Hubbry Logo
Generally Accepted Accounting Practice (UK)Generally Accepted Accounting Practice (UK)Main
Open search
Generally Accepted Accounting Practice (UK)
Community hub
Generally Accepted Accounting Practice (UK)
logo
7 pages, 0 posts
0 subscribers
Be the first to start a discussion here.
Be the first to start a discussion here.
Generally Accepted Accounting Practice (UK)
Generally Accepted Accounting Practice (UK)
Generally Accepted Accounting Practice (UK)
View on Wikipedia
from Wikipedia
Part of a series on
Accounting
Early 19th-century German ledger
Major types
Key concepts
Selected accounts
Accounting standards
Financial statements
Bookkeeping
Auditing
People and organizations
Development
Misconduct

Generally Accepted Accounting Practice in the UK, or UK GAAP or GAAP (UK), is the overall body of regulation establishing how company accounts must be prepared in the United Kingdom. Company accounts must also be prepared in accordance with applicable company law (for UK companies, the Companies Act 2006; for companies in the Channel Islands and the Isle of Man, companies law applicable to those jurisdictions).

Generally accepted accounting practice is a statutory term in the UK Taxes Acts.[1] The abbreviation "GAAP" is also accepted as an abbreviation for the term used in other jurisdictions, Generally Accepted Accounting Principles, or Generally Accepted Accounting Policies.[2]

History

[edit]

Accounting standards derive from a number of sources. The chief standard-setter is the Accounting Standards Board (ASB), which issues standards called Financial Reporting Standards (FRS). The ASB is part of the Financial Reporting Council, an independent regulator funded by a levy on listed companies,[3] and it replaced the Accounting Standards Committee (ASC), which was disbanded in 1990 following a number of criticisms of its work. To the extent that the ASC's pronouncements, known as Statements of Standard Accounting Practice (SSAPs), have not been replaced by FRS, they remain in force.[4]

Process for setting standards

[edit]

The ASB has a formal exposure process for proposed standards. Early concepts are issued as Discussion Papers. These are released to the public and comments invited. Where a new standard is to be proposed, a Financial Reporting Exposure Draft (FRED) is released for comment. The standard in final form is only issued when comments have been incorporated or addressed. This aims to address the criticisms levelled at the ASC, whose comment process was less rigorous.

Issues that require an immediate solution are considered by the Urgent Issues Task Force (UITF). The UITF comprises a number of senior figures from industry and accounting firms. It meets as necessary to consider pressing issues and issues Abstracts which become binding immediately.[5]

Legislation

[edit]

The principal legislation governing reporting in the UK is laid down in the Companies Act 2006, which incorporates the requirements of European law. The Companies Act sets out certain minimum reporting requirements for companies and, for example, requires limited companies to file their accounts with the Registrar of Companies who makes them available to the general public.

From 2005, this framework changed as a result of European law requiring that all listed European companies report under International Financial Reporting Standards (IFRS). In the UK, companies which are not listed have the option to report either under IFRS or under UK GAAP.[6] Recently issued UK FRSs have, in any case replicated the wording of corresponding IFRS, reducing the differences between the two sets of standards significantly.

New UK GAAP

[edit]

A new financial reporting framework came into effect in the UK on 1 January 2015.

The UK's Financial Reporting Council (FRC) published five standards which together form the basis of the new UK regime. The Financial Reporting Standard for Smaller Entities will continue to be available for those that qualify to use it and will remain fundamentally unaltered for the time being.

In March 2013, the FRC (now responsible for issuing accounting standards in the UK) issued FRS 102, The Financial Reporting Standard Applicable in the UK and Republic of Ireland. This followed the issue of FRS 100 Application of Financial Reporting Requirements and FRS 101 The Reduced Disclosure Framework in November 2012. Together these standards make up what is commonly being referred to by accountants as new UK GAAP, which takes mandatory effect for accounting periods commencing on or after 1 January 2015.[7]

FRS 102 replaces almost 3000 pages of current UK and Ireland GAAP with just over 300. The main purpose is to make reporting requirements proportionate to the size of the entity, and it also includes changes to disclosure, measurement, and recognition.[8]

See also

[edit]

References

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Generally Accepted Accounting Practice (UK)

