The faculty also publishes online guidance on areas of general interest.
UK GAAP annual factsheets
Exclusive
2023 UK GAAP Accounts
- Helpsheets and support
- 09 Aug 2023
- PDF (318kb)
This factsheet deals primarily with requirements that are mandatory for accounting periods beginning on or after 1 January 2023.
Exclusive
2022 UK GAAP Accounts
- Helpsheets and support
- 09 Aug 2023
- PDF (327kb)
This updated factsheet highlights new and modified requirements and includes practical tips on the implications of the changes.
Exclusive
2021 UK GAAP Accounts
- Helpsheets and support
- 31 Aug 2022
- PDF (551kb)
This factsheet highlights new and modified requirements for preparers of UK GAAP accounts for accounting periods beginning on or after 1 January 2021.
Exclusive
2020 UK GAAP Accounts: Updated
- Helpsheets and support
- 20 Aug 2021
- PDF (390kb)
This factsheet highlights new requirements effective 1 January 2020 and beyond, including practical guidance on amendments for rent concessions and IBOR reform. It has been updated for recent changes.
FRS 102
Exclusive
FRS 102 Debt for equity swaps
- Helpsheets and support
- 10 May 2023
- PDF (219kb)
This factsheet explains how to account for ‘debt for equity swaps’ in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Exclusive
FRS 102 Overview
- Helpsheets and support
- 18 Apr 2023
- PDF (478kb)
This updated factsheet provides a high-level summary of FRS 102 and includes practical tips and guidance on some common pitfalls.
Exclusive
Financial instruments: FRS 102 factsheet
- Helpsheets and support
- 05 Jan 2023
- PDF (495kb)
Summarising the requirements of FRS 102 for basic and other financial instruments, this factsheet includes practical tips and illustrative examples.
FRS 102 - Impairment of assets
- Helpsheets and support
- 05 Jan 2023
- PDF (379kb)
This factsheet is a summary of the basic principles of accounting for impairment with practical guidance to will help with implementation.
Exclusive
FRS 102 Financial Instruments - Hedge Accounting
- Helpsheets and support
- 15 Dec 2022
- PDF (510kb)
This factsheet outlines the key requirements of FRS 102 in respect of hedge accounting and includes practical examples on their application.
Exclusive
Preparing and filing UK small entity accounts
- Helpsheets and support
- 29 Nov 2022
- PDF (422kb)
This factsheet considers simplifications available to small entities and the criteria to be met. Updated November 2022.
Exclusive
FRS 102 Deferred Tax factsheet
- Helpsheets and support
- 22 Nov 2022
- PDF (330kb)
This recently updated factsheet provides an overview of the accounting and disclosure requirements for deferred tax in accordance with FRS 102 in response to some frequently asked questions about this challenging topic.
(updated November 2022).
Other UK GAAP
Exclusive
The UK Financial Reporting Regime
- Helpsheets and support
- 17 Apr 2023
- PDF (408kb)
This factsheet provides an overview of the UK accounting framework, which accounting standards are applicable, and the options that are available to different types of entity.
Exclusive
Reduced Disclosure Framework
- Helpsheets and support
- 17 Apr 2023
- PDF (446kb)
This factsheet provides an overview of the disclosure exemptions available to qualifying entities and the transitional issues arising when adopting FRS 101 for the first time.
Exclusive
Preparing and filing Micro-Entity accounts
- Helpsheets and support
- 10 Jan 2023
- PDF (448kb)
This new factsheet is designed to provide an overview of FRS 105. It also covers the criteria for qualifying as a micro-entity and the exemptions available to such entities.
IFRS annual factsheets
Exclusive
2023 IFRS Accounts
- Helpsheets and support
- 08 Aug 2023
- PDF (398kb)
This factsheet highlights new and modified requirements for preparers of IFRS accounts, dealing primarily with new IFRS requirements with mandatory application for annual periods beginning on or after 1 January 2023.
Exclusive
2022 IFRS Accounts Factsheet
- Helpsheets and support
- 08 Aug 2023
- PDF (415kb)
This factsheet highlights new and modified requirements and includes practical tips on the implications of the changes.
