ICAEW.com works better with JavaScript enabled.

The new UK GAAP

A new financial reporting framework in the UK is effective for accounting periods beginning on or after 1 January 2015.

The UK's Financial Reporting Council (FRC) has published five standards which together form the basis of the new UK regime. The Financial Reporting Standard for Smaller Entities (FRSSE) has been withdrawn and small entities brought within the scope of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for accounting periods beginning on or after 1 January 2016. For more information on the changes to small company reporting visit icaew.com/smallcompanyreporting

UK Reporting framework

FRS 100 Application of Financial Reporting Requirements sets out the new reporting regime.

More info

Reporting framework

FRS 100 Application of Financial Reporting Requirements sets out a new financial reporting regime for the UK entities effective from 1 January 2015. It explains which standards apply to which entity, when an entity can apply the reduced disclosure framework, and when an entity should follow a SORP.

Small entity reporting

A new financial framework for small and micro entities is effective from 1 January 2016.

More info

Small and micro entity reporting

The Financial Reporting Council (FRC) has issued amendments to UK accounting standards, ushering in a new financial reporting regime for small and micro entities. The changes will come into effect for accounting periods beginning on or after 1 January 2016. Early adoption is generally permitted.

Reduced disclosures

FRS 101 Reduced Disclosure Framework available to certain UK IFRS reporters.

More info

Reduced Disclosure Framework

FRS 101 Reduced Disclosure Framework sets out disclosure exemptions available to UK qualifying subsidiaries and parent companies which otherwise apply the recognition, measurement and disclosure requirements of EU-adopted IFRS. It was published on 22 November 2012 alongside FRS 100 Application of Financial Reporting Requirements which sets out a new financial reporting regime for the UK entities effective 1 January 2015.

The reporting standard

FRS 102 The Financial reporting Standard applicable in the UK and Republic of Ireland.

More info

The Financial Reporting Standard

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland replaces the majority of UK Financial Reporting Standards and UITF Abstracts.

Insurance contracts

FRS 103 Insurance Contracts - requirements and guidance for insurance contracts.

More info

Insurance Contracts

FRS 103 Insurance Contracts consolidates existing financial reporting requirements and guidance for insurance contracts. The requirements within it are based on IFRS 4 Insurance Contracts, the previous standard, FRS 27 Life Assurance and elements of the Association of British Insurers’ SORP.

Interim Financial Reports

FRS 104 Interim Financial Reporting for entities that apply FRS 102.

More info

The micro-entities regime

FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime.

More info

Factsheets

Practical online guidance written exclusively for faculty members by experts.

More info

Factsheets

The Financial Reporting faculty's new UK GAAP factsheets provide an analysis of changes in the new UK regime which will be effective from 1 January 2015.

Publications and eBooks

Access a selection of practical texts, many available for loan or download.

More info

Publications and eBooks

Access to a selection of practical texts, many available for loan or download to Financial Reporting Faculty members.

Articles

A selection of articles on topical UK GAAP issues selected from the faculty's journal.

More info

Webinar and event recordings

Access the recordings and download the slides from recent webinars on UK GAAP issues.

More info

UK GAAP Webinar/event recordings

The Financial Reporting Faculty's webinars cover a range of updates on IFRS, UK GAAP and policy issues. If you missed the webinar you can still listen to the recording and download the slides. the new UK regime is effective for accounting periods beginning on or after 1 January 2015

New UK GAAP FAQs

Answers to initial questions on the new regime, with signposts to additional information.

More info

UK GAAP FAQs

The Financial Reporting Faculty regularly produces FAQs on areas of general interest. We answer your initial questions on the topic, and guide you to any other relevant resources that are available.

Helpsheets and support

Guidance on new UK GAAP from the Technical Advisory Service for all ICAEW members.

More info

Library & Information Service

Handpicked resources from across the profession, including model accounts and eBooks.

More info

New UK GAAP

A new financial reporting framework in the UK is effective from 1 January 2015. Find books, articles and online resources covering each new Financial Reporting Standard.