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New UK GAAP application for reporting periods ending 31 December 2017

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27 Nov 2017

The table below reflects new and revised new UK GAAP financial reporting requirements that need to be considered for financial reporting periods ending on 31 December 2017

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 table below reflects new and revised new UK GAAP financial reporting requirements that need to be considered for financial reporting periods ending on 31 December 2017. For those reporters who want to understand new UK GAAP application for earlier periods please select one of the following: 

Pronouncement Effective date Application for quarters ending 31 December 2017?
1st qtrs.* 2nd qtrs.** 3rd qtrs.*** Full yrs****
FRS 100
Amendments to FRS 102 (first triennial review) Effective 1 January 2019.  Early application is permitted provided that all the amendments to FRS 101 as a result of the triennial review are applied at the same time. Optional Optional Optional Optional
FRS 101
The amendments are available from when an entity applying FRS 101 first applies IFRS 15. However the change in company law to permit the equity method in individual financial statements is effective from 1 January 2016 (or from 1 January 2015 if it is adopted early). Optional (see note 1)/Choice permitted by change in company law optional Optional (see note 1)/Choice permitted by change in company law optional Optional (see note 1)/Choice permitted by change in company law optional Optional (see note 1)/Choice permitted by change in company law optional
The amendments are available from when an entity applying FRS 101 first applies IFRS 16. NA - The amendments are available from when an entity applying FRS 101 first applies IFRS 16. Note 2 NA - The amendments are available from when an entity applying FRS 101 first applies IFRS 16.NA - The amendments are available from when an entity applying FRS 101 first applies IFRS 16. Note 2 NA - The amendments are available from when an entity applying FRS 101 first applies IFRS 16.NA - The amendments are available from when an entity applying FRS 101 first applies IFRS 16. Note 2 NA - The amendments are available from when an entity applying FRS 101 first applies IFRS 16.NA - The amendments are available from when an entity applying FRS 101 first applies IFRS 16. Note 2
Amendments to FRS 102 (first triennial review)

Effective for accounting periods beginning on or after 1 January 2019.  Early application is permitted provided that all the amendments to FRS 101 as a result of the triennial review are applied at the same time

 

Optional Optional Optional Optional
FRS 102
These amendments apply for accounting periods beginning on or after 1 January 2017. Early application is permitted with immediate effect provided this is disclosed. Mandatory Mandatory Mandatory Mandatory
Amendments to FRS 102 - Directors' loans Effective immediately with retrospective application available Optional (see note 3) Optional (see note 3) Optional (see note 3) Optional (see note 3)
Amendments to FRS 102 (first triennial review) The effective date for most of the amendments to FRS 102 is for accounting periods beginning on or after 1 January 2019, with early application permitted provided all amendments are applied at the same time. The only exceptions to this are the amendments relating to directors’ loans and the tax effects of gift aid payments, for which early application is permitted separately. Limited transitional provisions are also available. The amendments to disclosure requirements under Section 1A for small entities in the Republic of Ireland are effective for accounting periods beginning on or after 1 January 2017.  However, early application is permitted for companies in the Republic of Ireland that apply the Companies (Accounting) Act 2017 is applied from the same date.

Optional (most amendments).

Section 1A disclosure requirements for ROI small entities - mandatory

Optional (most amendments).

Section 1A disclosure requirements for ROI small entities - mandatory

Optional (most amendments).

Section 1A disclosure requirements for ROI small entities - mandatory

Optional (most amendments).

Section 1A disclosure requirements for ROI small entities - mandatory

FRS 103
Amendments to FRS 102 (first triennial review) Effective for accounting periods beginning on or after 1 January 2019. Early application is permitted provided that all the amendments to FRS 103 as a result of the triennial review are applied at the same time. Optional Optional Optional Optional
FRS 104
Amendments to FRS 102 (first triennial review) Effective for accounting periods beginning on or after 1 January 2019.  Early application is permitted if an entity also applies the Triennial review 2017 amendments to FRS 101 or FRS 102 for an accounting period beginning before 1 January 2019. Optional Optional Optional Optional
FRS 105
Amendments to FRS 102 (first triennial review)
The changes to disclosure requirements in FRS 105 for micro entities in the UK are applicable for accounting periods beginning on or after 1 January 2017; all other amendments to FRS 105 as a result of the triennial review are applicable for accounting periods beginning on or after 1 January 2019. Early application for UK micro-companies is permitted provided that all the amendments to FRS 105 are applied at the same time.
 
With respect to the Republic of Ireland, the changes to incorporate FRS 105 are applicable to accounting periods beginning on or after 1 January 2017.  Earlier application is permitted for companies in the Republic of Ireland that apply the Companies (Accounting) Act 2017 is applied from the same date.  All other amendments to FRS 105 as a result of the triennial review are applicable for accounting periods beginning on or after 1 January 2019. Early application of the other amendments is permitted provided that all of these other amendments are applied at the same time.

UK disclosure requirements - mandatory/other amendments - optional

ROI changes to incorporate FRS 105 - mandatory/other amendments - optional

UK disclosure requirements - mandatory/other amendments - optional

ROI changes to incorporate FRS 105 - mandatory/other amendments - optional

UK disclosure requirements - mandatory/other amendments - optional

ROI changes to incorporate FRS 105 - mandatory/other amendments - optional

UK disclosure requirements - mandatory/other amendments - optional

ROI changes to incorporate FRS 105 - mandatory/other amendments - optional

* 1st quarter ending on 31 December 2017 (accounting period began on 1 October 2017).

** 2nd quarter ending 31 December 2017 (accounting period began 1 July 2017).

*** 3rd quarter ending 31 December 2017 (accounting period began 1 April 2017).

**** 4th quarter ending 31 December 2017 (accounting period began 1 January 2017).

Note 1 - IFRS 15 is applicable to an entity's first annual IFRS financial statements for a period beginning on or after 1 January 2018. 

Note 2 - IFRS 16 is applicable to an entity's first annual IFRS financial statements for a period beginning on or after 1 January 2019. 

Note 3 - Effective immediately with retrospective application available; it shall not be applied directly, or by analogy, to any other transaction, event or condition. As it is an interim measure, this amendment will be deleted as part of the finalisation of FRED 67. It will then be replaced with permanent requirements based on the proposals in FRED 67 after considering the outcome of the consultation process.  These amemdments were published as part of the triennial review of FRS 102 in December 2017.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.