UK GAAP application for reporting periods ending 31 March 2024
05 Apr, 2024
The table below reflects new and revised UK GAAP financial reporting requirements that need to be considered for financial reporting periods ending on 31 March 2024.
The table below reflects new and revised UK GAAP financial reporting requirements that need to be considered for financial reporting periods ending on 31 March 2024. 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 31 December 2023
- New UK GAAP application for reporting periods ending 30 September 2023
- 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
| Pronouncement | Effective date | Application for quarters ending 31 March 2024? | |||
|---|---|---|---|---|---|
| 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 | Already applied in the prior year (January 2023) | 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 |
| Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review 2024 |
Effective 1 January 2026 with earlier application permitted provided all amendments are applied at the same time. If an entity applies these amendments before 1 January 2026 it shall disclose that fact, unless it is a small entity in the Republic of Ireland, in which case it is encouraged to disclose that fact. |
Optional | Optional | Optional | Optional |
| 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 | Already applied in the prior year (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 |
Exemption introduced by paragraph 8(iA) - Optional Amendments to paragraph AG1(h) - Mandatory % |
Exemption introduced by paragraph 8(iA) - Optional Amendments to paragraph AG1(h) - Optional % |
Exemption introduced by paragraph 8(iA) - Optional Amendments to paragraph AG1(h) - Optional % |
Exemption introduced by paragraph 8(iA) - Optional Amendments to paragraph AG1(h) - Optional % |
|
|
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. |
Optional - # | Optional - # | Optional - # | Optional - # |
| Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review 2024 |
Effective 1 January 2026 with earlier application permitted provided all amendments are applied at the same time. If an entity applies these amendments before 1 January 2026 it shall disclose that fact. |
Optional | Optional | Optional | Optional |
|
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 | Already applied in the prior year (January 2023) | 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. |
Temporary exception - mandatory Disclosure requirments - alreafy applied in the prior year (January 2023) |
Temporary exception - mandatory Disclosure requirments - Mandatory |
Temporary exception - mandatory Disclosure requirments - Mandatory |
Temporary exception - mandatory Disclosure requirments - Mandatory |
| Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review 2024 | The principal effective date of the amendments is accounting periods beginning on or after 1 January 2026, with early application permitted provided all amendments are applied at the same time. Earlier effective dates apply to new disclosures about supplier finance arrangements in Section 7 of FRS 102 (periods beginning on or after 1 January 2025, with early application permitted). Transitional provisions are included. |
Supplier finance amendments - Optional Other amendments - optional |
Supplier finance amendments - Optional Other amendments - optional |
Supplier finance amendments - Optional Other amendments - optional |
Supplier finance amendments - Optional Other amendments - optional |
| FRS 103 | |||||
| Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review 2024 | Effective for periods beginning on or after 1 January 2026, except for the amendments to Section 6 Transition to this FRS, which shall apply for periods beginning on or after 1 January 2024. Early application of the amendments other than those in Section 6 is permitted, provided that all those other amendments are applied at the same time. |
Amendments to Section 6 - mandatory Other amendments - optional |
Amendments to Section 6 - No Other amendments - optional |
Amendments to Section 6 - No Other amendments - optional |
Amendments to Section 6 - No Other amendments - optional |
| FRS 104 | |||||
| Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review 2024 | Effective for for interim periods beginning on or after 1 January 2026. Early application is permitted, provided that all the amendments are applied at the same time. If an entity applies these amendments before 1 January 2026 it shall disclose that fact. | Optional | Optional | Optional | Optional |
| FRS 105 | |||||
| Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review 2024 | Effective for accounting periods beginning on or after 1 January 2026. Early application is permitted, provided that all the amendments are applied at the same time. When a micro-entity first applies the Periodic Review 2024 amendments, as an exception to retrospective application, it shall apply the revised Section 18 Revenue from Contracts with Customers prospectively to contracts that begin after the date it first applies the Periodic Review 2024 amendments, and therefore shall not change its accounting policy for any contracts in progress at that date | Optional | Optional | Optional | Optional |
* 1st quarter ending on 31 March 2024 (accounting period began on 1 January 2024).
** 2nd quarter ending 31 March 2024 (accounting period began 1 October 2023).
*** 3rd quarter ending 31 March 2024 (accounting period began 1 July 2023).
**** 4th quarter ending 31 March 2024 (accounting period began 1 April 2023).
% - 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.