View on Grokipedia
from Grokipedia
Generally Accepted Accounting Practice in the United Kingdom, commonly known as UK GAAP, is the body of accounting standards and principles issued by the Financial Reporting Council (FRC) that govern the preparation and presentation of financial statements for UK and Republic of Ireland entities not required or electing to use UK-adopted International Financial Reporting Standards (IFRS). It emphasizes the true and fair view of an entity's financial position and performance, in compliance with the Companies Act 2006 and other relevant legislation, while providing a framework tailored to domestic reporting needs rather than the more complex global standards of IFRS. The core components of UK GAAP are outlined in a series of Financial Reporting Standards (FRS), primarily FRS 100, FRS 101, FRS 102, and FRS 105, which together form the "new UK GAAP" introduced in 2015 to replace earlier standards. FRS 100 establishes the overall application of financial reporting requirements, guiding entities on selecting the appropriate framework based on size, listing status, and other factors. FRS 101 offers a reduced disclosure regime for subsidiaries and parents applying IFRS recognition and measurement rules. FRS 102 serves as the principal standard for medium and large entities, drawing from the IFRS for SMEs but with UK-specific modifications for areas like revenue recognition, financial instruments, and leases. FRS 105 provides a simplified regime for micro-entities, focusing on basic balance sheet and profit/loss disclosures under the micro-entities' legislation. Additionally, FRS 103 addresses insurance contracts, though it applies to a narrower group. UK GAAP applies to a wide range of entities, including private companies, LLPs, and charities not mandated to use IFRS—such as unlisted companies without public debt or equity—while allowing voluntary adoption of IFRS for comparability. It differs from UK-adopted IFRS in its reduced complexity and disclosures, making it more cost-effective for smaller entities, though convergence efforts ensure alignment on key principles like fair value measurement. Recent updates from the FRC's Periodic Review 2024, effective for periods beginning on or after 1 January 2026, include amendments to revenue recognition (adopting a five-step model inspired by IFRS 15), lease accounting, and business combinations to enhance relevance and reduce differences with IFRS. The development of UK GAAP traces back to the 1940s with early recommendations from the Institute of Chartered Accountants in England and Wales (ICAEW), evolving through Statements of Standard Accounting Practice (SSAPs) in the 1970s and Financial Reporting Standards (old FRS) from the 1990s under the Accounting Standards Board (ASB). The FRC assumed responsibility in 2012, issuing the current framework in 2015 to modernize reporting post the 2005 IFRS adoption for listed groups, balancing simplicity with transparency. Oversight of UK GAAP remains with the (FRC), with a planned transition to the Corporate Reporting Authority (CRA) pending legislative approval.

Overview

Definition and Purpose

Generally Accepted Accounting Practice (UK), commonly referred to as UK GAAP, constitutes the body of accounting standards applicable to entities in the United Kingdom and the Republic of Ireland that are not required or electing to apply adopted International Financial Reporting Standards (IFRS). It comprises a series of Financial Reporting Standards (FRS), primarily FRS 100 through FRS 105, issued and maintained by the Financial Reporting Council (FRC), the independent regulator responsible for promoting high-quality corporate governance and reporting in the UK. FRS 100, in particular, establishes the overarching application of financial reporting requirements under UK GAAP for such entities, ensuring a structured approach to accounting that aligns with UK company law. The primary purpose of GAAP is to furnish a robust framework for the preparation of that deliver a true and fair view of an entity's financial position, financial performance, and cash flows. This framework fosters transparency, consistency, and comparability in financial reporting, enabling stakeholders such as investors, creditors, and regulators to make informed economic decisions based on reliable information. By emphasizing adherence to established standards while allowing for professional judgment, GAAP aims to enhance the integrity of financial reporting practices across diverse entities, from small businesses to larger non-IFRS reporters. At its core, UK GAAP is underpinned by fundamental accounting principles that guide the preparation and presentation of . These include the basis of accounting, which recognizes revenues and expenses when they are earned or incurred rather than when cash is received or paid; the assumption, positing that an entity will continue its operations for the foreseeable future without the need to liquidate or curtail them significantly; and the concept of materiality, which determines that only information capable of influencing users' decisions needs to be disclosed. The overriding requirement for a true and fair view, enshrined in UK law since the and central to FRC guidance, mandates that not only comply with specific standards but also reflect the economic substance of transactions, with directors and auditors exercising judgment to ensure overall reliability. These principles collectively ensure that UK GAAP promotes fair presentation and accountability, tailored to the needs of UK entities outside the IFRS regime.

