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
Coronavirus: How to improve disclosures when preparing accounts in accordance with FRS 102
This guide identifies some key areas where entities might need to consider the impact of COVID-19 when preparing disclosures within their annual report and accounts.
Checklist: implications of COVID-19 for the preparation of accounts under FRS 102
Factors to consider when preparing financial statements with early 2020 year ends.
Checklist: implications of COVID-19 for the preparation of micro-entity accounts (FRS 105)
A checklist of factors to consider when preparing micro-entity accounts.
Bitesize Briefing: IFRS 16 Leases and the COVID-19-related rent concessions amendment
A short webcast providing an overview of the amendment to IFRS 16 Leases relating to rent concessions granted during the COVID-19 pandemic.
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 EU-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.
Small Companies Disclosure Of Transactions With Directors FAQs
Frequently asked questions about what companies applying FRS 102 and the UK small companies regime need to disclose about transactions with directors.
Checklist: implications of COVID-19 for the preparation of micro-entity accounts (FRS 105)
A checklist of factors to consider when preparing micro-entity accounts.
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
This factsheet provides an overview of the regulatory requirements affecting UK company accounts. The factsheet applies to both UK GAAP and IFRS adopters.
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
Reporting on climate change
Access resources that explain current reporting requirements and provide an overview of voluntary climate reporting frameworks, including the recommendations of the TCFD.
Improving Corporate Reporting
This page brings together a wide range of resources which explore the challenges and opportunities that are emerging and practical guidance to help members keep abreast of developments.
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.
Information for Better Markets
Find out about the ICAEW Financial Reporting Faculty’s thought leadership programme, ‘Information for Better Markets’, and access the latest reports and webcasts.
News and insights
People and Planet in the Accounts: FRC Climate Thematic - a step towards consistency
30 November 2020: A unified set of standards for climate-related disclosures is some time away, but FRC’s review into the subject points businesses towards frameworks that could considerably boost reporting quality.
2020/21 Reporting Season: audit firms enhance going concern assessments
25 November 2020: A review by FRC into audits conducted for 2019/20 year ends found that auditors had taken on board enhanced policies and procedures for assessing going concern.
2020/21 Reporting Season: six questions for year ends
24 November 2020: To help members think through how to approach the upcoming reporting season, ICAEW has produced a flowchart of six business questions (and accounting consequences) for 2020 year ends.
2020/21 reporting season: going concern lessons from COVID-19
24 November 2020: The Financial Reporting and Audit and Assurance faculties’ going concern and resilience event highlighted some of the issues preparers and auditors are facing in relation to going concern.