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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 102.

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 two years, preparation of either parent company or subsidiary accounts under either FRS 101 or FRS 102 should now have become a more 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.  Many of the amendments are effective for accounting periods beginning on or after 1 January 2019 and will need to be considered for the first time. 

The news articles and publications below - organised chronologically - provide a comprehensive collection of resources on the UK GAAP framework. Additionally we also provide links to highlight application for reporting periods ending 31 December 2019.

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Related Resources

FRC makes limited amendments to FRS 101 and consults on further changes

11 Jul 2016

The Financial Reporting Council (FRC) has made limited amendments to FRS 101 ‘Reduced Disclosure Framework’ and has 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.

BUFDG updates its resources for institutions applying the FRS 102 further and higher education SORP

27 Jun 2016

The British Universities Finance Directors Group (BUFDG) has issued a revised version of its Model Financial Statements for institutions applying the FRS 102 further and higher education SORP, as well as a conversion tool.

EU Referendum - considerations relating to UK accounting, reporting & corporate governance

24 Jun 2016

EU regulations and EU-inspired UK laws will continue to apply for at least two years.

The Financial Reporting Council (FRC) has designated the Public Audit Forum as the SORP-making body

21 Jun 2016

The Financial Reporting Council (FRC) has designated the Public Audit Forum as the SORP-making body for the revision of Practice Note 10 (Revised): Audit of financial statements of public sector bodies in the United Kingdom. This is in accordance with the FRC’s Policy on Developing Statements of Recommended Practice.

HMRC revises guidance on director’s loans

21 Jun 2016

HMRC has revised their 'directors' loan accounts toolkit' in light of the change to UK GAAP accounting rules for debt instruments to clarify the tax impact of these changes

New UK GAAP application for reporting periods ending 30 June 2016

20 Jun 2016

For periods beginning on or after 1 January 2015, three new Financial Reporting Standards (FRSs 100, 101 and 102) are in force, bringing with them a number of new options for all UK entities and groups. These new Standards replace old UK GAAP.

Need to know — LLP Regulations implementing EU Accounting Directive written into law

09 Jun 2016

The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations have now become law. These make changes to the accounting and reporting requirements for Limited Liability Partnerships (LLPs) which mirror those made last year for companies to implement the EU Accounting Directive. Whilst LLPs do not fall within the scope of the EU Directive the changes have been made primarily for the purpose of maintaining consistency between company and LLP legislation and to simplify the accounting requirements for small LLPs.

FRC comments on issues in relation to the accounting for loans provided to registered providers of social housing

02 Jun 2016

The Financial Reporting Council (FRC) has today provided comments on an issue that has been brought to its attention regarding the accounting for loans provided to registered providers of social housing and whether such loans should be classified as ‘basic’ or ‘other’ under Financial Reporting Standard (FRS) 102 'The Financial Reporting Standard applicable in the UK and Republic or Ireland'. This classification impacts on whether the loans are measured on a cost or a fair value basis.

FRC issues amendments to FRS 103 as a result of Solvency II

26 May 2016

The Financial Reporting Council (FRC) has today issued amendments to FRS 103 ‘Insurance Contracts’. The amendments update the terminology and definitions used in FRS 103 as a result of the implementation of the Solvency II Directive.

Deregulatory changes introduced for LLPs and qualifying partnerships and related amendments made to FRS 105

17 May 2016

The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 SI 2016/575 (“the Regulations”) have been written into UK law, implementing deregulatory changes for LLPs and qualifying partnerships. The FRC has also made consequential amendments to FRS 105.

Charity Commission and OSCR launch new SORP research consultation

05 May 2016

The Charity Commission for England and Wales (“Charity Commission”) and the Office of the Scottish Charity Regulator (OSCR) are seeking views on how the Charities Statement of Recommended Practice (“Charities SORP”) can be improved.

Accounting Roundup — April 2016

28 Apr 2016

This accounting roundup, covering the period February 2016 through to March 2016, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

FRC publishes final guidance on going concern for non-Code companies

18 Apr 2016

The Financial Reporting Council (FRC) has today published best practice guidance on the going concern basis of accounting and reporting on solvency and liquidity risks for companies that do not apply the UK Corporate Governance Code.

ICAEW comment letter on FRED 63 — Draft amendments to FRS 101 'Reduced Disclosure Framework' - 2015/16 cycle

06 Apr 2016

The Institute of Chartered Accountants in England and Wales (ICAEW) has published its comment letter on the Financial Reporting Council's (FRC's) Financial Reporting Exposure Draft (FRED) 63 'Draft amendments to FRS 101 'Reduced Disclosure' Framework - 2015/16 cycle'.

New UK GAAP application as at 31 March 2016

01 Apr 2016

For periods beginning on or after 1 January 2015, three new Financial Reporting Standards (FRSs 100, 101 and 102) are in force, bringing with them a number of new options for all UK entities and groups. These new Standards replace old UK GAAP.

We comment on FRED 63 — Draft amendments to FRS 101 'Reduced Disclosure Framework' - 2015/16 cycle

31 Mar 2016

We have published our comment letter on the Financial Reporting Council's (FRC's) Financial Reporting Exposure Draft (FRED) 63 Draft amendments to FRS 101 'Reduced Disclosure' Framework - 2015/16 cycle.

Deloitte comment letter on FRED 63 — Draft amendments to FRS 101 'Reduced Disclosure Framework' - 2015/16 cycle

30 Mar 2016

We have published our comment letter on the Financial Reporting Council's (FRC's) Financial Reporting Exposure Draft (FRED) 63 'Draft amendments to FRS 101 'Reduced Disclosure Framework' - 2015/16 cycle'.

FRC calls for feedback on new UK GAAP to inform its first triennial review

22 Mar 2016

The Financial Reporting Council (FRC) is calling for feedback from stakeholders on their experiences of implementing new UK GAAP, particularly Financial Reporting Standard (FRS) 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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.

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

08 Mar 2016

The Financial Reporting Council (FRC) has today 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.

Correction list for hyphenation

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