Scope and Applicability

Generally Accepted Accounting Practice (UK GAAP) applies primarily to non-publicly accountable entities in the and the that are preparing under the (UK) or Companies Act 2014 (). It is mandatory for such entities, including private companies and limited liability partnerships (LLPs), unless they elect to use UK-adopted (IFRS) where permitted under the Companies Act. This framework ensures a true and fair view of financial position and performance for general-purpose statements, excluding those required to apply full IFRS. Publicly listed companies and certain financial institutions, such as banks, insurance companies, credit unions, and building societies, are exempt from UK GAAP and required to use UK-adopted IFRS for their consolidated due to their public accountability. Public accountability is defined as entities whose or equity instruments are traded in a public market or that hold assets in a capacity for a broad group of outsiders as a primary business activity. Subsidiaries of groups whose parent prepares IFRS consolidated accounts may opt for reduced disclosure regimes under UK GAAP, provided they meet qualifying criteria and are not financial institutions. UK GAAP distinguishes entity tiers based on size and complexity to provide proportionate reporting. Medium and large entities, including those exceeding small company thresholds (e.g., for entities under the effective for periods beginning on or after 6 April 2025, two or more of: turnover above £15 million net, total above £7.5 million, or average employees above 75), typically apply the full UK GAAP under FRS 102. Thresholds for entities under the Companies Act 2014 are denominated in euros and differ (e.g., small: turnover ≤ €12 million, ≤ €6 million). Qualifying subsidiaries of IFRS parents can use FRS 101 for reduced disclosures while maintaining recognition and measurement consistent with IFRS, and small businesses qualifying as micro-entities (e.g., for entities, two or more of: turnover not exceeding £1 million net, total not exceeding £500,000, or average employees not more than 10) follow the simplified micro-entity regime under FRS 105. Irish micro-entity thresholds are turnover ≤ €900,000, ≤ €450,000, and employees ≤ 10. These tiers allow flexibility for non-publicly accountable entities to avoid undue burden while upholding the true and fair view principle. The geographic scope of GAAP is centred on entities incorporated or operating under and Irish legislation, but it includes adaptations for overseas subsidiaries of parents through group exemptions and reduced frameworks where applicable. For instance, subsidiaries of foreign parents using IFRS internationally may elect FRS 101 to align disclosures with parent requirements, facilitating consolidated reporting without full IFRS adoption. This ensures consistency across jurisdictions while reserving full IFRS for publicly accountable or internationally mandated cases.

Historical Development

Origins and Early Standards

The origins of Generally Accepted Accounting Practice (UK), often abbreviated as GAAP (UK), trace back to the early , but formalized guidance began during with the Institute of Chartered Accountants in (ICAEW). In December 1942, the ICAEW issued its first "Recommendations on Accounting Principles," addressing immediate wartime needs such as the accounting treatment for Tax Reserve Certificates and War Damage Contributions. These recommendations marked the UK's initial authoritative pronouncements on accounting matters, providing non-mandatory but influential guidance to practitioners. Over the subsequent decades, particularly in the post- period, the ICAEW expanded this series, issuing a total of 29 recommendations by 1969 on diverse topics including valuation of fixed assets, reserves, and disclosure practices, reflecting the growing complexity of the economy and the profession's need for consistency. By the 1960s, however, revelations of accounting deficiencies in high-profile corporate events exposed limitations in these informal guidelines, prompting demands for more structured regulation. A notable example was the 1967 takeover of (AEI) by (GEC), where discrepancies in AEI's profit reporting—AEI had forecasted profits of £10 million, but post-takeover accounts revealed a £4.5 million loss, a discrepancy of nearly £15 million—highlighted issues with profit smoothing and inadequate disclosure, eroding public trust and fueling calls for mandatory standards. This crisis, amid broader economic scrutiny, underscored the inadequacies of self-regulatory recommendations in preventing misleading . In response, the major UK accountancy bodies, including the ICAEW, Institute of Chartered Accountants of Scotland (ICAS), Institute of Chartered Accountants in Ireland (ICAI), and Association of Certified Accountants (now Association of Chartered Certified Accountants), established the Accounting Standards Steering Committee (ASSC) in late 1969. The ASSC, later renamed the Accounting Standards Committee (ASC) in 1976, aimed to develop definitive accounting standards through a consultative process involving exposure drafts to solicit professional input. This marked a shift from advisory recommendations to enforceable pronouncements, with the first Statement of Standard Accounting Practice (SSAP 1), titled "Accounting for Associated Companies," issued in January 1971 to standardize equity accounting methods for investments. By 1990, the ASC had issued 25 SSAPs covering core areas such as depreciation (SSAP 12), stocks and long-term contracts (SSAP 9), and pension costs (SSAP 24), establishing a foundational framework for financial reporting consistency. A pivotal episode in this era was the 1970s debate on , driven by high inflation rates eroding the relevance of figures. In 1974, the government appointed the Inflation Accounting Committee under Francis Sandilands, whose 1975 report recommended a current (CCA) system to reflect asset values at replacement cost, influencing subsequent standards. This led to SSAP 16, "Current Cost Accounting," issued in 1980, which required large companies to prepare supplementary CCA statements; however, due to implementation complexities and opposition, it was withdrawn in April 1988 without replacement.

