UK GAAP application for reporting periods ending 30 September 2023
03 Oct, 2023
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 2023.
Amendments have been made to FRS 101 as a result of the 2020/21 annual review of the standard and most recently the FRC has amended FRS 102 and FRS 101 with respect to International tax reform and Pillar Two Model Rules. 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 FRC is currently undertaking its next periodic review of FRS 102 and other UK and Ireland accounting Standards and issued Financial Reporting Exposure Draft (FRED) 82 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review in December 2022. An update on the periodic review was provided in September 2023.
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 2023. 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 2023
- New UK GAAP application for reporting periods ending 31 March 2023
- New UK GAAP application for reporting periods ending 31 December 2022
- New UK GAAP application for reporting periods ending 30 September 2022
- New UK GAAP application for reporting periods ending 30 June 2022
- New UK GAAP application for reporting periods ending 31 March 2022
| Pronouncement | Effective date | Application for quarters ending 30 September 2023? | |||
|---|---|---|---|---|---|
| 1st qtrs.* | 2nd qtrs.** | 3rd qtrs.*** | Full yrs**** | ||
| FRS 100 | |||||
| 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 | Mandatory | Mandatory | 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 - 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 | Mandatory, revised efective date for the new definition of a qualifying entity. | Mandatory, revised efective date for the new definition of a qualifying entity. | Mandatory, revised efective date for the new definition of a qualifying entity. | ~ | |
|
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 | |
| Amendments to Basis for Conclusions FRS 101 Reduced Disclosure Framework – 2022/23 cycle issued |
No amendments were made as a result of the annual review |
NA | NA | NA | NA |
| Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 101 Reduced Disclosure Framework – International tax reform – Pillar Two model rules |
FRS 101 has been amended to introduce an exemption for qualifying entities from certain disclosures introduced by the amendments to IAS 12 that are primarily relevant to the consolidated financial statements of a group, provided that equivalent disclosures are included in the consolidated financial statements in which the qualifying entity is included. A qualifying entity may take advantage of the disclosure exemptions from when the relevant standard is applied. |
# | # | # | # |
|
FRS 102
|
|||||
| 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 | Mandatory | Mandatory | Mandatory | ~ |
| Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 101 Reduced Disclosure Framework – International tax reform – Pillar Two model rules | The temporary exception introduced into FRS 102 applies immediately and retrospectively upon issue of the amendments. The effective date for the disclosure requirements is accounting periods beginning on or after 1 January 2023, with early application permitted. | Mandatory | Mandatory |
Mandatory |
Temporary exception - mandatory Disclosure requirments - optional |
* 1st quarter ending on 30 September 2023 (accounting period began on 1 July 2023).
** 2nd quarter ending 30 September 2023 (accounting period began 1 April 2023).
*** 3rd quarter ending 30 September 2023 (accounting period began 1 January 2023).
**** 4th quarter ending 30 September 2023 (accounting period began 1 October 2022).
~ 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 - effective date is accounting periods beginning on or after 1 January 2022. 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 - effective date is accounting periods beginning on or after 1 January 2024. 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 the EU but has been endorsed for use in UK.
# A qualifying entity may take advantage of the disclosure exemptions from when the amendments to IAS 12 are applied.