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Standards image

This page contains links to our summaries, analysis, history and resources for:


# Name Issued
FRS100 Application of financial reporting requirements 2012
FRS101 Reduced disclosure framework 2012
FRS102 The financial reporting standard applicable in the UK and the Republic of Ireland 2013
FRS103 Insurance Contracts


FRS104 Interim Financial Reporting


FRS105 The Financial Reporting Standard applicable to the Micro-entities Regime


FRSSE The Financial Reporting Standard for Smaller Entities 2013*

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.

Statements of Recommended Practice (SORPS)

Name Issued
Accounting and reporting by charities FRS 102* ~ $   2014
Accounting and reporting by charities FRSSE*   2014
Accounting for further and higher education 2014
Accounting by Limited Liability Partnerships (LLPs) ** 2017
Accounting by registered social landlords (RSL) 2014
Financial reports of pension schemes 2018
Financial statements of authorised funds 2014
Financial statements of investment trust companies and venture capital trusts 2014
Accounting issues in the asset finance and leasing industry 2009
Accounting for oil and gas, exploration, development, production and decommissioning activities 2001
Accounting for insurance business 2006
Banking – segmental reporting 1997

The FRC has been working with SORP-making bodies in updating their SORPS to reflect the requirements of FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. 

* In February 2016 the Charity Commission for England and Wales (‘Charity Commission’) and the Office of the Scottish Charity Regulator (OSCR) published an ‘Update Bulletin’ which amends the Charities SORP (FRS 102) as a result of changes to UK Accounting Standards which are effective for accounting periods beginning on or after 1 January 2016.  The amendments are effective for accounting periods beginning on or after 1 January 2016 with earlier application permitted for accounting periods beginning on or after 1 January 2015 if not prohibited by regulations, charity or company law.  Should the amendments be adopted early, then the Update Bulletin is clear that all of the amendments must be adopted together in the charity’s trustees’ annual report and accounts.  The amendments also confirm that the Charities SORP (FRSSE) will be withdrawn for such accounting periods and, from 1 January 2016 all charities will be required to follow the Charities SORP (FRS 102).

~ In May 2016 the Charity Commission and the OSCR began a consultation exercise to seek views on how the Charities SORP FRS 102 can be improved.  

$ In February 2018 the Charity Commission for England and Wales (‘Charity Commission’) and the Office of the Scottish Charity Regulator (OSCR) issued a joint consultation on proposed amendments to the Charities Statement of Recommended Practice (FRS 102) (‘Charities SORP FRS 102) following amendments to UK accounting standards in December 2017 which formed part of the 2017 Triennial review of the standard by the Financial Reporting Council (FRC).  The consultation closed on 4 April 2018.

** In August 2018 the Consultative Committee of Accountancy Bodies (CCAB) published an Exposure Draft on an updated Statement of Recommended Practice (SORP) which sets out a framework for accounting by Limited Liability Partnerships (LLPs) (“LLP SORP”). Comments are invited until 17 October 2018.

International Financial Reporting Standards

# Name Issued
IFRS 1 First-time Adoption of International Financial Standards 2008*
IFRS 2 Share-based Payment 2004
IFRS 3 Business Combinations 2008*
IFRS 4 Insurance Contracts (Will be superseded by IFRS 17 as of 1 January 2021)  2004
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations 2004
IFRS 6 Exploration for and Evaluation of Mineral Assets 2004
IFRS 7 Financial Instruments: Disclosures 2005
IFRS 8 Operating Segments 2006
IFRS 9 Financial Instruments 2010*
IFRS 10 Consolidated Financial Statements 2011
IFRS 11 Joint Arrangements 2011
IFRS 12 Disclosure of Interests in Other Entities 2011
IFRS 13 Fair Value Measurement 2011
 IFRS 14 Regulatory Deferral Accounts 2014
IFRS 15  Revenue from Contracts with Customers 2014
IFRS 16   Leases 2016
IFRS 17 Insurance Contracts 2017