Evolution to Modern Framework

In 1990, the UK government established the (FRC) to oversee and promote high-quality financial reporting, following recommendations in the 1988 Dearing Report, which reviewed the standard-setting process and called for a more robust, independent structure. The FRC created the Accounting Standards Board (ASB) as its standard-setting arm, replacing the Accounting Standards Committee (ASC) effective 1 August 1990; this shift emphasized a principles-based approach over the more rule-oriented SSAPs issued by the ASC. The ASB adopted existing SSAPs but began issuing new Financial Reporting Standards (FRSs) to modernize UK GAAP, focusing on conceptual frameworks that prioritized . Key early FRS milestones included FRS 1, issued in September 1991, which mandated statements for most reporting entities to enhance transparency on and . In December 1997, FRS 10 addressed goodwill and intangible assets, requiring capitalization and systematic amortization unless a longer useful life could be justified, moving away from immediate write-offs. By the early , the ASB pursued convergence with (IASB) standards, issuing FRS 20 through FRS 29 between 2004 and 2007 to align UK GAAP with IAS 1, IAS 14, IAS 19, and others, while allowing non-listed entities to retain options under old UK GAAP. From 2005 to 2012, a transition period unfolded where SSAPs, existing FRSs, and Urgent Issues (UITF) abstracts remained valid for ongoing compliance, but entities were encouraged to align with emerging IFRS influences amid global harmonization efforts. This phase supported gradual adaptation, particularly for smaller entities, as the ASB's convergence work reduced discrepancies between UK GAAP and international norms without mandating immediate changes. The 2013 overhaul marked a comprehensive reform of UK GAAP, with the FRC issuing FRS 100 (Application and Disclosure), FRS 101 (Reduced Disclosure Framework), and FRS 102 (The Financial Reporting Standard applicable in the UK and ) in November 2012 and March 2013, effective for periods beginning on or after 1 2015, with early adoption permitted. These standards replaced the fragmented old UK GAAP, including approximately 25 extant SSAPs, 25 FRSs, and over 30 UITF abstracts, streamlining reporting into a cohesive, IFRS-inspired framework tailored for non-qualifying entities. The reforms aimed to simplify compliance, reduce costs, and maintain relevance post-IFRS adoption for listed companies in 2005. Post-Brexit, the 's departure from the in 2020 necessitated adjustments to IFRS endorsement, with powers delegated to the UK Endorsement Board (UKEB) in May 2021 via the International Accounting Standards (Delegation of Functions) (EU Exit) Regulations 2019; this established an independent mechanism for adopting new or amended IFRS Standards into . However, UK GAAP for non-qualifying entities remained distinct and unchanged in structure, continuing as a separate under FRC oversight to support domestic reporting needs without direct reliance on EU-endorsed IFRS. As of November 2025, the FRC is in the process of transitioning its functions to the Audit, Reporting and Governance Authority (ARGA), with full implementation expected in 2026 or later, to strengthen oversight of standards.

