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Old UK GAAP

Overview

Old UK GAAP (link to FRC website) comprises a number of Financial Reporting Standards (FRSs), Statements of Standard Accounting Practice (SSAPs) and Urgent Issue Task Force (UITF) Abstracts. Each of the 30 FRSs and eight SSAPs currently in force includes requirements for a particular area of accounting, while the UITF Abstracts provide specific interpretations of accounting issues arising from application of the FRSs and SSAPs.

 

Scope

UK GAAP may be used by all UK groups and entities not required by law or regulation to apply EU-adopted IFRSs.

Entities other than companies may apply UK GAAP; often this is in conjunction with an applicable Statement of Recommended Practice (SORP). 

 

Effective date

Existing UK GAAP will remain effective for periods commencing on or before 31 December 2014. For periods beginning on or after 1 January 2015, all previously effective FRSs, SSAPs, UITF Abstracts will be withdrawn and the requirements of New UK GAAP will become applicable.

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.