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Resources of financial reporting knowledge, including GAAP guidance, IFRS-related outputs and guidance on UK regulation.

It is getting easier for auditors to access resources that will keep their financial reporting knowledge updated. From 1 January 2023, content from the Financial Reporting Faculty (FRF) will be freely available to all ICAEW members and this article highlights some of the FRF material that auditors may find useful.

There are many areas where FRF articles, guidance, helpsheets, technical releases, webinars and other technical and practical materials may prove valuable for auditors. Resources for preparers and reporters can also enable auditors to stay up to date with recent and forthcoming developments around International Financial Reporting Standards (IFRSs) and UK Financial Reporting Standards (FRSs).

Auditors need knowledge of both auditing standards and accounting standards and ICAEW’s Quality Assurance Department (QAD) sees the latter as an area of weakness during audit quality reviews, particularly in relation to FRS 102. Audit & Beyond highlighted this, and shared some QAD improvement tips for firms.

To assist firms, there is an FRS 102 resource hub.

GAAP guidance

UK GAAP-related outputs from the FRF during 2022 included:

IFRS intelligence

IFRS-related outputs from the FRF in 2022 included:

These and other financial reporting factsheets on IFRS, UK GAAP and UK regulations are available on the web.

UK regulation resources

Some auditors may find FRF factsheets, webinars and other outputs on UK regulation particularly useful. During 2022 the faculty has, for example, created guidance on:

A hub page on UK regulation for company accounts.

All resources from the Financial Reporting Faculty can be accessed from its hub page.

A wider range of financial reporting resources (including those from the FRF) can be accessed.

Audit & Beyond

This article was first featured in the December 2022/January 2023 edition of Audit & Beyond.

Audit & Beyond Dec/Jan 2022/23