This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

New UK GAAP - FRS 100 - 102

Background

Since 2005 listed groups in the UK have been required to prepare their consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs). Almost all other groups and companies have a choice. They can choose to follow IFRSs or UK GAAP. Small companies (as defined by the Companies Act 2006) have an additional option of following the Financial Reporting Standard for Smaller Entities (FRSSE). But, for periods beginning on or after 1 January 2015, three new Financial Reporting Standards (FRS 100, 101 and 102) will be in force, bringing with them a number of new options for all UK entities and groups. 

The three new FRSs have been developed by the Accounting Standards Board (‘ASB', the predecessor of what is now the Accounting Council of the FRC) to replace current UK GAAP (other than the FRSSE, which will be retained) and introduce an IFRS-based reduced disclosure framework for certain entities. 

 

Current status of the project

FRS 100, FRS 101 and FRS 102 have been issued by the FRC and are applicable for accounting periods beginning on or after 1 January 2015 with earlier application permitted.

 

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.