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 (IFRS Accounting Standards). Almost all other groups and companies have a choice. They can choose to follow IFRS Accounting Standards or UK GAAP.  For further guidance on IFRS in the UK see our dedicated page.

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.

Amendments have been made to FRS 102 in relation to phase 2 of the interest rate benchmark reform and also in relation to accounting for temporary rent concessions for operating leases occurring as a direct consequence of the COVID-19 pandemic extending beyond 30 June 2021 (for which an amendment was also made to FRS 105). Amendments to FRS 101, FRS 102, FRS 104 and FRS 105 have also been made to reflect changes in company law following the UK's exit from the European Union and to FRS 101 as a result of the 2020/21 annual review of the standard.  The FRC is currently undertaking its next periodic review of FRS 102 and other UK and Ireland accounting Standards and issued Financial Reporting Exposure Draft (FRED) 82 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review in December 2022.  Comments are requested by 30 April 2023.

In November 2022, the FRC issued revised Application Guidance to FRS 100 to reflect changes to UK company law and decisions on equivalence following the UK’s exit from the European Union.  The revised guidance is effective immediately.

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

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