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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 new 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.  The amendments were published in December 2017.

The news articles and publications below - organised chronologically - provide a comprehensive collection of resources on the new UK GAAP framework. Additionally we also provide links to highlight application for reporting periods ending 31 December 2018.

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Related Resources

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.

We comment on FRED 64 — Draft amendments to FRS 103 Insurance Contracts

26 Feb 2016

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 64 ‘Draft amendments to FRS 103 Insurance Contracts’.

Deloitte comment letter on FRED 64 — Draft amendments to FRS 103 Insurance Contracts

26 Feb 2016

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 64 ‘Draft amendments to FRS 103 Insurance Contracts’.

FRC and Charity Commission publish new taxonomy for charity accounts

16 Feb 2016

The Financial Reporting Council (FRC) and the Charity Commission have published a new XBRL charity accounts taxonomy to enhance the quality of financial reporting for Charities in the UK and Ireland.

Accounting Roundup — February 2016

10 Feb 2016

This accounting roundup covering the period October 2015 through to January 2016, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

We comment on FRED 62 — Draft amendments to FRS 102 – Fair value hierarchy disclosures

09 Feb 2016

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 62 ‘Draft amendments to FRS 102 – Fair value hierarchy disclosures’.

Deloitte comment letter on FRED 62 — Draft amendments to FRS 102 – Fair value hierarchy disclosures

09 Feb 2016

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 62 ‘Draft amendments to FRS 102 – Fair value hierarchy disclosures’.

Charity Commission and OSCR issue an ‘Update Bulletin’ amending the Charities SORP (FRS 102) as a result of changes to UK Accounting Standards

04 Feb 2016

The Charity Commission for England and Wales (‘Charity Commission’) and the Office of the Scottish Charity Regulator (OSCR) have published an ‘Update Bulletin’ which amends the Charities SORP (FRS 102) as a result of changes to UK Accounting Standards which are effective for accounting periods beginning on or after 1 January 2016.

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