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Collection of New UK GAAP news and publications


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. 

For periods beginning on or after 1 January 2015 FRSs 100, 101 and 102 came into force, bringing with them a number of new options for all UK entities and groups.  These Standards replaced old UK GAAP.  

In response to the UK implementation of the EU Accounting Directive, amendments were made to UK GAAP in July 2015.  The effect was to issue amended versions of FRS 100, FRS 101 and FRS 102, as well as a new accounting standard applicable to companies eligible to apply the Micro-entities Regime (FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime ).  

For accounting periods beginning on or after 1 January 2016 the Financial Reporting Standard for Smaller Entities (FRSSE) is withdrawn.  Due to changes to UK GAAP as a result of  the implementation of the EU Accounting Directive, those entities who currently apply the FRSSE will either have to follow the recognition and measurement requirements of FRS 102 and the presentation and disclosure requirements within 'Section 1A Small Entities' or apply FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime  (if they qualify as micro-entities).   

A number of changes have also been made to the accounting and reporting requirements for LLPs in the law, to align with the changes made for companies and qualifying partnerships including extending the scope of FRS 105 to include such entities.

In addition to the above three Standards, two additional Standards were in force from 1 January 2015 - FRS 103 Insurance Contracts which contains specific accounting requirements for entities that have insurance contracts (including reinsurance contracts) and are applying FRS 102 and FRS 104 Interim Financial Reporting, which is intended for use in the preparation of interim financial reports by those entities that apply FRS 102.

Companies who operate within specialised industries or sectors will also apply the requirements of their specific Statement of Recommended Practice (SORP) in conjunction with the Financial Reporting Standards.  Most of the various SORP-issuing bodies have revised their SORPs in the light of FRS 102.

UK GAAP standards pages
FRS 100
FRS 101
FRS 102
FRS 103
FRS 104
FRS 105 

In addition to the above Standards, the FRC has published Staff Education Notes (SENs) which illustrate certain requirements of FRS 102 for the convenience of its users.  The SENs have been issued to assist entities using or thinking of using FRS 102 as a basis of preparation for their financial statements. These guidance notes aim to illustrate certain requirements of FRS 102, although they do not have any authoritative status.

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.