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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

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).

Deloitte comment letter on new draft SORP for Limited Liability Partnerships

03 Nov 2016

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

Accounting Roundup — October 2016

28 Oct 2016

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

We comment on FRED 65 — Draft amendments to FRS 101 Reduced Disclosure Framework – notification of shareholders

13 Oct 2016

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 65 ‘Draft amendments to FRS 101 Reduced Disclosure Framework – notification of shareholders’.

Deloitte comment letter on FRED 65 — Draft amendments to FRS 101 Reduced Disclosure Framework – notification of shareholders

13 Oct 2016

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 65 ‘Draft amendments to FRS 101 Reduced Disclosure Framework – notification of shareholders’.

Need to know — FRC consults on changes to FRS 102 to reflect recent changes in IFRSs

10 Oct 2016

The FRC has published a Consultation Document Triennial review of UK and Ireland accounting standards – Approach to changes in IFRS. This forms part of the first triennial review of FRS 102 and sets the direction of travel for UK GAAP. Areas under discussion within this Consultation include revenue recognition, leases and impairment model for financial assets. This Need to know discusses this Consultation.

FRC consults on changes to FRS 102 to reflect recent changes in IFRS

27 Sep 2016

The Financial Reporting Council (FRC) has today published a 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).

New UK GAAP application for reporting periods ending 30 September 2016

23 Sep 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.

Accounting Roundup — August 2016

25 Aug 2016

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

Pensions schemes annual report disclosures checklist — SORP 2015

18 Aug 2016

The Pensions Research Accounting Group (PRAG) published the revised 'Financial Reporting of Pension Schemes - A Statement of Recommended Practice 2015' ("the 2015 Pensions SORP") in November 2014. This was a complete update of the 2007 Pensions SORP to incorporate the content required to comply with UK Financial Reporting Standard (FRS) 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The new reporting framework is effective for all pension schemes with periods commencing on or after 1 January 2015. Deloitte have prepared a detailed disclosure checklist that allows preparers of UK occupational pension scheme financial statements to determine whether they are fully compliant with the 2015 Pensions SORP.

HMRC updates its papers on the tax implications of FRS 101 and FRS 102

12 Aug 2016

HM Revenue and Customs (HMRC) has updated its papers which provide an overview of the key accounting changes and the key tax considerations of moving from ‘old’ UK GAAP to either FRS 101 ‘Reduced Disclosure Framework’ or FRS 102 ‘The financial reporting standard applicable in the UK and the Republic of Ireland’.

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

12 Aug 2016

HM Revenue and Customs (HMRC) has published a consultation on the impact of International Financial Reporting Standard (IFRS) 16 ‘Leases’ on the taxation of leases of plant or machinery and possible options to address those impacts.

Need to know — FRS 101 amendment on IFRS 15 disclosure exemptions & proposal on notifying shareholders

09 Aug 2016

In July 2016, the Financial Reporting Council (FRC) made limited amendments to FRS 101 ‘Reduced Disclosure Framework’ and issued Financial Reporting Exposure Draft (FRED) 65 that proposes further amendments to remove the requirement for a qualifying entity to notify its shareholders in writing that it intends to take advantage of the disclosure exemptions in FRS 101. A similar consequential amendment is proposed for FRS 102. This 'Need to know' publication explains those changes.

Comments invited on new draft SORP for Limited Liability Partnerships

03 Aug 2016

The Consultative Committee of Accountancy Bodies (CCAB) has published an Exposure Draft of a revised Limited Liability Partnerships (LLPs) Statement of Recommended Practice (SORP). Comments are invited until 1 November 2016.

Correction list for hyphenation

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