Governance

Regulatory Bodies

The (FRC) serves as the primary independent regulator for UK Generally Accepted Accounting Practice (UK GAAP), having been established in 1990 to promote confidence in financial reporting and oversee the quality of corporate reporting. The FRC is responsible for developing, issuing, and maintaining UK accounting standards, including the Financial Reporting Standards (FRS) that form the core of UK GAAP, as well as monitoring compliance to ensure high-quality financial reporting across entities applying these standards. Within its structure, the FRC includes the Accounting Council as an advisory group of technical experts that provides guidance on accounting standards and interpretations, helping to align UK GAAP with evolving practices while serving the public interest. Major accountancy institutes in the UK and , including the Institute of Chartered Accountants in England and Wales (ICAEW), the Institute of Chartered Accountants of Scotland (ICAS), and Chartered Accountants (ICAI), collaborate through the Consultative Committee of Accountancy Bodies (CCAB), an that coordinates input on policy and standards development. This collaboration enables the institutes to provide collective stakeholder perspectives to regulators like the FRC, influencing UK GAAP enhancements. Additionally, the ICAEW offers practical technical support, such as guidance factsheets and resources on applying UK GAAP standards, to assist members and businesses in compliance. Other key entities include the (FCA), which regulates financial services firms and listed companies, primarily enforcing (IFRS) for public disclosures but with overlaps in oversight of broader financial reporting integrity that may intersect with UK GAAP for non-IFRS entities within regulated groups. His Majesty's Revenue and Customs (HMRC) addresses the tax implications of UK GAAP compliance, issuing guidance on how transitions to new standards like FRS 102 affect corporation tax treatments, such as provisions for impairments or derivative contracts, to ensure alignment between accounting and taxable profits. On the international front, the FRC maintains ties with the (IASB) through observer participation and active liaison, allowing it to monitor and influence IFRS developments that inform UK GAAP's alignment with global principles without full adoption. Regarding oversight evolution, a transition from the FRC to the Corporate Reporting Authority (CRA) was initially planned in 2021 to enhance regulatory independence and powers, but as of November 2025, further legislative delays have postponed the draft bill with no firm implementation date, and additional stakeholder consultation is planned for autumn 2026, with the FRC continuing its current functions in the interim.

Standard-Setting Process

The standard-setting process for Generally Accepted Accounting Practice (UK GAAP) is managed by the (FRC), which initiates development or updates to standards through periodic reviews of existing frameworks, such as the approximately five-year cycle for FRS 102, as well as input from stakeholder feedback and alignment with international developments. The consultation phases begin with the release of a discussion paper or request for views to solicit broad stakeholder input on potential issues and improvements. This is followed by an exposure draft, known as a Financial Reporting Exposure Draft (FRED), which presents detailed proposals for revision; these drafts are subject to a minimum public comment period of around 120 days, engaging preparers, auditors, regulators, and other parties to ensure diverse perspectives are considered. Upon receipt of comments, the Accounting Council, which advises the FRC Board on financial reporting matters, analyzes the feedback and recommends adjustments. The FRC Board then approves the final standard, which is published with an effective date typically 1-2 years after issuance to provide entities sufficient time for implementation and system updates. Review mechanisms include post-implementation evaluations to assess a standard's practical application and impact, exemplified by the 2017 Triennial Review of FRS 102, which led to incremental improvements and clarifications. For urgent matters, the FRC can expedite amendments without full periodic review, such as the 2020-2021 updates to FRS 102 and FRS 105 addressing COVID-19-related rent concessions and enhanced disclosure requirements. A notable example is the 2024 Periodic Review of FRS 102, initiated by the FRC's 2021 request for views to gather stakeholder input on alignment with recent IFRS changes and other enhancements, followed by FRED 82 in December 2022 with a comment period ending April 2023 that attracted 54 formal responses from diverse participants including over 100 stakeholders across preliminary outreach efforts. The Accounting Council reviewed this input, leading to FRC Board approval and publication of amendments on 27 March 2024, effective for periods beginning on or after 1 2026.

