UK GAAP application for reporting periods ending 30 September 2022
04 Oct, 2022
The table below reflects new and revised UK GAAP financial reporting requirements that need to be considered for financial reporting periods ending on 30 September 2022.
Amendments have been made to FRS 102 in relation to phase 2 of the interest rate benchmark reform and also in relation to accounting for temporary rent concessions for operating leases occurring as a direct consequence of the COVID-19 pandemic extending beyond 30 June 2021 (for which an amendment was also made to FRS 105). Amendments to FRS 101, FRS 102, FRS 104 and FRS 105 have also been made to reflect changes in company law following the UK's exit from the European Union and to FRS 101 as a result of the 2020/21 annual review of the standard. The FRC is currently undertaking its next periodic review of FRS 102 and other UK and Ireland accounting Standards. Any changes that are proposed as a result of the periodic review will be included in a Financial Reporting Exposure Draft (FRED), which is expected to be published during 2022. This will be subject to public consultation of not less than three months. In November 2022, the FRC issued revised Application Guidance to FRS 100 to reflect changes to UK company law and decisions on equivalence following the UK’s exit from the European Union. The revised guidance is effective immediately.
The table below reflects new and revised UK GAAP financial reporting requirements that need to be considered for financial reporting periods ending on 30 September 2022. For those reporters who want to understand new UK GAAP application for earlier periods please select one of the following:
- New UK GAAP application for reporting periods ending 30 June 2022
- New UK GAAP application for reporting periods ending 31 March 2022
- New UK GAAP application for reporting periods ending 31 December 2021
- New UK GAAP application for reporting periods ending 30 September 2021
- New UK GAAP application for reporting periods ending 30 June 2021
- New UK GAAP application for reporting periods ending 31 March 2021
- New UK GAAP application for reporting periods ending 31 December 2020
- New UK GAAP application for reporting periods ending 30 September 2020
Pronouncement | Effective date | Application for quarters ending 30 September 2022? | |||
---|---|---|---|---|---|
1st qtrs.* | 2nd qtrs.** | 3rd qtrs.*** | Full yrs**** | ||
FRS 100 | |||||
Amendments to FRS 101 - 2018/19 cycle issued | The amendments take effect for accounting periods beginning on or after 1 January 2021. If an entity applies the July 2019 amendments to FRS 101 early, these amendments to FRS 100 shall be applied at the same time. |
Already applied in the prior year (July 2021) # |
Already applied in the prior year (April 2021) # | Already applied in the prior year (January 2021) # | Mandatory (see #) |
Consequential amendments as a result of Amendment to FRS 101 – Effective date of IFRS 17 | The amendments take effect for accounting periods beginning on or after 1 January 2023. If an entity applies the July 2019 amendments to FRS 101 early, these amendments to FRS 100 shall be applied at the same time | ~ | ~ | ~ | ~ |
Amendments to reflect changes in UK company law following the UK’s exit from the European Union that come into effect at the end of the Transition Period |
The effective date for these amendments is accounting periods beginning on or after 1 January 2021. Early application is permitted in some circumstances to provide UK entities with the option to use IAS that are adopted for use within the UK after 31 December 2020, in addition to IFRS that have been adopted in the EU as at this date. This is consistent with the transitional arrangements provided in UK company law for entities preparing ‘IAS accounts’. |
Already applied in the prior year (July 2021) | Already applied in the prior year (April 2021) | Already applied in the prior year (January 2021) | Mandatory |
Amendments to FRS 100 Application of Financial Reporting Requirements – The Interpretation of Equivalence |
The revised guidance is effective immediately |
The revised guidance is effective immediately | The revised guidance is effective immediately | The revised guidance is effective immediately | The revised guidance is effective immediately |
FRS 101 | |||||
Amendments to the Basis for Conclusions FRS 101 Reduced Disclosure Framework |
No effective date. No amendments to FRS 101 have been made |
N/A (see effective date column) | N/A (see effective date column) | N/A (see effective date column) | N/A (see effective date column) |
Amendments to FRS 101 - 2018/19 cycle issued |
The amendments take effect for accounting periods beginning on or after 1 January 2021. If an entity applies the recognition, measurement and disclosure requirements of IFRS 17 early, the amendments to FRS 101 are applied at the same time. |
