills Funding Agency has published the ‘Academies accounts direction 2016 to 2017’ (“The accounts Direction”). The Accounts Direction 2016 to 2017 is a guidance pack for academy trusts and their auditors to use when preparing their annual reports and financial statements for accounting periods ending 31 August 2017.

FRC invites comments on revisions to Practice Note 11

12 May 2017

The Financial Reporting Council (FRC) has published a paper inviting comments on revisions to Practice Note 11: ‘The Audit of Charities in the United Kingdom’.

Accounting roundup - May 2017

12 May 2017

This accounting roundup, covering the period February 2017 through to April 2017, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

FRC provides optional interim relief for small entities in relation to accounting for Directors’ loans

09 May 2017

The Financial Reporting Council (FRC) has amended Financial Reporting Standard (FRS) 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ to provide interim relief for small entities when accounting for Directors’ loans prior to finalisation of the proposals in Financial Reporting Exposure Draft (FRED) 67 Draft Amendments to FRS 102 - Triennial Review 2017.

Stay Tuned Online - IFRS and UK GAAP update March 2017

28 Apr 2017

The following topics are covered in the March 2017 webcast:1 - March year-end reminders, 2 - Heads up for half-yearly reporting, 3 - IFRS developments and reminders, 4 - The long-term viability statement – year 2, 5 - FRS 102 – Triennial review and 6 - Round up of other corporate reporting news.

Need to Know — FRC issue FRED 67 Draft amendments to FRS 102 - Triennial review - Incremental improvements and clarifications

26 Apr 2017

This newsletter discusses the proposed amendments to FRS 102 as a result of the FRC's first triennial review of the standard.

FRC consults on revisions to Practice Note 15

18 Apr 2017

The Financial Reporting Council (FRC) has published a consultation proposing revisions to Practice Note 15: ‘The Audit of Occupational Pension Schemes in the United Kingdom’.

May 2017 meeting of the ICAEW FRDG

31 Mar 2017

The next meeting of the Institute of Chartered Accountants in England and Wales (ICAEW) Financial Reporting Discussion Group (FRDG) will be held on 8 May 2017 in London. The meeting will provide a brief overview of the Financial Reporting Council’s (FRC’s) first triennial review of Financial Reporting Standard (FRS) 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

We comment on FRED 66 — Draft amendments to FRS 101 ‘Reduced Disclosure Framework’ 2016/17 Cycle

24 Mar 2017

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 66 ‘Draft amendments to FRS 101 ‘Reduced Disclosure Framework’ 2016/17 Cycle’.

Deloitte comment letter on FRED 66 — 'Draft amendments to FRS 101 ‘Reduced Disclosure Framework’ 2016/17 Cycle'

24 Mar 2017

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 66 ‘Draft amendments to FRS 101 ‘Reduced Disclosure Framework’ 2016/17 Cycle’.

FRC consults on proposals for incremental improvements and clarifications to FRS 102

23 Mar 2017

The Financial Reporting Council (FRC) has today published proposals for incremental improvements and clarifications to Financial Reporting Standard (FRS) 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

New UK GAAP application for reporting periods ending 31 March 2017

21 Mar 2017

For periods beginning on or after 1 January 2015, three new Financial Reporting Standards (FRSs 100, 101 and 102) are in force, bringing with them a number of new options for all UK entities and groups. These new Standards replace old UK GAAP.

NHF provides an update on accounting for the Social Housing Pension Scheme

03 Mar 2017

The National Housing Federation (NHF) has published a document to provide an update to participating employers of the Social Housing Pension Scheme (SHPS) on developments that might lead to them changing the way that in which they account for the plan.

Correction list for hyphenation

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