UK GAAP
Collection of New UK GAAP news and publications
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.
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 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.
As the new UK GAAP regime has now been in place for two years, preparation of either parent company or subsidiary accounts under either FRS 101 or FRS 102 should now have become a more 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.
| UK GAAP standards pages |
|---|
| FRS 100 |
| FRS 101 |
| FRS 102 |
| FRS 103 |
| FRS 104 |
| FRS 105 |
| FRSSE |
| SORPS |
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.
