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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.

Click for direct access to:

Related Resources

UK Sharman inquiry calls for global consistency in interpretation of "going concern"

14 Jun 2012

The United Kingdom Sharman Panel of Inquiry, established at the invitation of the UK Financial Reporting Council (FRC) to consider going concern and liquidity risks, has published its final report and recommendations ('Sharman report'). One of the recommendations is that the FRC should engage with the IASB and IAASB "to agree a common international understanding of the purposes of the going concern assessment and financial statement disclosures about going concern, and of the related thresholds and descriptions of a going concern".

iGAAP newsletter — May 2012

14 May 2012

This edition of the iGAAP newsletters from Deloitte (UK) covers a wide range of topics, including half-year financial reporting issues, an interview with Bob Uhl, the future of financial reporting in the UK and Ireland, activities of the IASB, and more.

Deloitte's response on FREDs 46, 47 and 48

27 Apr 2012

This comment letter from Deloitte (United Kingdom) is in response to the Accounting Standard Board's (ASB's) invitation to comment on the future of financial reporting in the UK and Republic of Ireland following the publication of FRED 46 'Application of Financial Reporting Requirements' ('draft FRS 100'), FRED 47 'Reduced Disclosure Framework' ('draft FRS 101') and FRED 48 'The Financial Reporting Standard Applicable in the UK and Ireland' ('draft FRS 102'). The comment letter sets out Deloitte responses to the specific questions raised by the ASB and some additional matters that they wished to raise that were not specifically addressed within the ASB questions.

ASB issues supportive material for new reporting framework in United Kingdom

02 Apr 2012

The United Kingdom Accounting Standards Board (ASB) has issued staff guidance papers and examples to its project on FREDs 46, 47 and 48.

Stay Tuned Online – IFRS and UK GAAP update

29 Mar 2012

The Deloitte London IFRS Centre of Excellence is running a series of hour-long Internet-based financial reporting updates, aimed at helping finance teams keep up to speed with IFRSs and other financial reporting issues.

Stay Tuned Online — IFRS and UK GAAP update March 2012

29 Mar 2012

The following topics are covered in the March 2012 webcast 1 - The future of UK GAAP, 2 - new publications, 3 - disclosure of auditors' remuneration, 4 - other UK reporting developments and 5 - latest IFRS developments.

Split and polish - Surveying half-yearly financial reporting

15 Mar 2012

The latest survey in the Deloitte (UK) corporate reporting series and covers current disclosure requirements and latest developments relevant to half-yearly financial reports.

Revised proposals published for a new reporting framework in United Kingdom

31 Jan 2012

The United Kingdom Accounting Standards Board (ASB) has published three Financial Reporting Exposure Drafts (FREDs) setting out revised proposals for the future of financial reporting in the UK and Republic of Ireland.

Stay Tuned Online — IFRS and UK GAAP update

28 Nov 2011

The Deloitte London IFRS Centre of Excellence is running a series of hour-long Internet-based financial reporting updates, aimed at helping finance teams keep up to speed with IFRSs and other financial reporting issues.

Stay Tuned Online — IFRS and UK GAAP update November 2011

28 Nov 2011

The following topics are covered in the November 2011 webcast 1 - A review of UK corporate reporting, 2 - latest IFRS developments, 3 - IAS 19(2011) Employee Benefits — update, 4 - the future of UK reporting including UK GAAP and 5 - the IASB’s revised revenue proposals.

UK report on going concern considers efficacy of IFRSs

03 Nov 2011

The Sharman Panel of Inquiry, established at the invitation of the United Kingdom Financial Reporting Council (UK FRC) to consider going concern and liquidity risks, has published its preliminary report and recommendations.

Stay Tuned Online – IFRS and UK GAAP update

01 Aug 2011

The Deloitte London IFRS Centre of Excellence is running a series of hour-long Internet-based financial reporting updates, aimed at helping finance teams keep up to speed with IFRSs and other financial reporting issues.

Stay Tuned Online — IFRS and UK GAAP update July 2011

01 Aug 2011

The following topics are covered in the July 2011 webcast 1 - Subsidiaries, associates and joint arrangements, 2 - fair value measurement, 3 - IAS 1 and IAS 19, 4 - UK developments and 5 - other IFRS developments.

UK FRC reaffirms importance of 'true and fair'

21 Jul 2011

The Accounting Standards Board (ASB) and Auditing Practices Board (APB) of the United Kingdom Financial Reporting Council (FRC) have published a paper discussing the 'true and fair' requirement and its relevance to preparers, those charged with governance and auditors.

UK ASB issues Amendments to FRS 29

07 Jul 2011

The UK Accounting Standards Board (ASB) of the Financial Reporting Council (FRC) has published Amendments to FRS 29 (IFRS 7) 'Financial Instruments: Disclosures': Disclosures Transfers of Financial Assets.

UK Government will complete switch to IFRS in 2013

05 Jul 2011

The UK Government has announced that the application of IAS 27 will be extended to all National Health Service (NHS) organisations from 1 April 2013. This application had been deferred since the adoption of International Financial Reporting Standards across central government on 1 April 2009.

EFRAG and UK ASB to host event on considering the effects of accounting standards

25 Apr 2011

The European Financial Reporting Advisory Group (EFRAG) and the UK Accounting Standards Board (ASB), along with the European Commission (EC), will be hosting an event on 16 May in Brussels to (1) outline the proposals in Discussion Paper Considering the Effects of Accounting Standards, (2) provide an opportunity for EFRAG, the UK ASB, the EC and the IASB to present their views on how to consider effects to the standard-setting process, and (3) hear constituents views on the process and what other factors should be considered while in development of these proposals.

The Bruce Column — IFRS and the House of Lords

08 Apr 2011

To say that their Lordships were out of their depth when it came to IFRS would be unfair.

ASB publishes case studies

08 Apr 2011

The staff of the UK Accounting Standards Board (ASB) has prepared case studies that are designed to help constituents assess the effect of the proposals for the future of financial reporting in the UK and Republic of Ireland published in October 2010.

Stay Tuned Online – IFRS and UK GAAP update

07 Apr 2011

The Deloitte London IFRS Centre of Excellence is running a series of hour-long Internet-based financial reporting updates, aimed at helping finance teams keep up to speed with IFRSs and other financial reporting issues.

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