Financial Reporting Faculty
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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
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
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.
FRS 105: Micro-entities’ Accounts FAQs
Frequently asked questions on the eligibility criteria, the main features of the micro-entities regime and how that compares with the small company regime.
Micro entities filing options FAQs
This page answers frequently asked questions about the filing options for micro-entities. Published December 2017.
Small company filing options FAQs
Frequently asked questions about the filing options available to small companies and any additional statements to be filed at Companies House.
Small LLPs filing options FAQs
Frequently asked questions about the filing options available to small LLPs and any additional statements to filed at Companies House.
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.
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.
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.
Brexit: implications for financial reporting
Following the triggering of Article 50, the implications of the June 2016 UK referendum remain at the forefront of political debate in the UK.
Local GAAP and GAAP comparisons
An understanding of local accounting standards or Generally Accepted Accounting Practices across different national jurisdictions.
IFRS model accounts and disclosure checklists
A list of regularly updated free sources for IFRS model accounts and disclosure checklists.
IFRS reporting: lessons learned
Lessons learned from the EU's experience of using IFRS to provide insights and recommendations for jurisdictions considering using or extending the application of IFRS.
UK regulation of financial reporting
The strategic report: the requirements and FRC guidance
Explanation of the regulations governing the preparation of a strategic report and an outline of the FRC Guidance.
UK Regulation for Company Accounts
This factsheet provides an overview of the financial reporting requirements affecting UK companies based on the Companies Act and related regulations.
Distributable Profits
This factsheet provides practical guidance for UK directors on the determination of distributable profits and the risks of unlawful distributions.
Improving corporate reporting
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.
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.