Already applied in the prior year (July 2021) # | Already applied in the prior year (April 2021) # | Already applied in the prior year (January 2021) # | Mandatory (see #) |
Amendments to FRS 101 - 2019/20 cycle issued |
Paragraph 8 of FRS 101 notes that the exemptions are available from when the relevant standard is applied. Therefore there is no need to amend the effective date for these amendments, which will be available for financial statements approved after the amendments have been finalised. |
Optional | Optional | Optional | Optional |
Changes the effective date of an amendment to the definition of a qualifying entity made in July 2019, effectively allowing relevant insurers to continue to apply FRS 101 for a further two years. The revised effective date for the new definition of a qualifying entity is accounting periods beginning on or after 1 January 2023 | ~ | ~ | ~ | ~ | |
The effective date for these amendments is accounting periods beginning on or after 1 January 2021. Early application is permitted in some circumstances to provide UK entities with the option to use IAS that are adopted for use within the UK after 31 December 2020, in addition to IFRS that have been adopted in the EU as at this date. This is consistent with the transitional arrangements provided in UK company law for entities preparing ‘IAS accounts’. |
Already applied in the prior year (July 2021) | Already applied in the prior year (April 2021) | Already applied in the prior year (January 2021) | Mandatory | |
Paragraph 8 of FRS 101 notes that the exemptions are available from when the relevant standard is applied. Therefore there is no need to amend the effective date for these amendments, which will be available for financial statements approved after the amendments have been finalised |
% | % | % | % | |
' |
No amendments were made as a result of the annual review |
NA | NA | NA | NA |
FRS 102
|
|||||
Amendments to FRS 101 - 2018/19 cycle issued |
The amendments take effect for accounting periods beginning on or after 1 January 2021. If an entity applies the July 2019 amendments to FRS 101 early, these amendments to FRS 102 shall be applied at the same time |
Already applied in the prior year (July 2021) # |
Already applied in the prior year (April 2021) # |
Already applied in the prior year (January 2021) # |
Mandatory (see #) |
Amendments to FRS 101 - 2019/20 cycle issued |
Paragraph 8 of FRS 101 notes that the exemptions are available from when the relevant standard is applied. Therefore there is no need to amend the effective date for these amendments, which will be available for financial statements approved after the amendments have been finalised. |
Optional |
Optional |
Optional |
Optional |
Consequential amendments as a result of Amendment to FRS 101 – Effective date of IFRS 17 | The amendments take effect for accounting periods beginning on or after 1 January 2023. If an entity applies the July 2019 amendments to FRS 101 early, these amendments to FRS 102 shall be applied at the same time | ~ | ~ | ~ | ~ |
Amendments to reflect changes in UK company law following the UK’s exit from the European Union that come into effect at the end of the Transition Period |
The effective date for these amendments is accounting periods beginning on or after 1 January 2021. Early application is permitted in some circumstances to provide UK entities with the option to use IAS that are adopted for use within the UK after 31 December 2020, in addition to IFRS that have been adopted in the EU as at this date. This is consistent with the transitional arrangements provided in UK company law for entities preparing ‘IAS accounts’. |
Already applied in the prior year (July 2021) | Already applied in the prior year (April 2021) | Already applied in the prior year (January 2021) | Mandatory |
‘Amendments to FRS 102 – Interest rate benchmark reform (Phase 2)’. |
The amendments are effective for accounting periods beginning on or after 1 January 2021, with early application permitted. |
Already applied in the prior year (July 2021) |
Already applied in the prior year (April 2021) |
Already applied in the prior year (January 2021) | Mandatory |
Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime - COVID-19-related rent concessions beyond 30 June 2021 |
The amendments are effective for accounting periods beginning on or after 1 January 2021, with early application permitted. |
Already applied in the prior year (July 2021) | Already applied in the prior year (April 2021) | Already applied in the prior year (January 2021) | Mandatory |
FRS 103 | |||||
