UK GAAP news

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.

This page includes a collection of news items on UK GAAP.

Latest news

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

27 Mar, 2024

The Financial Reporting Council (FRC) has published ‘Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review 2024’ (“the Amendments”) which contains the changes to FRS 102 and other UK and Republic of Ireland financial reporting standards as a result of the second periodic review of the standard.

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CIPFA/LASAAC consults on short-term England-only changes to the Code of Practice on Local Authority Accounting in the UK

04 Mar, 2024

The Chartered Institute of Public Finance and Accountancy (CIPFA) and the Local Authority (Scotland) Accounts Advisory Committee (LASAAC) are seeking comments, via an ‘Invitation to Comment’, on short-term England-only updates to the Code of Practice on Local Authority Accounting in the United Kingdom ("the Code").

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We comment on FRED 85 — Draft amendments to FRS 101 Reduced Disclosure Framework 2023/24 cycle

06 Feb, 2024

We have published our comment letter on Financial Reporting Exposure Draft (FRED) 85 'Draft amendments to FRS 101 Reduced Disclosure Framework 2023/24 cycle'.

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We comment on FRED 84 — Draft amendments to FRS 102 'Supplier finance arrangements'

14 Dec, 2023

We have published our comment letter on Financial Reporting Exposure Draft (FRED) 84 'Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland 'Supplier finance arrangements'.

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FRC consults on annual review of FRS 101

06 Dec, 2023

The Financial Reporting Council (FRC) has published Financial Reporting Exposure Draft 85 'Draft amendments to FRS 101 Reduced Disclosure Framework – 2023/24 cycle' (FRED 85).

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FRC publishes its 2024 Taxonomy Suite

15 Nov, 2023

The Financial Reporting Council (FRC) has issued its 2024 Taxonomy Suite.

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We comment on updated draft SORP for Limited Liability Partnerships

01 Nov, 2023

We have published our comment letter on the Consultative Committee of Accountancy Bodies’ (CCAB’s) updated draft of its Limited Liability Partnerships (LLPs) Statement of Recommended Practice (SORP).

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FRC publishes project update on the periodic review of UK and Ireland accounting standards

29 Sep, 2023

The Financial Reporting Council ("FRC") has published a project update on its periodic review of FRS 102 and other UK and Republic of Ireland financial reporting standards.

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FRC publishes proposed amendments to FRS 102 regarding supplier finance arrangements

29 Sep, 2023

The Financial Reporting Council (FRC) has published Financial Reporting Exposure Draft (FRED) 84 'Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Supplier Finance arrangements ("FRED 84") which proposes to introduce new disclosure requirements to provide users of financial statements with additional information about an entity's use of supplier finance arrangements and the effect of such arrangements on the entity's financial position and cash flows.

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FRC publishes its draft 2024 Taxonomy Suite for comment

11 Aug, 2023

The Financial Reporting Council (FRC) has issued, for comment, its draft 2024 Taxonomy Suite.

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Comments invited on updated draft SORP for Limited Liability Partnerships

08 Aug, 2023

The Consultative Committee of Accountancy Bodies (CCAB) has published an updated draft of its Limited Liability Partnerships (LLPs) Statement of Recommended Practice (SORP). Comments are invited until 27 October 2023.

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FRC amends FRS 102 and FRS 101 in response to Pillar Two model rules

12 Jul, 2023

The Financial Reporting Council (FRC) has published ‘Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 101 Reduced Disclosure Framework – International tax reform – Pillar Two model rules'.

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We comment on FRED 83 — Draft amendments to FRS 102 and FRS 101 'International tax reform – Pillar Two model rules'

25 May, 2023

We have published our comment letter on Financial Reporting Exposure Draft (FRED) 83 'Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 101 Reduced Disclosure Framework International tax reform – Pillar Two model rules'.

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FRC concludes on its 2022/23 annual review of FRS 101

23 May, 2023

The Financial Reporting Council (FRC) has issued 'Amendments to Basis for Conclusions FRS 101 Reduced Disclosure Framework – 2022/23 cycle', which brings to a close the 2022/23 annual review of FRS 101.

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We respond to FRED 82 'Draft Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs'

05 May, 2023

We have published our comment letter on the Financial Reporting Council's (FRC's) 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'.

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FRC publishes proposed amendments to FRS 102 and FRS 101 to provide a temporary exception to the accounting for deferred tax assets arising from the implementation of the Pillar Two model rules

07 Apr, 2023

The Financial Reporting Council (FRC) has published Financial Reporting Exposure Draft (FRED) 83 'Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 101 Reduced Disclosure Framework – International tax reform – Pillar Two model rules' ("FRED 83") which proposes to introduce a temporary exception to the accounting for deferred taxes arising from the implementation of the OECD’s Pillar Two model rules, alongside targeted disclosure requirements.

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FRC roundtable events on FRED 82

10 Feb, 2023

The Financial Reporting Council (FRC) will hold a series of roundtable events from 15 March to 23 March on 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”).

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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.

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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’.

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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").

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