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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 102FRS 105 The Financial Reporting Standard applicable to the Micro Entities Regime is a financial reporting standard applicable to entities able to apply the micro entities regime. 

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 a number of years, preparation of either parent company or subsidiary accounts under either FRS 101 or FRS 102 should now have become a 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 and took effect for the first time for accounting periods beginning on or after 1 January 2019. More recently, amendments to FRS 102 related to multi-employer defined benefit plans and interest rate benchmark reform have been issued.

Minor amendments were also made as a result of the 2019/20 annual review of FRS 101. Amendments have also recently been made to FRS 100, FRS 101, FRS 102, FRS 104 and FRS 105.  The FRC has issued updates to FRSs 100-105 to reflect changes in the law as a result of the UK’s withdrawal from the EU.  For more information on the UK's withdrawal from the EU click here.

The news articles and publications below - organised chronologically - provide a comprehensive collection of resources on the UK GAAP framework.

Click for direct access to:

Related Resources

Deloitte comment letter on FRED 78 'Draft amendments to FRS 102 and FRS 105 - Covid-19 related rent concessions beyond 30 June 2021'

05 May 2021

We have published our comment letter on the Financial Reporting Council's (FRC's) Financial Reporting Exposure Draft (FRED) 78 'Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime - COVID-19-related rent concessions beyond 30 June 2021'.

Deloitte comment letter on FRED 78 'Draft amendments to FRS 102 and FRS 105 - Covid-19 related rent concessions beyond 30 June 2021'

05 May 2021

We have published our comment letter on the Financial Reporting Council's (FRC's) Financial Reporting Exposure Draft (FRED) 78 'Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime - COVID-19-related rent concessions beyond 30 June 2021'.

Accounting roundup — April 2021

29 Apr 2021

This Accounting roundup, covering the period January 2021 through to March 2021, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

FRC proposes extending application period for accounting requirements covering COVID-19-related rent concessions

22 Apr 2021

The Financial Reporting Council (FRC) has issued Financial Reporting Exposure Draft (FRED) 78 'Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime - COVID-19-related rent concessions beyond 30 June 2021'.

FRC publishes its Strategy, Plan and Budget for 2021/22

12 Apr 2021

The Financial Reporting Council (FRC) has published its Strategy, Plan and Budget for 2021/22.

FRC requests views to inform the next periodic review of FRS 102

29 Mar 2021

The Financial Reporting Council (FRC) is starting the next periodic review of FRS 102 (and other UK and Ireland accounting standards). The last periodic review of the standard was in December 2017 as part of the triennial review of the standard.

FRC publishes its draft Strategy, Plan and Budget for 2021/22

23 Feb 2021

The Financial Reporting Council (FRC) has published its draft Strategy, Plan and Budget for 2021/22. Comments are requested by 12 March 2021.

Need to know-FRC issues Amendments to FRS 102 - Interest Rate Benchmark Reform (Phase 2)

16 Feb 2021

This Need to know addresses the amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland that were published by the Financial Reporting Council (FRC) in December 2020.

We comment on FRED 77 'Draft amendments to FRS 101 Reduced Disclosure Framework – 2020/21 cycle'

03 Feb 2021

We have published our comment letter on the Financial Reporting Council's (FRC's) Financial Reporting Exposure Draft (FRED) 77 'Draft amendments to FRS 101 Reduced Disclosure Framework-2020/21 cycle'.

Deloitte comment letter on FRED 77 'Draft amendments to FRS 101 Reduced Disclosure Framework – 2020/21 cycle'

02 Feb 2021

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 77 'Draft amendments to FRS 101 Reduced Disclosure Framework – 2020/21 cycle'.

Accounting roundup-January 2021

29 Jan 2021

This accounting roundup, covering the period October 2020 through to December 2020, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

Need to know — Accounting considerations related to the coronavirus 2019 disease for FRS 102 reporters

21 Jan 2021

This Need to know discusses accounting considerations related to the Coronavirus 2019 disease for FRS 102 reporters.

FRC amends FRS 102 for IBOR phase 2

22 Dec 2020

The Financial Reporting Council (FRC) has issued ‘Amendments to FRS 102 – Interest rate benchmark reform (Phase 2)’.

FRC amends UK Standards to reflect changes in the law as a result of the UK’s withdrawal from the EU

22 Dec 2020

The Financial Reporting Council (FRC) has published amendments to UK accounting standards to reflect changes in UK company law following the UK’s exit from the European Union that come into effect at the end of the Transition Period.

Accounting Roundup - Closing Out 2020

10 Dec 2020

Closing Out 2020 discusses the significant corporate reporting issues relevant to 31 December 2020 annual reports, covering areas of regulatory focus identified in the FRC's annual review of corporate reporting 2019/20, issues arising from the COVID-19 pandemic and the current economic environment and developments in reporting standards and areas of investor interest.

FRC consults on annual review of FRS 101

01 Dec 2020

The Financial Reporting Council (FRC) has published Financial Reporting Exposure Draft 77 'Draft amendments to FRS 101 Reduced Disclosure Framework – 2020/21 cycle' (FRED 77) which proposes amendments to FRS 101 as a result of its latest annual review.

Accounting Roundup-October 2020

29 Oct 2020

This accounting roundup, covering the period July 2020 through to September 2020, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

ICAEW publishes going concern considerations guide for FRS 105 reporters

23 Oct 2020

The Institute of Chartered Accountants in England and Wales (ICAEW) has published a guide on going concern considerations for FRS 105 reporters.

FRC amends FRS 100, FRS 101, FRS 102, FRS 104 and FRS 105

20 Oct 2020

The Financial Reporting Council (FRC) has issued ‘Amendment to FRS 101 – Effective date of IFRS 17’, ‘Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime - COVID-19-related rent concessions' and ‘Amendments to FRS 104 Interim Financial Reporting - Going concern'.

FRC issues its 2021 suite of Taxonomies

30 Sep 2020

The Financial Reporting Council (FRC) has issued the 2021 suite of FRC Taxonomies.

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.