Amendments to reflect changes in UK company law following the UK’s exit from the European Union that come into effect at the end of the Transition Period | The effective date for these amendments is accounting periods beginning on or after 1 January 2021. Early application is permitted in some circumstances to provide UK entities with the option to use IAS that are adopted for use within the UK after 31 December 2020, in addition to IFRS that have been adopted in the EU as at this date. This is consistent with the transitional arrangements provided in UK company law for entities preparing ‘IAS accounts’. | Already applied in the prior year (July 2021) | Already applied in the prior year (April 2021) | Already applied in the prior year (January 2021) | Mandatory |
FRS 104 | |||||
Amendments to FRS 104 Interim Financial Reporting - Going concern | The amendments are effective for interim periods beginning on or after 1 January 2021, with earlier application permitted | Already applied in the prior year (July 2021) | Already applied in the prior year (April 2021) | Already applied in the prior year (January 2021) | Mandatory |
Amendments to reflect changes in UK company law following the UK’s exit from the European Union that come into effect at the end of the Transition Period |
The effective date for these amendments is accounting periods beginning on or after 1 January 2021. Early application is permitted in some circumstances to provide UK entities with the option to use IAS that are adopted for use within the UK after 31 December 2020, in addition to IFRS that have been adopted in the EU as at this date. This is consistent with the transitional arrangements provided in UK company law for entities preparing ‘IAS accounts’. |
Already applied in the prior year (July 2021) |
Already applied in the prior year (April 2021) |
Already applied in the prior year (January 2021) | Mandatory |
FRS 105 | |||||
Amendments to reflect changes in UK company law following the UK’s exit from the European Union that come into effect at the end of the Transition Period |
The effective date for these amendments is accounting periods beginning on or after 1 January 2021. Early application is permitted in some circumstances to provide UK entities with the option to use IAS that are adopted for use within the UK after 31 December 2020, in addition to IFRS that have been adopted in the EU as at this date. This is consistent with the transitional arrangements provided in UK company law for entities preparing ‘IAS accounts’. |
Already applied in the prior year (July 2021) |
Already applied in the prior year (April 2021) |
Already applied in the prior year (January 2021) |
Mandatory |
Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime - COVID-19-related rent concessions beyond 30 June 2021 |
The amendments are effective for accounting periods beginning on or after 1 January 2021, with early application permitted. |
Already applied in the prior year (July 2021) |
Already applied in the prior year (April 2021) |
Already applied in the prior year (January 2021) |
Mandatory |
* 1st quarter ending on 30 September 2022 (accounting period began on 1 July 2022).
** 2nd quarter ending 30 September 2022 (accounting period began 1 April 2022).
*** 3rd quarter ending 30 September 2022 (accounting period began 1 January 2022).
**** 4th quarter ending 30 September 2022 (accounting period began 1 October 2021).
# - The amendments to FRS 101 and the consequential amendments to FRS 100 and FRS 102 take effect for accounting periods beginning on or after 1 January 2021. If an entity applies the recognition, measurement and disclosure requirements of IFRS 17 early, the amendments to FRS 101 are applied at the same time. IFRS 17 has been endorsed for use in the EU, albeit with an optional exemption from applying the annual cohort requirement. It has also been endorsed for use in the UK. If an entity applies the July 2019 amendments to FRS 101 early, the amendments to FRS 100 and FRS 102 are applied at the same time.
~ The amendments to FRS 101 and the consequential amendments to FRS 100 and FRS 102 take effect for accounting periods beginning on or after 1 January 2023. If an entity applies the recognition, measurement and disclosure requirements of IFRS 17 early, the amendments to FRS 101 are applied at the same time. IFRS 17 has been endorsed for use in the EU, albeit with an optional exemption from applying the annual cohort requirement. It has also been endorsed for use in the UK. If an entity applies the July 2019 amendments to FRS 101 early, the amendments to FRS 100 and FRS 102 are applied at the same time.
% - a qualifying entity may take advantage of the exemption introduced by paragraph 8(iA) from when Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) is applied. Similarly, the amendments to paragraph AG1(h) of FRS 101 apply from when Classification of Liabilities as Current or Non-current (Amendments to IAS 1) is applied. Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) has been endorsed for use in the UK and EU. Classification of Liabilities as Current or Non-current (Amendments to IAS 1) has not been endorsed for use in either the UK or EU.