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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.

Click for direct access to:

Related Resources

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.

Stay Tuned Online — IFRS and UK GAAP update March 2011

07 Apr 2011

The following topics are covered in the March 2011 webcast 1 - UK developments, 2 - offsetting financial assets and financial liabilities, 3 - IAS 39 replacement, 4 - hedge accounting, 5 - amortised cost and impairment and 6 - recent and forthcoming IFRS developments.

UK ASB releases proposals for a Public Benefit Entity Standard

21 Mar 2011

The UK Accounting Standards Board (ASB) has published a Financial Reporting Exposure Draft, FRED 45, which sets out proposals to be included in a Financial Reporting Standard for Public Benefit Entities (FRSPBE) to accompany the proposed Financial Reporting Standard for Medium-size Entities (FRSME).

UK ASB issues Financial Reporting Exposure Draft: Amendments to FRS 29

28 Feb 2011

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

Stay Tuned Online – IFRS and UK GAAP update

25 Nov 2010

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 2010

25 Nov 2010

The following topics are covered in the November 2010 webcast 1 - The future of UK GAAP and other developments, 2 - ED/2010/9 Leases, 3 - BIS and narrative reporting and 4 - other IFRS developments.

ASB issues Improvements to Financial Reporting Standards 2010

12 Nov 2010

The UK Accounting Standards Board (ASB) has published a Financial Reporting Standard (FRS) 'Improvements to Financial Reporting Standards 2010'.

Stay Tuned Online – IFRS and UK GAAP update

29 Jul 2010

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 2010

29 Jul 2010

The following topics are covered in the July 2010 webcast 1 - Latest IFRS developments, 2 - IFRS 3(2008) – now in force, 3 - ED/2010/6 Revenue from Contracts with Customers, 4 - new UK Corporate Governance Code and 5 - other UK GAAP developments.

The Future of UK GAAP

21 Jul 2010

In August 2009 the Accounting Standards Board (ASB) had issued a consultation paper Policy Proposal: the Future of UK GAAP, which set out proposals for the future reporting requirements for UK and Irish entities.

Stay Tuned Online – IFRS and UK GAAP update

08 Sep 2009

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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