Major UK GAAP publications

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 publications on UK GAAP.

Latest publications

Need to know - FRC amends FRS 102 to address supplier finance arrangements Image

Need to know — FRC amends FRS 102 to address supplier finance arrangements

26 Apr, 2024

This Need to know outlines the amendments to FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' in relation to Section 7 'Statement of Cash Flows', published by the Financial Reporting Council (FRC) in March 2024 to introduce disclosure requirements regarding supplier finance arrangements.

Need to know — Periodic review of FRS 102 Image

Need to know — Periodic review of FRS 102

09 Mar, 2023

This Need to know outlines the proposals set out by the Financial Reporting Council's (FRC's) exposure draft, 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 to make significant amendments to FRS 102 and the other UK accounting standards as part of its periodic review of the UK financial reporting framework.

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

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.

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

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.

NTK FRS 102 IBOR Image

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.

Need to know - Equalisation of guaranteed minimum pensions Image

Need to know — FRC proposes amendments to FRS 101 and FRS 102

06 Feb, 2019

The Financial Report Council (FRC) has issued FRED 70 'Draft amendments to FRS 101 – 2018/19 cycle' and FRED 71 'Draft amendments to FRS 102 – Multi-employer defined benefit plans'.

Need to know - Equalisation of guaranteed minimum pensions Image

Need to know - Equalisation of guaranteed minimum pensions

20 Dec, 2018

This Need to know addresses the impact of a recent ruling regarding equalisation of guaranteed minimum pensions payable under UK defined benefit schemes. It is equally relevant to those reporting under IFRS and FRS 102.

Need to know — Accounting for the effects of the U.S. tax reform legislation Image

Need to know — Accounting for the effects of the U.S. tax reform legislation

29 Jan, 2018

On 22 December 2017, the U.S. tax legislation commonly known as the Tax Cuts and Jobs Act was signed into law by the president. As a result, recognition of the tax effects of the Act is required in the interim and annual periods that include 22 December 2017. This newsletter looks at the accounting for the effects of the Act under IAS 12 Income Taxes and the implications for FRS 101 and FRS 102.

Need to know — FRC publishes Triennial Review 2017 Incremental improvements and clarifications (Amendments to FRS 102) Image

Need to know — FRC publishes Triennial Review 2017 Incremental improvements and clarifications (Amendments to FRS 102)

25 Jan, 2018

The Financial Reporting Council (FRC) has published incremental improvements and clarifications to FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

Need to Know — FRC issue FRED 67 Draft amendments to FRS 102 - Triennial review - Incremental improvements and clarifications Image

Need to Know — FRC issue FRED 67 Draft amendments to FRS 102 - Triennial review - Incremental improvements and clarifications

26 Apr, 2017

This newsletter discusses the proposed amendments to FRS 102 as a result of the FRC's first triennial review of the standard.

Need to know — FRC consults on changes to FRS 102 to reflect recent changes in IFRSs Image

Need to know — FRC consults on changes to FRS 102 to reflect recent changes in IFRSs

10 Oct, 2016

The FRC has published a Consultation Document Triennial review of UK and Ireland accounting standards – Approach to changes in IFRS. This forms part of the first triennial review of FRS 102 and sets the direction of travel for UK GAAP. Areas under discussion within this Consultation include revenue recognition, leases and impairment model for financial assets. This Need to know discusses this Consultation.

Need to know — FRS 101 amendment on IFRS 15 disclosure exemptions & proposal on notifying shareholders Image

Need to know — FRS 101 amendment on IFRS 15 disclosure exemptions & proposal on notifying shareholders

09 Aug, 2016

In July 2016, the Financial Reporting Council (FRC) made limited amendments to FRS 101 ‘Reduced Disclosure Framework’ and issued Financial Reporting Exposure Draft (FRED) 65 that proposes further amendments to remove the requirement for a qualifying entity to notify its shareholders in writing that it intends to take advantage of the disclosure exemptions in FRS 101. A similar consequential amendment is proposed for FRS 102. This 'Need to know' publication explains those changes.

