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GAAP 2015 — UK Reporting

  • GAAP Vol A Image

12 Feb 2015

Deloitte has released 'GAAP 2015 - UK Reporting', the latest suite of GAAP manuals for preparers and auditors of financial statements for UK companies. The suite covers UK legal, regulatory and financial reporting requirements (both IFRS and 'new UK GAAP') and provides the most detailed and up-to-date guidance. It combines guidance for companies applying IFRSs or the new UK GAAP into a single unified publication and provides worked examples and extensive interpretation and guidance – clearly marked – where the Companies Act or accounting standards are silent, ambiguous or unclear.

GAAP 2015 comprises four volumes, as follows: 

  • Volume A – Legal and regulatory framework sets out the legal and regulatory financial reporting requirements extant at 31 July 2014 for UK entities, irrespective of whether they apply IFRSs or UK GAAP. Significant changes to these requirements since the previous edition include the introduction of a new legal framework for financial reporting by micro companies and the publication of a revised Statement of Recommended Practice (SORP) for LLPs that is based on the requirements of Financial Reporting Standard (FRS) 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.  It also covers the requirements of two of the three standards which form part of the ‘new UK GAAP’: FRS 100 Application of Financial Reporting Requirements and FRS 101 Reduced Disclosure Framework.
  • Volume B – FRS 102 sets out the requirements of FRS 102, the main standard which replaces ‘old’ UK GAAP. This edition is based on FRS 102 as at 31 July 2014 and incorporates the amendments made in July 2014 in respect of accounting for financial instruments.
  • Volume C - IFRSs (comprising two books) sets out comprehensive guidance for entities reporting under International Financial Reporting Standards (IFRSs) and covers all IFRSs other than those dealing exclusively with financial instruments.  This volume deals comprehensively with those Standards issued by the IASB up to 31 July 2014 that apply for periods beginning in 2014 and later.  It includes expanded guidance on the application of the most recent Standards and Interpretations from the IASB, including IFRS 15 Revenue from Contracts with Customers, which will affect the majority of entities applying IFRSs. In addition, GAAP 2015 includes a new chapter on the developing area of Integrated Reporting.
  • Volume D – IAS 39 and related Standards covers IAS 39 Financial Instruments: Recognition and Measurement; IFRS 7 Financial Instruments: Disclosures; IAS 32 Financial Instruments: Presentation; and IFRS 13 Fair Value Measurement.  This volume covers all the requirements of IAS 39 that precede IFRS 9.  It will therefore be of great value to preparers who continue to apply IAS 39 and other interested parties trying to gain a better understanding of the impact of the IFRSs dealing with financial instruments.


Model financial statements are also available in the form of GAAP 2015 - Model annual report and financial statements for UK listed groups.

More information on the Deloitte manuals and details of how to order can be found at here

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