International Accounting Standards

# Name Issued
IAS 1 Presentation of Financial Statements 2007*
IAS 2 Inventories 2005*
IAS 3 Consolidated Financial Statements
Superseded in 1989 by IAS 27 and IAS 28
IAS 4 Depreciation Accounting
Withdrawn in 1999
IAS 5 Information to Be Disclosed in Financial Statements
Superseded by IAS 1 effective 1 July 1998
IAS 6 Accounting Responses to Changing Prices
Superseded by IAS 15, which was withdrawn December 2003
IAS 7 Statement of Cash Flows 1992
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors 2003
IAS 9 Accounting for Research and Development Activities
Superseded by IAS 39 effective 1 July 1999
IAS 10 Events After the Reporting Period 2003
IAS 11

Construction Contracts

Will be superseded by IFRS 15 as of 1 January 2018


IAS 12 Income Taxes 1996*
IAS 13 Presentation of Current Assets and Current Liabilities
Superseded by IAS 1 effective 1 July 1998
IAS 14 Segment Reporting
Superseded by IFRS 8 effective 1 January 2009
IAS 15 Information Reflecting the Effects of Changing Prices
Withdrawn December 2003
IAS 16 Property, Plant and Equipment 2003*
IAS 17


Will be superseded by IFRS 16 as of 1 January 2019
IAS 18


Will be superseded by IFRS 15 as of 1 January 2018

IAS 19 Employee Benefits
Superseded by IAS 19 (2011) effective 1 January 2013
IAS 19 Employee Benefits (2011) 2011*
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance 1983
IAS 21 The Effects of Changes in Foreign Exchange Rates 2003*
IAS 22 Business Combinations
Superseded by IFRS 3 effective 31 March 2004
IAS 23 Borrowing Costs 2007*
IAS 24 Related Party Disclosures 2009*
IAS 25 Accounting for Investments
Superseded by IAS 39 and IAS 40 effective 2001
IAS 26 Accounting and Reporting by Retirement Benefit Plans 1987
IAS 27 Separate Financial Statements (2011) 2011
IAS 27 Consolidated and Separate Financial Statements
Superseded by IFRS 10, IFRS 12 and IAS 27 (2011) effective 1 January 2013
IAS 28 Investments in Associates and Joint Ventures (2011) 2011
IAS 28 Investments in Associates
Superseded by IAS 28 (2011) and IFRS 12 effective 1 January 2013
IAS 29 Financial Reporting in Hyperinflationary Economies 1989
IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions
Superseded by IFRS 7 effective 1 January 2007
IAS 31 Interests In Joint Ventures
Superseded by IFRS 11 and IFRS 12 effective 1 January 2013
IAS 32 Financial Instruments: Presentation 2003*
IAS 33 Earnings Per Share 2003*
IAS 34 Interim Financial Reporting 1998
IAS 35 Discontinuing Operations
Superseded by IFRS 5 effective 1 January 2005
IAS 36 Impairment of Assets 2004*
IAS 37 Provisions, Contingent Liabilities and Contingent Assets 1998
IAS 38 Intangible Assets 2004*
IAS 39 Financial Instruments: Recognition and Measurement
Superseded by IFRS 9 effective 1 January 2018 where IFRS 9 is applied
IAS 40 Investment Property 2003*
IAS 41 Agriculture 2001

IFRIC Interpretations

# Name Issued
IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities 2004
IFRIC 2 Members' Shares in Co-operative Entities and Similar Instruments 2004
IFRIC 3 Emission Rights
Withdrawn June 2005

Determining Whether an Arrangement Contains a Lease

Will be superseded by IFRS 16 as of 1 January 2019
IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds 2004
IFRIC 6 Liabilities Arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment 2005
IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies 2005
IFRIC 8 Scope of IFRS 2
Withdrawn effective 1 January 2010
IFRIC 9 Reassessment of Embedded Derivatives 2006
IFRIC 10 Interim Financial Reporting and Impairment 2006
IFRIC 11 IFRS 2: Group and Treasury Share Transactions
Withdrawn effective 1 January 2010
IFRIC 12 Service Concession Arrangements 2006
IFRIC 13 Customer Loyalty Programmes
Will be superseded by IFRS 15 as of 1 January 2018
IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction 2007
IFRIC 15 Agreements for the Construction of Real Estate 2008
IFRIC 16 Hedges of a Net Investment in a Foreign Operation 2008
IFRIC 17 Distributions of Non-cash Assets to Owners 2008
IFRIC 18 Transfers of Assets from Customers
Will be superseded by IFRS 15 as of 1 January 2018
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments 2009
IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine 2011
IFRIC 21 Levies 2013
IFRIC 22 Foreign Currency Transactions and Advance Consideration 2016
IFRIC 23 Uncertainty over Income Tax Treatments 2017
Uncertainty over Income Tax TreatmentsUncertainty over Income Tax TreatmentsUncertainty over Income Tax Treatments

