Financial Reporting Faculty
Membership of the Financial Reporting Faculty gives you exclusive access to a suite of online factsheets, the faculty’s webinar programme, eIFRS and much more. Find out more.
Financial reporting
View a range of practical resources on UK GAAP, IFRS and UK regulation of financial reporting, and find out more about the ICAEW Financial Reporting Faculty.
Need to know
In this section
Coronavirus and financial reporting
Renegotiating loan contracts under FRS 102
This guide outlines the accounting requirements under FRS 102 when loan contract terms are renegotiated together with illustrative examples.
Accounting and tax consequences of COVID-19 related support
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.
Bitesize Briefing: Amendments to UK GAAP for COVID-19-related rent concessions
Hear about the COVID-19-related rent concessions amendments to FRS 102 and FRS 105.
Contract modifications under IFRS
Explore the accounting implications of contract modification scenarios relating to revenue, financial instruments, leases and employment contracts.
UK GAAP
FRS 100
FRS 100 Application of Financial Reporting Requirements sets out the financial reporting regime for the UK and Republic of Ireland.
FRS 101
FRS 101 Reduced Disclosure Framework sets out disclosure exemptions available to UK qualifying subsidiaries and parent companies that otherwise apply EU-adopted IFRS.
FRS 102
FRS 102 The Financial Reporting Standard is the principal accounting standard in the UK financial reporting regime. It sets out the requirements for entities that are not applying adopted IFRS, FRS 101 or FRS 105.
FRS 103
FRS 103 Insurance Contracts consolidates the financial reporting requirements and guidance for insurance contracts.
FRS 104
FRS 104 Interim Financial Reporting provides guidance on the preparation of interim financial reports. It is based on IAS 34.
FRS 105
FRS 105 is the UK accounting standard for entities eligible for, and who choose to apply, the micro-entities regime.
UK GAAP model accounts and disclosure checklists
A summary of the model accounts and disclosure checklists on UK GAAP available from the ICAEW Library & Information Service.
Effective dates for UK GAAP
Identify which new standards and amendments apply to different time periods.
UK GAAP for small and micro-entities
Choosing the right regime
An overview of the criteria to be met, the requirements and simplifications available, and some practical considerations to help you choose the right financial reporting regime for your circumstances.
Preparing and filing UK small entity accounts
This factsheet considers simplifications available to small entities and the criteria to be met. Published 28 February 2019.
UK GAAP FAQs
Answers to initial questions on topical issues, with signposts to additional information
Checklist: implications of COVID-19 for the preparation of micro-entity accounts (FRS 105)
Factors to consider when preparing micro-entity accounts – updated for 2020 and early 2021 year ends.
COVID-19 and going concern – Guidance for Directors of SME Businesses
Why going concern is important for the accounts and how to make the assessment.
Bitesize Briefing: implications of COVID-19 for micro-entities
A 20-minute webcast exploring the financial reporting implications of COVID-19 for micro-entities.
UK GAAP for specific sectors
Accounting for specific sectors
Guidance and UK standards, including SORPs, covering a variety of business and industry sectors.
Accounting for academies
A range of articles, books and online resources providing links to practical guidance and background knowledge on accounting for academy schools.
Accounting for charities
A range of articles, books and online resources providing quick links to practical guidance and background knowledge on accounting for charities and the not-for profit sector.
IFRS
eIFRS
Full access to the IASB's eIFRS resource available to Financial Reporting Faculty members.
IFRS accounting standards
A synopsis of each IFRS, identifying recent amendments and which version of the standard applies to a particular period, with direct links to eIFRS.
Coronavirus: The financial reporting implications under IFRS
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.
Effective dates for IFRS
Mandatory dates identify which new IFRSs, IFRICs and amendments come into force for different time periods, linked to the ICAEW Financial Reporting Faculty’s standards tracker.
IFRS adoption around the world
Find out which countries require or permit companies to apply IFRS and which standards have been endorsed by the EU.
IFRS model accounts and disclosure checklists
A list of regularly updated free sources for IFRS model accounts and disclosure checklists.
UK regulation for company accounts
European Single Electronic Format
An overview of the European Single Electronic Format (ESEF) requirements and signposts to further guidance.
UK Regulation for Company Accounts – pre 2021
This factsheet provides an overview of the regulatory requirements affecting UK company accounts. It reflects the requirements of the Companies Act 2006 applicable to financial years beginning before 1 January 2021.
The strategic report and how to prepare one
Details of which companies are required to prepare a strategic report and what it should include are set out in s414 of the Companies Act 2006 (CA 2006).
Improving corporate reporting
IFBM conference 2020: The financial reporting system: seeing the bigger picture
View videos and academic papers from the 2020 Information for Better Markets conference on 'The financial reporting system: seeing the bigger picture'.
Non financial reporting ensuring a sustainable global recovery
Practical suggestions on how the EU and international actors can support the collaborative development of non-financial reporting standards.
Reporting on climate change
Access resources that explain current reporting requirements in relation to climate change.
Growth, development and accounting
This report explores the role of accounting in promoting economic growth. It considers how this role has evolved and what lessons there are for the future.
News and insights
Busy behind the scenes after the BEIS white paper response
ICAEW’s response to the BEIS consultation on restoring trust in audit and corporate governance did not conclude work on reform - it launched a mass of activity around numerous topics involving a multitude of stakeholders.
Updated EU sustainable finance strategy: what are the key measures?
A revised strategy published by the European Commission sets out a long list of additional actions to finance the transition to sustainability, strengthening the financial sector’s resilience to risks and combatting greenwashing.
IFRS Standards: a new approach to disclosures
The IASB is calling for comments on a proposed new approach to developing disclosure requirements in IFRS Standards - a potential change that should be on all chartered accountants’ radars.
IFRS Foundation ramps up climate commitment
A concerted build-up of sustainability-related activity by the IFRS Foundation is underlining the standard-setter’s commitment to using its clout to address climate change.