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UK GAAP factsheets

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

UK GAAP factsheets

Looking for factsheets on standards effective before 1 January 2015?

View previous UK GAAP factsheets now

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2018 UK GAAP Accounts

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This factsheet considers the Triennial review 2017 amendments which may be early adopted in 2018 accounts. There are no new or modified UK GAAP requirements that are mandatory for accounting periods beginning in 2018. Date published 27 June 2018.

FRS 102 Debt for equity swaps

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This factsheet explains how to account for ‘debt for equity swaps’ in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Published 05 June 2018.

Impairment of assets - FRS 102

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This factsheet is a summary of the basic principles of accounting for impairment under FRS 102 Section 27, with some practical guidance that will help with implementing the requirements. Published March 2018.

FRS 102 Deferred Tax factsheet

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This factsheet provides an overview of the accounting and disclosure requirements for deferred tax in accordance with FRS 102 in response to some frequently asked questions about this challenging topic. Published 15 November 2017 (updated March 2018).

2017 UK GAAP Accounts

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This factsheet highlights the new and modified UK GAAP requirements that are mandatory for accounting periods beginning in 2017. It also considers some of the practical implementation issues which have arisen as a consequence of the new regime. Published June 2017.

2016 UK GAAP Accounts

This factsheet highlights the new and modified UK GAAP requirements that are mandatory for accounting periods beginning in 2016. Updated August 2017.

Reduced Disclosure Framework

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This factsheet is designed to assist those adopting FRS 101 Reduced Disclosure Framework, which is available to ‘qualifying entities’ that otherwise apply the recognition, measurement and disclosure requirements of EU-adopted IFRSs when preparing their individual financial statements. Updated August 2017.

The UK Financial Reporting Regime

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This factsheet provides an overview of the UK financial reporting regime that came in to effect on the 1 January 2015, with further changes for small and micro-entities for 2016. Published 18 January 2017.

FRS 102 - Financial Instruments

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FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland includes requirements in relation to financial instruments that are significantly different from those under old UK GAAP. This factsheet provides a summary of what has proven to be one of the biggest challenges for many entities applying FRS 102 for the first time. Date published: 17 December 2014. Last updated 13 December 2016

An introduction to FRS 102

This factsheet provides an overview of IFRS 102 The Financial Reporting Standard application in the UK and Republic of Ireland, the standard that forms the cornerstone of the new UK financial reporting regime that became effective from 1 January 2015. Date published: 4 April 2016. Last updated 27 February 2017.

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