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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

FRC publishes FRED 72 'Draft amendments to FRS 102 – Interest rate benchmark reform'

12 Jul 2019

The Financial Reporting Council (FRC) has published FRED 72 'Draft amendments to FRS 102 – Interest rate benchmark reform'.

FRC publishes amendments to FRS 101

12 Jul 2019

The Financial Report Council (FRC) has issued 'Amendments to FRS 101 Reduced Disclosure Framework - 2018/19 cycle' which amends the definition of a qualifying entity so that insurers cannot apply FRS 101 from the effective date of IFRS 17 Insurance Contracts.

Accounting Roundup — July 2019

11 Jul 2019

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

FRC makes amendments to FRS 102

24 May 2019

The Financial Report Council (FRC) has made amendments to Section 28 of FRS 102.

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.

FRC plan and budget highlights key areas of focus for 2019/20

23 May 2019

The Financial Reporting Council (FRC) has published its Plan and Budget for 2019/20, which sets out its priorities for 2019/20.

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.

Correction list for hyphenation

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