The FRS Framework

FRS 100: Application and Disclosure

FRS 100, issued by the (FRC) in November 2012 and effective from 1 January 2015, establishes the overarching financial reporting framework for entities preparing under UK and legislation. It outlines the application of financial reporting requirements, specifying when entities should apply adopted IFRS, FRS 101 (Reduced Disclosure Framework), FRS 102 (The Financial Reporting Standard applicable in the UK and ), or FRS 105 (The Financial Reporting Standard applicable to the Micro-entities Regime). This structure promotes consistency and proportionality in financial reporting by aligning the choice of framework with entity size, user needs, and legal obligations, while ensuring a true and fair view of the entity's financial position. The standard provides detailed application guidance to determine the appropriate reporting framework. Entities required by law to apply adopted IFRS—such as those with debt or equity securities traded in a public market (e.g., listed companies)—must use full adopted IFRS without exception. Other entities without such legal mandates may elect to apply FRS 102 as the default UK GAAP standard, or opt for FRS 101 if they qualify as subsidiaries included in group accounts prepared under adopted IFRS or FRS 102, thereby allowing reduced disclosures. For smaller entities meeting the micro-entity criteria under the Companies Act 2006 (UK) or equivalent Irish law, FRS 105 offers a simplified regime with limited recognition and measurement options. Within groups, alignment is encouraged; for instance, a subsidiary may apply FRS 101 to align with a parent's adopted IFRS consolidated accounts, provided the parent grants necessary exemptions and the subsidiary meets qualifying criteria, facilitating streamlined group reporting. FRS 100 mandates specific disclosure requirements to enhance transparency regarding framework selection. Every must include a statement in its affirming compliance with the applied standard (e.g., "These have been prepared in compliance with FRS 102") and, if applicable, explaining any material departures from the standard. Small and micro-entities benefit from exemptions under FRS 105 and FRS 102 Section 1A, respectively, which reduce the extent of disclosures required—such as omitting detailed notes on policies or related party transactions—while still ensuring basic compliance statements are provided. These requirements ensure users can readily identify the reporting basis used, supporting comparability across entities. Since its issuance, FRS 100 has undergone minor amendments to refine clarity and adapt to regulatory changes, with no major structural revisions post-2021. The 2017 triennial review amendments, effective from 1 January 2019, addressed implementation issues and enhanced guidance on framework selection without altering core application criteria. In 2021, amendments effective 1 January 2021 accounted for the UK's exit from the by transitioning references from EU-adopted to UK-endorsed IFRS, particularly clarifying reduced disclosure options under FRS 101 for qualifying entities. These updates focused on maintaining and consistency in a post-Brexit context, with subsequent periodic reviews (e.g., 2024) introducing only targeted clarifications effective from 1 January 2026.

FRS 101 and FRS 105: Reduced Frameworks

FRS 101 provides a reduced disclosure framework for the individual of qualifying subsidiaries and ultimate parent companies in the UK that otherwise apply the recognition and measurement requirements of adopted IFRS. This standard allows eligible entities to omit certain disclosures that are primarily relevant to group reporting, such as the for financial instruments and share-based payment arrangements, while retaining full IFRS accounting policies. Issued by the (FRC) in November 2012, FRS 101 became effective for accounting periods beginning on or after 1 2015, with early application permitted. Key features of FRS 101 include the exemption from a significant number of disclosure requirements under full IFRS, enabling streamlined reporting without altering the underlying measurement bases. For instance, entities are not required to provide detailed notes on capital management, categories of financial instruments, or certain segmental information if it duplicates consolidated disclosures. A significant amendment issued on 21 May 2021 aligned FRS 101 with updates to IFRS 9 (Financial Instruments) and IFRS 16 (Leases), incorporating disclosure exemptions related to expected credit losses and lease liabilities, effective for financial statements approved after that date. These changes ensure ongoing alignment with international standards while minimizing compliance costs for qualifying entities. In contrast, FRS 105 establishes a simplified financial reporting standard specifically for micro-entities under the UK micro-entities regime, as defined in the Companies Act 2006. Eligibility requires meeting at least two of the following criteria for financial years beginning on or after 6 April 2025: turnover not exceeding £1 million, gross assets ( total) not exceeding £500,000, and average number of employees not more than 10. This regime targets very small businesses, permitting the preparation of abridged with a simplified and profit and loss account that aggregate certain line items, such as fixed assets and current assets. Notably, no statement of cash flows is required, and directors' reports can be omitted for filing purposes. FRS 105 emphasizes cost-based measurements, with most assets and liabilities recognized at rather than , providing exemptions from complex valuations for items like investment property and financial instruments. Issued by the FRC in 2015 and effective for periods beginning on or after 1 January 2016, it offers a lower burden than broader GAAP standards. The increase in thresholds from April 2025 is expected to expand the number of qualifying micro-entities, further promoting adoption for streamlined reporting. While FRS 101 aligns closely with full IFRS recognition and measurement for larger subsidiaries within IFRS-adopting groups, allowing reduced but still sophisticated disclosures, FRS 105 diverges by adopting a more basic, cost-oriented approach suited to micro-entities, exempting them from accounting for nearly all assets and liabilities except specific cases like and certain investments. This distinction enables FRS 101 users to maintain consistency with parent company reporting, whereas FRS 105 prioritizes simplicity and minimal disclosure for the smallest entities. As of 2025, with the expanded eligibility criteria, FRS 105 continues to be widely adopted by qualifying micro-entities to facilitate streamlined filing with .

