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The new UK GAAP

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 The Financial Reporting Standard for Smaller Entities (FRSSE) has been withdrawn and small entities brought within the scope of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for accounting periods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.

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FRS 100

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.

Small entity reporting

A new financial framework for small and micro entities is effective from 1 January 2016.

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Small and micro entity reporting

An overview of the options available to smaller entities, the eligibility criteria and the pros and cons of adopting FRS 102 Section 1A Small Entities versus FRS 105.

Reduced disclosures

FRS 101 Reduced Disclosure Framework available to certain UK IFRS reporters.

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FRS 101

FRS 101 sets out disclosure exemptions available to UK qualifying subsidiaries and parent companies that otherwise apply the recognition, measurement and disclosure requirements of EU-adopted IFRS.

The reporting standard

FRS 102 The Financial reporting Standard applicable in the UK and Republic of Ireland.

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FRS 102

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.

Insurance contracts

FRS 103 Insurance Contracts - requirements and guidance for insurance contracts.

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FRS 103

FRS 103 consolidates the financial reporting requirements and guidance for insurance contracts.

Interim Financial Reports

FRS 104 Interim Financial Reporting for entities that apply FRS 102.

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FRS 104

FRS 104 provides guidance on the preparation of interim financial reports. It is based on IAS 34.

The micro-entities regime

FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime.

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FRS 105

FRS 105 is the UK accounting standard for entities eligible for, and who choose to apply, the micro-entities regime.

Factsheets

Practical online guidance written exclusively for faculty members by experts.

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UK GAAP factsheets

Practical online guidance for faculty members on topical UK GAAP issues.

Articles

A selection of articles on topical UK GAAP issues selected from the faculty's journal.

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UK GAAP articles

A selection of articles on topical issues in UK GAAP issues selected from the faculty's journal and Practicewire.

Webinar and event recordings

Access the recordings and download the slides from recent webinars on UK GAAP issues.

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Webinar recordings

Access the recordings and download the slides from recent webinars on topical UK GAAP issues.

UK GAAP FAQs

Answers to initial questions on the new regime, with signposts to additional information.

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UK GAAP FAQs

Answers to initial questions on topical issues, with signposts to additional information.

Helpsheets and support

Guidance on new UK GAAP from the Technical Advisory Service for all ICAEW members.

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New UK GAAP: Helpsheets and support

Guidance and advice on the new UK financial reporting framework from ICAEW's Technical Advisory Service with helpsheets and useful pointers.