2021 UK GAAP Accounts - extract

This factsheet highlights new and modified requirements for preparers of UK GAAP accounts for accounting periods beginning on or after 1 January 2021. It also considers the impact of COVID-19, Brexit and climate-related accounting effects on the financial statements.

The Financial Reporting Faculty’s online factsheets are designed to help faculty members identify how changes to the rules and regulations affect their financial statements. They are developed with help from leading experts in the field and cover a range of topical financial and non-financial reporting issues. 

Although there are no major new or amended standards coming into effect for accounting periods beginning in 2021, there have been a number of amendments to UK GAAP standards arising from Brexit, IBOR-reform and COVID-19-related rent concessions. In this factsheet we outline the implications of the changes together with helpful tips on first-time application.

You can view the range of factsheets at icaew.com/frffactsheets.