The faculty also produces factsheets, which provide in-depth analyses of specific accounting issues.
Topical issues
Periodic review of UK GAAP – FAQs
- Helpsheets and support
- 23 Jan 2023
The Financial Reporting Faculty explains the purpose of the FRC’s periodic review of UK GAAP and provides an overview of the proposed changes to FRS 102 and other standards.
Exclusive
Planning for the 2022/23 reporting season
- Helpsheets and support
- 08 Dec 2022
This guide sets out the areas of reporting that may require more attention than in previous years. It also considers the impact of an uncertain economic environment on the accounts.
Exclusive
How high inflation impacts accounting
- Article
- 05 Dec 2022
As inflation increases after a sustained period of low inflation, companies are now having to consider the impact high inflation has on their financial reporting and related uncertainties.
War in Ukraine: the corporate reporting implications
- Helpsheets and support
- 14 Mar 2022
This guide serves to highlight key areas of financial and non-financial reporting that companies might consider in light of the ongoing war in Ukraine.
Exclusive
Planning for the 2021/22 reporting season - Practical help for preparers
- Helpsheets and support
- 11 Jan 2022
In this guide the Financial Reporting Faculty looks at what is different about the current reporting season and where to focus your efforts.
Brexit: Implications of changes to company law on corporate reporting
- Helpsheets and support
- 14 Jun 2021
The end of the transition period brought into effect changes in company law that have an impact on the preparation of the annual report and accounts. This guide outlines some of the practical implications.
FRS 102
Loans at non-market rates under FRS 102
- Helpsheets and support
- 06 Jul 2022
This guide outlines the accounting requirements of FRS 102 applicable to loans that are provided interest free or at below-market interest rates, a common example of which are intercompany loans.
Renegotiating loan contracts under FRS 102
- Helpsheets and support
- 08 Jun 2021
This guide outlines the accounting requirements under FRS 102 when loan contract terms are renegotiated together with illustrative examples.
Accelerated Payment Notices
- Helpsheets and support
- 01 Oct 2017
In this FRS 102 Update, Financial Reporting Faculty staff answer some of your questions regarding APNs for corporation tax. Updated October 2017.
FRS 105
Exclusive
FRS 105: Micro-entities’ Accounts FAQs
- Helpsheets and support
- 28 Nov 2022
Frequently asked questions on the eligibility criteria, the main features of the micro-entities regime and how that compares with the small company regime.
Exclusive
Going concern considerations – a guide for FRS 105 preparers
- Helpsheets and support
- 06 Sep 2022
Factors for preparers of micro-entity accounts to consider when doing a going concern assessment and the practical implications for financial reporting.
IFRS
Exclusive
IFRS 17 Insurance Contracts for non-insurers – do you have contracts that fall within its scope?
- Helpsheets and support
- 20 Feb 2023
This guide helps non-insurers determine whether, and to what extent, they may be affected by the standard.
Exclusive
Contract modifications under IFRS 9 Financial Instruments
- Helpsheets and support
- 07 Dec 2022
This short guide outlines the accounting implications of contract modifications to financial liabilities together with an illustrative example.
Exclusive
Modifications to revenue recognition under IFRS 15
- Helpsheets and support
- 18 Nov 2022
A guide to the accounting implications of changes to contracts with customers as a result of the pandemic.
Exclusive
Going concern considerations - a guide for IFRS reporters
- Helpsheets and support
- 06 Sep 2022
This guide summarises management’s responsibilities for assessing going concern and the associated practical implications for financial reporting under IFRS.
Exclusive
How to distinguish adjusting from non-adjusting events after the reporting period under IAS 10
- Helpsheets and support
- 23 May 2022
This guide outlines factors to consider when determining whether post balance sheet events are adjusting or non-adjusting in the accounts.
Exclusive
Planning for the 2021/22 reporting season - Practical help for preparers
- Helpsheets and support
- 11 Jan 2022
In this guide the Financial Reporting Faculty looks at what is different about the current reporting season and where to focus your efforts.
Exclusive
IFRS 16 Leases FAQs
- Helpsheets and support
- 12 Dec 2019
Financial Reporting Faculty outlines some of the key requirements of IFRS 16 Leases for lessees and lessors. Key differences when reporting leases under FRS 102 are also described.
Exclusive
IFRS for SMEs
- Helpsheets and support
- 20 Jul 2018
- PDF (261kb)
The Financial Reporting Faculty answers some of the frequently asked questions on the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs), outlining which entities are eligible to use the IFRS for SMEs and highlighting some of the key differences to full IFRSs.
Accounts filing
Micro-entities filing options FAQs
- Helpsheets and support
- 03 Nov 2022
This page answers frequently asked questions about the filing options for micro-entities. Updated November 2022.
Small company filing options FAQs
- Helpsheets and support
- 03 Nov 2022
This page answers frequently asked questions about the filing options for small companies. Updated November 2022.
Small LLPs filing options FAQs
- Helpsheets and support
- 03 Nov 2022
This page answers frequently asked questions about the filing options for small LLPs. Updated November 2022.
Exclusive
Filing requirements for UK companies
- Helpsheets and support
- 02 Nov 2022
On this page the Corporate Reporting Faculty outlines the periods allowed for filing and provides links to further guidance including on the filing options for small companies and micro-entities.
Coronavirus: Filing deadlines
- Helpsheets and support
- 10 Mar 2021
This guide summarises the temporary measures introduced relating to filing requirements at Companies House to support companies during the COVID-19 pandemic.
Technical Releases
Auditor remuneration technical release - TECH 01/22
- Technical release
- 25 Apr 2022
- PDF (482kb)
Updated guidance on the disclosure of auditor remuneration for the audit of accounts and other (non-audit) services which supersedes the guidance set out in TECH 14/13.
Impact of COVID-19
Accounting and tax consequences of COVID-19 related support
- Helpsheets and support
- 15 Mar 2021
In this guide we outline the accounting and tax implications of the main types of support packages offered by government to companies during the pandemic.
COVID-19 and going concern – Guidance for Directors of SME Businesses
- Helpsheets and support
- 08 Feb 2021
Why going concern is important for the accounts and how to make the assessment.
Checklist: implications of COVID-19 for the preparation of micro-entity accounts (FRS 105)
- Helpsheets and support
- 01 Feb 2021
Factors to consider when preparing micro-entity accounts – updated for 2020 and early 2021 year ends.
Checklist: implications of COVID-19 for the preparation of accounts under FRS 102
- Helpsheets and support
- 01 Feb 2021
Factors to consider when preparing financial statements – updated for 2020 and early 2021 year ends.
IASB provides relief for COVID-19-related rent concessions
- Article
- 17 Jun 2020
18 June 2020: Amendments to IFRS 16 Leases to help lessees account for rent concessions as a result of the Coronavirus pandemic.
Coronavirus: The financial reporting implications under IFRS
- Helpsheets and support
- 12 May 2020
A short guide on the impact for entities with 2019 and early 2020 year-ends preparing accounts in accordance with IFRS or the IFRS for SMEs.
COVID-19 and FRS 102 accounts - how to improve disclosures
- Helpsheets and support
- 09 Sep 2020
This guide identifies some key areas to consider when preparing disclosures within the annual report and accounts.
