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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.

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.  It is notable, however, that the FRC has proposed 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 are due to be finalised by the end of 2017 and are expected to be available for immediate adoption.

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 2017.

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Related Resources

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.

Accounting Roundup July 2018

25 Jul 2018

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

PRAG publishes updated SORP for Pension accounting

12 Jul 2018

The Pensions Research Accountants Group (PRAG) has published a revised Pensions SORP (Statement of Recommended Practice) 2018 to bring the current guidance in line with the latest version of FRS 102.

New UK GAAP application for reporting periods ending 30 June 2018

03 Jul 2018

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 2018.

FRC consults on proposed amendments to the FRC Taxonomies

27 Jun 2018

The Financial Reporting Council (FRC) has issued a consultation on proposed amendments to the FRC Taxonomies to "support the objectives of enhancing the quality and accessibility of financial reporting in the UK and to enable digital reporting of IFRS and UK GAAP standards".

FRC issues Amendments to the Basis for Conclusions FRS 101

11 May 2018

The Financial Reporting Council (FRC) has issued amendments to FRS 101 ‘Reduced Disclosure Framework’ and the associated feedback statement on Financial Reporting Exposure Draft (FRED) 69 'FRS 101 Reduced Disclosure Framework - 2017/18 cycle'.

Accounting Roundup April 2018

26 Apr 2018

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

New UK GAAP application for reporting periods ending 31 March 2018

04 Apr 2018

The table below reflects new and revised new UK GAAP financial reporting requirements that need to be considered for financial reporting periods ending on 31 March 2018.

FRC publishes March 2018 editions of accounting standards to reflect triennial review amendments

29 Mar 2018

The Financial Reporting Council ("FRC") has issued the March 2018 editions of all UK and Ireland accounting standards. These editions reflect the triennial review amendments issued in December 2017, and other amendments made since the previous editions were issued, resulting in a single up to date reference point for each standard.

Charity Commission and OSCR issue consultation proposing amendments to the Charities SORP (FRS 102) as a result of changes to UK Accounting Standards

23 Feb 2018

The Charity Commission for England and Wales (‘Charity Commission’) and the Office of the Scottish Charity Regulator (OSCR) have issued a joint consultation on proposed amendments to the Charities Statement of Recommended Practice (FRS 102) (‘Charities SORP FRS 102) following amendments to UK accounting standards in December 2017 which formed part of the 2017 Triennial review of the standard by the Financial Reporting Council (FRC).

GAAP 2018 Volume A: UK Reporting - Legal and regulatory framework

13 Feb 2018

This volume sets out the legal and regulatory financial reporting requirements extant at 1 September 2017 for UK entities, irrespective of whether they apply IFRSs or UK GAAP, including coverage of FRS 100 Application of Financial Reporting Requirements and FRS 101 Reduced Disclosure Framework.

GAAP 2018 Volume B: UK Reporting - FRS 102

13 Feb 2018

This volume sets out the requirements of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, the main standard which replaced ‘old’ UK GAAP. as at 1 September 2017. The Standard is based on the IFRS for SMEs, a simplified version of full IFRSs, but adapted to ensure compliance with company law requirements in the UK and to accommodate some existing UK GAAP practices by introducing a number of options also available under IFRSs.

Need to know — Accounting for the effects of the U.S. tax reform legislation

29 Jan 2018

On 22 December 2017, the U.S. tax legislation commonly known as the Tax Cuts and Jobs Act was signed into law by the president. As a result, recognition of the tax effects of the Act is required in the interim and annual periods that include 22 December 2017. This newsletter looks at the accounting for the effects of the Act under IAS 12 Income Taxes and the implications for FRS 101 and FRS 102.

Need to know — FRC publishes Triennial Review 2017 Incremental improvements and clarifications (Amendments to FRS 102)

25 Jan 2018

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

Accounting Roundup January 2018

24 Jan 2018

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

FRC updates taxonomies to reflect recent changes to UK GAAP

18 Dec 2017

The Financial Reporting Council (FRC) has published amendments to its suite of taxonomies last published in December 2015.

FRC publishes amendments to FRS 102

15 Dec 2017

The Financial Reporting Council (FRC) has published incremental improvements and clarifications to (FRS) 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. The FRC indicates that “as a result of these amendments, FRS 102 will be clearer and easier to use, some accounting policies will be simplified and additional choices and exemptions will be introduced”.

HMRC consults on changes to lease taxation as a result of IFRS 16

05 Dec 2017

HMRC has issued a consultation on the legislative changes required to ensure that the tax treatment of leases reflects lease accounting rules upon the implementation of IFRS 16 ‘Leases’.

Accounting Roundup - Closing Out 2017

27 Nov 2017

Closing out 2017 discusses the significant corporate reporting issues relevant to 31 December 2017 annual reports, covering areas of regulatory focus identified in the FRC’s Annual Review of Corporate Reporting 2016/2017, ESMA’s common enforcement priorities for issuers in the European Union together with developments in reporting standards and areas of investor interest.

New UK GAAP application for reporting periods ending 31 December 2017

27 Nov 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 31 December 2017

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.