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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.

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Latest Resources

Need to Know — FRC issue draft 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.

ICAS publishes guide on financial reporting standards for small and micro companies

01 Mar 2017

The Institute of Chartered Accountants of Scotland (ICAS) has published a guide on financial reporting standards for small and micro companies which aims to help them in applying the new financial reporting requirements which are effective for accounting periods beginning on or after 1 January 2016.

Accounting Roundup — February 2017

23 Feb 2017

This accounting roundup, covering the period October 2016 through to January 2017, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

FRC issues a revised version of FRS 103

13 Feb 2017

The Financial Reporting Council (FRC) has today issued a revised version of Financial Reporting Standard (FRS) 103 ‘Insurance Contracts’ and accompanying non-mandatory Implementation Guidance.

ICAEW event on the FRC’s first triennial review of FRS 102

10 Feb 2017

The Institute of Chartered Accountants in England and Wales (ICAEW) will be hosting an event to 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’.

CCAB publishes revised SORP for Limited Liability Partnerships

27 Jan 2017

The Consultative Committee of Accountancy Bodies (CCAB) has published a revised Limited Liability Partnerships (LLPs) Statement of Recommended Practice (SORP).

Deloitte comment letter on the FRC consultation on changes to FRS 102 to reflect recent changes in IFRS

22 Dec 2016

We have published our comment letter on the Financial Reporting Council’s (FRC’s) consultation on changes to FRS 102 to reflect recent changes in IFRS.

We comment on the FRC consultation on changes to FRS 102 to reflect recent changes in IFRS

22 Dec 2016

We have published our comment letter on the Financial Reporting Council’s (FRC’s) consultation on changes to FRS 102 to reflect recent changes in IFRS.

New UK GAAP application for reporting periods ending 31 December 2016

16 Dec 2016

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.

FRC consults on amendments to FRS 101

14 Dec 2016

The Financial Reporting Council (FRC) has issued, for comment Financial Reporting Exposure Drafts (FRED) 66 proposing limited amendments to FRS 101 ‘Reduced Disclosure Framework’.

FRC amends FRS 101 and FRS 102 to remove the requirement to notify shareholders

14 Dec 2016

The Financial Reporting Council has issued Amendments to FRS 101 ‘Reduced Disclosure Framework’ and FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

Accounting Roundup - Closing Out 2016

28 Nov 2016

Welcome to our one-stop guide for all the issues you need to consider as you prepare your 2016 accounts and look forward to 2017.

We comment on new draft SORP for Limited Liability Partnerships

03 Nov 2016

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

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