Exclusive
2021 IFRS Accounts
- Helpsheets and support
- 10 Aug 2021
- PDF (591kb)
This factsheet highlights new and modified requirements for preparers of IFRS accounts for accounting periods beginning on or after 1 January 2021, as well as the implications of COVID-19, Brexit and climate change.
Exclusive
2020 IFRS Accounts - Updated
- Helpsheets and support
- 05 Oct 2020
- PDF (414kb)
This factsheet highlights new and modified requirements for preparers of IFRS accounts. The factsheet deals primarily with new IFRS requirements with mandatory application for annual periods beginning on or after 1 January 2020.
Other IFRS
Exclusive
IFRS 15 Revenue from contracts with customers
- Helpsheets and support
- 20 Jul 2023
- PDF (562kb)
IFRS 15 Revenue from Contracts with Customers sets out the principles for when revenue should be recognised and how it should be measured, together with related disclosures. This factsheet answers some key frequently asked questions about the standard.
Exclusive
IFRS 3 Business Combinations
- Helpsheets and support
- 19 Jul 2023
- PDF (500kb)
This factsheet provides an overview of how to identify a business combination and recognition and measurement of the consideration transferred, the identifiable assets acquired, the liabilities assumed, any non-controlling interest and any goodwill arising.
Exclusive
IFRS 16 Leases
- Helpsheets and support
- 13 Oct 2023
- PDF (692kb)
This factsheet provides an overview of IFRS 16 together with practical tips and examples. It has been updated for recent amendments.
Exclusive
Debt for equity swaps - IFRS
- Helpsheets and support
- 10 May 2023
- PDF (211kb)
This factsheet explains how to account for ‘debt for equity swaps’ in accordance with IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments.
Exclusive
IFRS 13 Fair Value Measurement
- Helpsheets and support
- 29 Nov 2022
- PDF (337kb)
IFRS 13 Fair Value Measurement defines fair value, sets out a framework for measuring fair value, and requires disclosures about fair value. This factsheet sets out the key requirements of the standard. Updated November 2022.
Exclusive
IFRS 8 Operating Segments
- Helpsheets and support
- 22 Nov 2022
- PDF (291kb)
This recently updated factsheet contains a summary of the reporting requirements for IFRS 8, with some practical guidance that will help with implementing the requirements. (last updated November 2022).
UK regulation factsheets
Exclusive
Strategic Report and Directors Report Factsheet
- Helpsheets and support
- 09 Aug 2023
- PDF (516kb)
This factsheet provides an overview of the scope and content requirements for the strategic report and directors’ report for UK companies. This applies to both UK GAAP and IFRS reporters.
Exclusive
Overview of UK regulation for company accounts
- Helpsheets and support
- 09 Aug 2023
- PDF (445kb)
This factsheet provides an overview of requirements of company accounts affecting UK companies, including an overview of requirements for different sizes of companies, what needs to be included in the annual accounts, exemption from audit, and approval, circulation and filing of accounts.
Exclusive
Climate-related Financial Disclosure Regulations
- Helpsheets and support
- 02 Feb 2023
- PDF (367kb)
This factsheet provides an overview of the Climate-related Financial Disclosure Regulations 2022. The Regulations apply to UK companies and LLPs that report under both UK GAAP and IFRS.
Exclusive
Entitlement to the micro small medium and large companies regime
- Helpsheets and support
- 11 Aug 2022
- PDF (359kb)
This factsheet introduces the four main sizes of company in the Companies Act 2006 and sets out the criteria for each size regime which are relevant when preparing and filing accounts.
Exclusive
UK Regulation for Company Accounts – pre 2021
- Helpsheets and support
- 28 Sep 2016
- PDF (562kb)
This factsheet provides an overview of the regulatory requirements affecting UK company accounts. It reflects the requirements of the Companies Act 2006 applicable to financial years beginning before 1 January 2021.
Exclusive
Revision of defective accounts Factsheet
- Helpsheets and support
- 10 Sep 2020
- PDF (301kb)
This factsheet outlines the Companies Act 2006 rules for the revision of defective accounts and reports, and provides practical guidance on the best approach to take.
Exclusive
Distributable Profits
- Helpsheets and support
- 31 Aug 2017
- PDF (5,800kb)
This factsheet provides practical guidance for UK directors on the determination of distributable profits and the risks of unlawful distributions.
