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. 

Amendments have been made to FRS 102 in relation to phase 2 of the interest rate benchmark reform and also in relation to accounting for temporary rent concessions for operating leases occurring as a direct consequence of the COVID-19 pandemic extending beyond 30 June 2021 (for which an amendment was also made to FRS 105). Amendments to FRS 101, FRS 102, FRS 104 and FRS 105 have also been made to reflect changes in company law following the UK's exit from the European Union and to FRS 101 as a result of the 2020/21 annual review of the standard.

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

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Related Resources

Accounting roundup — January 2023

24 Jan, 2023

This Accounting roundup, covering the period October 2022 through to December 2022, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

FRC consults on changes to FRS 102 as part of its second periodic review of the standard

15 Dec, 2022

The Financial Reporting Council (FRC) has published Financial Reporting Exposure Draft (FRED) 82 ‘Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review’ (“FRED 82”) which proposes changes to FRS 102 and other UK and Republic of Ireland financial reporting standards as a result of the second triennial review of the standard.

FRC consults on annual review of FRS 101

07 Dec, 2022

The Financial Reporting Council (FRC) has published Financial Reporting Exposure Draft 81 'FRS 101 Reduced Disclosure Framework – 2022/23 cycle' (FRED 81) proposing no amendments to FRS 101 ‘Reduced Disclosure Framework’.

FRC issues revised Application Guidance to FRS 100

21 Nov, 2022

The Financial Reporting Council (FRC) has issued 'Amendments to FRS 100 Application of Financial Reporting Requirements – The Interpretation of Equivalence' ("the Amendments").

FRC issues its 2023 suite of Taxonomies

24 Oct, 2022

The Financial Reporting Council (FRC) has issued the 2023 suite of FRC Taxonomies.

Accounting roundup — October 2022

14 Oct, 2022

This Accounting roundup, covering the period July 2022 through to September 2022, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

FRC publishes its draft 2023 Taxonomy Suite for comment

16 Aug, 2022

The Financial Reporting Council (FRC) has issued, for comment, its draft 2023 Taxonomy Suite.

Deloitte comment letter on FRED 80

12 Aug, 2022

We have commented on Financial Reporting Exposure Draft (FRED) 80: 'Draft amendments to FRS 100 Application of Financial Reporting Requirements'.

Deloitte comment letter on FRED 80

12 Aug, 2022

We have commented on Financial Reporting Exposure Draft (FRED) 80: 'Draft amendments to FRS 100 Application of Financial Reporting Requirements'.

Accounting roundup — July 2022

27 Jul, 2022

This Accounting roundup, covering the period April 2022 through to June 2022, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

2022 update on half-yearly financial reporting

14 Jul, 2022

Uncertainty remains a key factor for companies to deal with when preparing 2022 half-yearly financial reports. Companies face a wide range of challenges due to the ongoing impacts of the pandemic, climate change, rising commodity prices and inflation, global supply chain disruption and labour shortages, with many issues exacerbated by the conflict between Russia and Ukraine. For those companies directly impacted by the conflict, uncertainty remains over future operations in and trade with affected and neighboring regions and the impact of sanctions. Whilst companies will be more familiar with reporting in times of uncertainty, timely and high-quality interim reporting that reflects the ongoing uncertainties companies face and their response to those uncertainties remains as important to investors, creditors, and other stakeholders as ever.

FRC consults on amendments to its application guidance

23 May, 2022

The Financial Reporting Council (FRC) has issued Financial Reporting Exposure Draft (FRED) 80 'Draft amendments to FRS 100 Application of Financial Reporting Requirements Application Guidance: The Interpretation of Equivalence'.

FRC concludes on its 2021/22 annual review of FRS 101

21 May, 2022

The Financial Reporting Council (FRC) has issued 'Amendments to Basis for Conclusions FRS 101 Reduced Disclosure Framework – 2021/22 cycle' which brings to a close the 2021/22 annual review of FRS 101 'Reduced Disclosure Framework'.

Accounting roundup — April 2022

14 Apr, 2022

This Accounting roundup, covering the period January 2022 through to March 2022, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

FRC issues update on its periodic review of UK and Ireland accounting standards

05 Apr, 2022

The Financial Reporting Council (FRC) has issued an update on the progress of its periodic review of UK and Ireland accounting standards, as at April 2022.

FRC publishes January 2022 editions of accounting standards

31 Jan, 2022

The Financial Reporting Council ("FRC") has issued January 2022 editions of all UK and Ireland accounting standards. These editions reflect the amendments made since the previous editions were issued in 2018, as well as changes in Irish company law, resulting in a single up‑to‑date reference point for each standard.

Accounting roundup-January 2022

28 Jan, 2022

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

Stay Tuned Online - December 2021

21 Dec, 2021

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

CCAB issues revised SORP for Limited Liability Partnerships

19 Dec, 2021

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 consults on annual review of FRS 101

09 Dec, 2021

The Financial Reporting Council (FRC) has published Financial Reporting Exposure Draft 79 'FRS 101 Reduced Disclosure Framework – 2021/22 cycle' (FRED 79) proposing no amendments to FRS 101 ‘Reduced Disclosure Framework’.

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