UK GAAP application for reporting periods ending 30 September 2019
01 Oct, 2019
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 2019.
As the new UK GAAP regime has now been in place for a number of 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. More recently amendments to FRS 102 related to multi-employer defined benefit plans have been issued.
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 2019. 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 2019
- New UK GAAP application for reporting periods ending 31 March 2019
- New UK GAAP application for reporting periods ending 31 December 2018
- New UK GAAP application for reporting periods ending 30 September 2018
- New UK GAAP application for reporting periods ending 30 June 2018
- New UK GAAP application for reporting periods ending 31 March 2018
- New UK GAAP application for reporting periods ending 31 December 2017
- New UK GAAP application for reporting periods ending 30 September 2017
- New UK GAAP application for reporting periods ending 30 June 2017
- New UK GAAP application for reporting periods ending 31 March 2017
- New UK GAAP application for reporting periods ending 31 December 2016
- New UK GAAP application for reporting periods ending 30 September 2016
- New UK GAAP application for reporting periods ending 30 June 2016
- New UK GAAP application as at 31 March 2016
- New UK GAAP application as at 31 December 2015
| Pronouncement | Effective date | Application for quarters ending 30 September 2019? | |||
|---|---|---|---|---|---|
| 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. | Mandatory | Mandatory | Mandatory | 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). | Disclosure exemptions in relation to IFRS 15 already applied in prior year (July 2018)/Choice permitted by change in company law optional | Disclosure exemptions in relation to IFRS 15 already applied in prior year (April 2018)/Choice permitted by change in company law optional | Disclosure exemptions in relation to IFRS 15 already applied in prior year (January 2018)/Choice permitted by change in company law optional | Disclosure exemptions in relation to IFRS 15 Mandatory(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. | Mandatory | Mandatory | Mandatory | Optional - 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
|
Mandatory | Mandatory | Mandatory | Optional |
| 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. |
# | # | # | # |
|
FRS 102
|
|||||
| 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. |
Mandatory
|
Mandatory
|
Mandatory
|
Optional (most amendments so long as all other amendments are applied at the same time - exception for the amendments relating to directors’ loans and the tax effects of gift aid payments where this is not the case).
|
| Amendments to FRS 102: Multi-employer defined benefit plans |
The amendments are effective for accounting periods beginning on or after 1 January 2020, with early application permitted. |
Optional |
Optional |
Optional |
Optional |
| 'Amendments to FRS 102 – Interest rate benchmark reform'. |
The amendments are effective for accounting periods beginning on or after 1 January 2020, with early application permitted. |
Optional |
Optional |
Optional |
Optional |
| 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. | Mandatory | Mandatory | Mandatory | 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. | Mandatory | Mandatory | Mandatory | 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. |
Requirements (other than disclosure requirements for micro entities)- mandatory Amendments other than ROI changes to incorporate FRS 105 - mandatory |
Requirements (other than disclosure requirements for micro entities)- mandatory Amendments other than ROI changes to incorporate FRS 105 - mandatory |
Requirements (other than disclosure requirements for micro entities)-mandatory Amendments other than ROI changes to incorporate FRS 105 - mandatory |
Requirements (other than disclosure requirements for micro entities)-optional Amendments other than ROI changes to incorporate FRS 105 - optional |
* 1st quarter ending on 30 September 2019 (accounting period began on 1 July 2019).
** 2nd quarter ending 30 September 2019 (accounting period began 1 April 2019).
*** 3rd quarter ending 30 September 2019 (accounting period began 1 January 2019).
**** 4th quarter ending 30 September 2019 (accounting period began 1 October 2018).
# - 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. IFRS 17 has not yet been endorsed for use in the EU.
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.