Need to know — IASB proposes clarifications to IFRS 15 Image

Need to know — FRC makes limited amendments to the FRS 102 fair value hierarchy disclosure

09 Mar, 2016

The Financial Reporting Council (FRC) has published Amendments to FRS 102 The Financial Reporting Standard in the UK and Republic of Ireland – Fair value hierarchy disclosures. These amendments are relevant only to financial institutions and retirement benefit plans as defined in FRS 102.

Need to know — IASB issues amendments to defer effective date of IFRS 15 Image

Need to know — FRC proposes limited amendments to the FRS 102 fair value hierarchy disclosure

10 Nov, 2015

The Financial Reporting Council (FRC) has published Financial Reporting Exposure Draft (FRED) 62 'Draft amendments to FRS 102 – Fair value hierarchy disclosures'. The FRC has received feedback that amending the fair value disclosure requirements applicable to financial institutions and retirement benefit plans will reduce the costs of complying with Financial Reporting Standard (FRS) 102 and allow these entities to provide information to users that is more consistent with EU-adopted IFRS. This should also make it easier for users to make comparisons between the financial statements of these entities and those applying EU-adopted IFRS. This 'Need to know' publication discusses this FRED.

2015 Pensions SORP - In brief Image

2015 Pensions SORP - In brief

18 Aug, 2015

In June 2015, a joint working group of the Pensions Research Accounting Group (PRAG) and The Investment Association, published guidance to help pension schemes and their advisers fulfil their responsibilities in implementing the Statement of Recommended Practice "Financial Reports of Pension Schemes" ("the 2015 Pensions SORP") investment disclosure requirements. This briefing from Deloitte builds on the practical guidance in "A practical user guide to the 2015 Pension SORP" that we published earlier in the year.

Need to know — Changes to accounting standards as a result of implementation of the EU Accounting Directive Image

Need to know — Changes to accounting standards as a result of implementation of the EU Accounting Directive

28 Jul, 2015

This publication from Deloitte discusses the changes to UK accounting standards largely as a result of the UK implementation of the EU Accounting Directive.

ukGAAP 2015: UK GAAP in your pocket — a guide to FRS 102 Image

GAAP 2015: UK GAAP in your pocket — a guide to FRS 102

16 Apr, 2015

This second edition of our pocket guide to FRS 102 provides a comprehensive overview of the requirements of each section of the standard and highlights key GAAP differences compared to both old UK GAAP and EU-adopted IFRSs effective for periods beginning on/after 1 January 2015. This edition has been updated to address amendments made by the Financial Reporting Council during 2014 in respect of financial instruments and hedge accounting as well as reflecting up-to date thinking in all other areas.

A closer look — Transition to FRS 102 for financial instruments Image

A closer look — Transition to FRS 102 for financial instruments

15 Apr, 2015

The accounting for financial instruments will be one of the biggest challenges for entities adopting FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. The requirements of FRS 102 in this area are complex with substantial changes introduced, particularly for those entities transitioning from old UK GAAP excluding FRS 26 ‘Financial Instruments: Recognition and Measurement’. In this publication we consider the key steps an entity should follow on transition and some of the associated issues that may arise on implementation.

Need to know — FRC consults on changes to accounting standards as a result of implementation of the EU Accounting Directive Image

Need to know — FRC consults on changes to accounting standards as a result of implementation of the EU Accounting Directive

20 Feb, 2015

This publication from Deloitte discusses the Financial Reporting Council's three financial reporting exposure drafts (FREDs) proposing changes to the existing UK financial reporting framework resulting from the UK implementation of the EU Accounting Directive.

A practical user guide to the 2015 pension SORP Image

A practical user guide to the 2015 pension SORP

12 Feb, 2015

This publication from Deloitte is a practical user guide to the 2015 pension Statement of Recommended Practice (SORP) issued by the Pension Research Accountants Group (PRAG) in December 2014. The 2015 SORP sets out revised guidance for financial reporting by pension and replaces the 2007 SORP. It was issued following a consultation in April 2014 and is effective for accounting periods beginning on or after 1 January 2015, consistent with the effective date for FRS 100 ‘Application of Financial Reporting Requirements’, FRS 101 ‘Reduced Disclosure Framework’ and FRS 102.

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