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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 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.  Many of the amendments are effective for accounting periods beginning on or after 1 January 2019 and will need to be considered for the first time. 

The news articles and publications below - organised chronologically - provide a comprehensive collection of resources on the UK GAAP framework. Additionally we also provide links to highlight application for reporting periods ending 31 December 2019.

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Related Resources

FRC publishes its plan and budget for 2020/21

24 Mar 2020

The Financial Reporting Council (FRC) has published its plan and budget for 2020/21.

ICAEW publishes a guide on the financial reporting impacts of Coronavirus

23 Mar 2020

The Institute of Chartered Accountants in England and Wales (ICAEW) has published a guide on the financial reporting impacts of Coronavirus.

FRC publishes its draft plan and budget for 2020/21

12 Feb 2020

The Financial Reporting Council (FRC) has published its draft plan and budget for 2020/21. Comments are requested by 28 February 2020.

Accounting Roundup - January 2020

29 Jan 2020

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

Need to know — FRC issues Amendments to FRS 102 - Interest Rate Benchmark Reform

28 Jan 2020

This Need to Know addresses the recent amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland that have been published by the Financial Reporting Council (FRC). These amendments are titled Interest Rate Benchmark Reform.

ICAEW UK GAAP update webinar

22 Jan 2020

The Institute of Chartered Accountants in England and Wales (ICAEW) will be hosting a webinar outlining latest developments and implementation issues in UK GAAP and also recent changes to reporting regulations.

Stay Tuned Online - IFRS and UK GAAP Update December 2019

13 Jan 2020

Stay Tuned Online is an online financial reporting update, aimed at helping finance teams keep up to speed with IFRS and UK financial reporting issues. Each update lasts about an hour.

FRC makes amendments to FRS 102

19 Dec 2019

The Financial Reporting Council (FRC) has issued 'Amendments to FRS 102 – Interest rate benchmark reform'.

FRC proposes amendments to FRS 101

19 Dec 2019

The Financial Report Council (FRC) has issued FRED 73 ‘Draft amendments to FRS 101 Reduced Disclosure Framework 2019/20 cycle’.

Accounting Roundup - Closing Out 2019

10 Dec 2019

Closing Out 2019 discusses the significant corporate reporting issues relevant to 31 December 2019 annual reports, covering areas of regulatory focus identified in the FRC’s Annual Review of Corporate Reporting 2018/2019 and the ESMA’s common enforcement priorities for issuers in the European Union, together with other developments in reporting standards and areas of investor interest.

FRC publishes updated XBRL Tagging Guide

20 Nov 2019

The Financial Reporting Council (FRC) has published an updated XBRL Tagging Guide.

Accounting Roundup - October 2019

16 Oct 2019

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

Deloitte comment letter on FRED 72 - 'Draft amendments to FRS 102 - Interest rate benchmark reform'

27 Sep 2019

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 72 'Draft amendments to FRS 102 - Interest rate benchmark reform'.

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'

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