A new financial reporting framework in the UK is effective for accounting periods beginning on or after 1 January 2015.
The UK's Financial Reporting Council (FRC) has published five standards which together form the basis of the new UK regime. The Financial Reporting Standard for Smaller Entities (FRSSE) has been withdrawn and small entities brought within the scope of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for accounting periods beginning on or after 1 January 2016. For more information on the changes to small company reporting visit icaew.com/smallcompanyreporting
UK Reporting framework
FRS 100 Application of Financial Reporting Requirements sets out the new reporting regime.
FRS 100 sets out the financial reporting regime for the UK and Republic of Ireland entities effective from 1 January 2015. It explains which standards apply to which entity, when an entity can apply the reduced disclosure framework, and when an entity should follow a SORP.
FRS 102 is the principal accounting standard in the UK financial reporting regime. It sets out the financial reporting requirements for entities that are not applying EU-adopted IFRS, FRS 101 or FRS 105.