SIC Interpretations

# Name Issued
SIC-1 Consistency – Different Cost Formulas for Inventories
SIC-2 Consistency – Capitalisation of Borrowing Costs
SIC-3 Elimination of Unrealised Profits and Losses on Transactions with Associates
SIC-5 Classification of Financial Instruments - Contingent Settlement Provisions
SIC-6 Costs of Modifying Existing Software
SIC-7 Introduction of the Euro 1998
SIC-8 First-Time Application of IASs as the Primary Basis of Accounting
SIC-9 Business Combinations – Classification either as Acquisitions or Unitings of Interests
SIC-10 Government Assistance – No Specific Relation to Operating Activities 1998
SIC-11 Foreign Exchange – Capitalisation of Losses Resulting from Severe Currency Devaluations
SIC-12 Consolidation – Special Purpose Entities
Superseded by IFRS 10 and IFRS 12 effective 1 January 2013
SIC-13 Jointly Controlled Entities – Non-Monetary Contributions by Venturers
Superseded by IFRS 11 and IFRS 12, effective for annual periods beginning on or after 1 January 2013
SIC-14 Property, Plant and Equipment – Compensation for the Impairment or Loss of Items

Operating Leases – Incentives

Will be superseded by IFRS 16 as of 1 January 2019
SIC-16 Share Capital – Reacquired Own Equity Instruments (Treasury Shares)
SIC-17 Equity – Costs of an Equity Transaction
SIC-18 Consistency – Alternative Methods
SIC-19 Reporting Currency – Measurement and Presentation of Financial Statements under IAS 21 and IAS 29
SIC-20 Equity Accounting Method – Recognition of Losses
SIC-21 Income Taxes – Recovery of Revalued Non-Depreciable Assets
Superseded by, and incorporated into, IAS 12 by amendments made by Deferred Tax: Recovery of Underlying Assets, effective for annual periods beginning on or after 1 January 2012
SIC-22 Business Combinations – Subsequent Adjustment of Fair Values and Goodwill Initially Reported
SIC-23 Property, Plant and Equipment – Major Inspection or Overhaul Costs
SIC-24 Earnings Per Share – Financial Instruments and Other Contracts that May Be Settled in Shares
SIC-25 Income Taxes – Changes in the Tax Status of an Enterprise or its Shareholders 2000

Evaluating the Substance of Transactions in the Legal Form of a Lease

Will be superseded by IFRS 16 as of 1 January 2019
SIC-28 Business Combinations – 'Date of Exchange' and Fair Value of Equity Instruments
SIC-29 Disclosure – Service Concession Arrangements 2001
SIC-30 Reporting Currency – Translation from Measurement Currency to Presentation Currency
SIC-31 Revenue – Barter Transactions Involving Advertising Services
Will be superseded by IFRS 15 as of 1 January 2018
SIC-32 Intangible Assets – Web Site Costs 2001
SIC-33 Consolidation and Equity Method – Potential Voting Rights and Allocation of Ownership Interests

Other pronouncements

Name Issued
Conceptual Framework for Financial Statements 2018 2018*
Preface to International Financial Reporting Standards 2002*
IFRS for Small and Medium Sized Entities 2009
IFRS Practice Statement Management Commentary 2010


The above tables list the most recent version (or versions if a pronouncement has not yet been superseded) of each pronouncement and the date that revisions was originally issued. Where a pronouncement has been reissued with the same or a different name, the date indicated in the above tables is the date the revised pronouncement was reissued (these are indicated with an asterisk (*) in the tables). The majority of the pronouncements have also been amended through IASB or IFRS Interpretations Committee projects, for consequential amendments arising on the issue of other pronouncements, the annual improvements process, and other factors. Our page for each pronouncement has a full history of the pronouncement, its development, amendments and other information.

Regulatory Bodies

Financial Reporting Council (FRC)


IFRS Foundation and the IASB

Structure and organisation IASB

Other organisations involved in financial reporting

Global organisations Regional and other organisations


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.