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Collection of 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 100101 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 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 102FRS 105 The Financial Reporting Standard applicable to the Micro Entities Regime is a financial reporting standard applicable to entities able to apply the micro entities regime. 

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.

As the 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 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 and took effect for the first time for accounting periods beginning on or after 1 January 2019. More recently, amendments to FRS 102 related to multi-employer defined benefit plans and interest rate benchmark reform have been issued.

Minor amendments were also made as a result of the 2019/20 annual review of FRS 101. Amendments have also recently been made to FRS 100, FRS 101, FRS 102, FRS 104 and FRS 105.

The FRC has issued updates to FRSs 100-105 to reflect changes in the law as a result of the UK’s withdrawal from the EU.  For more information on the UK's withdrawal from the EU click here.

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.