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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 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 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.

Any companies that have not yet transitioned to the new UK GAAP framework, our collection of resources above, will provide helpful guidance.  For those that are already applying it there are amended versions of FRSs 100, 101 and 102 which incorporate changes as a result of the UK implementation of the EU Accounting Directive to be aware of.  Additionally, there are significant changes to the financial reporting regime for smaller and micro companies who can no longer follow the FRSSE.  These changes are applicable for accounting periods beginning on or after 1 January 2016. 

Those entities who used to 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.   Our Need to know publication highlights these.  

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.