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 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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FRC issues its 2023 suite of Taxonomies

24 Oct, 2022

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

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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.

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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'.

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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'.

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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'.

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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.

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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.

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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”).

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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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FRC publishes a staff factsheet on climate-related matters for FRS 102 reporters

16 Nov, 2021

The Financial Reporting Council (FRC) has published a staff factsheet to inform preparers of annual reports under FRS 102 of climate-related matters they may need to consider when preparing financial statements and associated narrative reporting.

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We comment on the periodic review of FRS 102

29 Oct, 2021

We have published our comment letter on the periodic review of FRS 102 and other UK and Ireland accounting standards.

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FRC issues its 2022 suite of Taxonomies

11 Oct, 2021

The Financial Reporting Council (FRC) has issued the 2022 suite of FRC Taxonomies.

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FRC issues its draft Taxonomies 2022 suite for comment

31 Aug, 2021

The Financial Reporting Council (FRC) has issued, for comment, its draft Taxonomies 2022 suite which has been updated for all the taxonomies including the UKSEF, Charities and Irish extension.

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FRC to host webinar on its next periodic review of FRS 102

06 Aug, 2021

The Financial Reporting Council (FRC) is starting the next periodic review of FRS 102 (and other UK and Ireland accounting standards).

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Comments invited on updated draft SORP for Limited Liability Partnerships

08 Jul, 2021

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 24 September 2021.

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

09 Jun, 2021

The Financial Reporting Council (FRC) has issued '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.

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FRC concludes on the annual review of FRS 101

25 May, 2021

The Financial Reporting Council (FRC) has issued 'Amendments to FRS 101 – 2020/21 cycle' which brings to a close the 2020/21 annual review of FRS 101 Reduced Disclosure Framework ("the Amendments").

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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'.

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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'.

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