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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.

Click for direct access to:

Related Resources

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

Accounting roundup - November 2017

03 Nov 2017

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

FRC consults on amendments to FRS 101

30 Oct 2017

The Financial Reporting Council (FRC) has issued, for comment Financial Reporting Exposure Draft (FRED) 69 proposing no amendments to FRS 101 ‘Reduced Disclosure Framework’.

Deloitte comment letter on FRED 68 — 'Draft amendments to FRS 102 - Payments by subsidiaries to their charitable parents that qualify for gift aid'

17 Oct 2017

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 68 ‘Draft amendments to FRS 102 - Payments by subsidiaries to their charitable parents that qualify for gift aid'. Overall we agree with the draft amendments to FRS 102 as set out in FRED 68 except that early application should be permitted without the need to apply all of other triennial review amendments at the same time.

We comment on FRED 68 — 'Draft amendments to FRS 102 - Payments by subsidiaries to their charitable parents that qualify for gift aid'

17 Oct 2017

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 68 ‘Draft amendments to FRS 102 - Payments by subsidiaries to their charitable parents that qualify for gift aid'.

New UK GAAP application for reporting periods ending 30 September 2017

02 Oct 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 September 2017

FRC proposes amendments to FRS 102 in relation to gift aid payments made by a subsidiary to its charitable parent

20 Sep 2017

The Financial Reporting Council (FRC) has today proposed amendments to Financial Reporting Standard (FRS) 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ in relation to the accounting for gift aid payments made by a subsidiary to its charitable parent.

FCA publishes a note relating to FRS 102 cash flow exemption for investment funds

04 Sep 2017

The Financial Conduct Authority (FCA) has issued a note regarding the use of the FRS 102 cash flow exemption for investment funds that meet certain conditions when preparing audited financial information to include within a prospectus.

Accounting roundup - August 2017

23 Aug 2017

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

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.