FRS 102: Main Standard

FRS 102, titled The Financial Reporting Standard applicable in the and , was issued by the (FRC) in March 2013 and became effective for accounting periods beginning on or after 1 January 2015, with early adoption permitted. It serves as the primary financial reporting standard under Generally Accepted Accounting Practice (GAAP) for entities preparing general-purpose that do not apply adopted IFRS, FRS 101 (reduced disclosure framework), or FRS 105 (micro-entities framework). This makes FRS 102 applicable to the vast majority of and Irish entities not required or choosing to use full IFRS, covering small, medium, and large non-publicly accountable businesses across various sectors. The standard is structured into 35 sections that comprehensively address the preparation and presentation of financial statements. Sections 1 to 8 outline foundational elements, including the scope of the standard (Section 1), the qualitative characteristics of useful financial information (Section 2), the elements of (Section 3), and requirements for presentation of (Section 4), along with guidance on policies, estimates, and errors (Section 8). Sections 9 to 35 then provide detailed requirements for specific financial statement line items and transactions, such as basic financial instruments (Section 11), financial instruments measured at through profit or loss (Section 12), inventories (Section 13), property, plant and equipment (Section 17), leases (Section 20), (Section 23), and business combinations and goodwill (Section 19). Section 1A offers simplified presentation and disclosure options specifically for small entities qualifying under the Companies Act 2006. FRS 102 adopts a hybrid approach, primarily based on the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) issued by the , but incorporates modifications to align with legacy UK GAAP practices and local regulatory needs. Key measurement principles include options for non-financial assets such as property, plant, and equipment to be carried at cost less depreciation and impairment or at , with revaluations requiring regular updates if is chosen. For intangible assets, goodwill is required to be amortized on a systematic basis over its useful life, with a rebuttable of not exceeding 10 years unless a reliable longer estimate is justified. Implementation of FRS 102 includes provisions for first-time adoption, particularly for entities transitioning from previous UK GAAP standards like the Financial Reporting Standard for Smaller Entities (FRSSE). Section 35 provides transition reliefs, such as exemptions from application and no requirement to restate comparative information for the prior period, allowing entities to measure assets and liabilities at their previous carrying amounts unless specific adjustments are needed for fair presentation. The FRC maintains the standard through periodic reviews and amendments, with annual updates issued to reflect clarifications, corrections, or alignments with emerging practices; for instance, the Triennial Review in 2017 and the Periodic Review in 2024 introduced targeted changes effective from various dates. Illustrative examples of FRS 102's accounting treatments include those for financial instruments, where entities can elect simplified recognition and measurement for basic items like trade receivables and payables under Section 11 (amortized cost model), or apply more sophisticated and options under Section 12 for complex . follows a risks-and-rewards model in Section 23, deferring income until performance obligations are met, distinct from the five-step approach until future amendments. For leases, Section 20 distinguishes between operating leases (expensed on a straight-line basis) and leases (capitalized as assets and liabilities), without requiring recognition of right-of-use assets and lease liabilities for most operating leases prior to 2026 updates.

Key Differences from IFRS

Conceptual Differences

UK GAAP, primarily embodied in FRS 102, adopts a simplified principles-based approach tailored to the needs of smaller and medium-sized entities in the and , offering greater flexibility and options to minimize reporting complexity compared to the more prescriptive and uniformity-driven framework of IFRS, which prioritizes global consistency for entities. This distinction arises from FRS 102's foundation in the IASB's IFRS for SMEs standard, which was adapted by the (FRC) with modifications to align with UK company law and reduce burdens on non-public companies, thereby diverging from full IFRS to avoid imposing excessive requirements on smaller entities. In terms of disclosure regimes, FRS 102 mandates fewer and more targeted notes to the , such as the absence of segment reporting for non-public entities, reflecting its focus on cost-effective reporting for private users like banks and authorities, whereas IFRS emphasizes comprehensive transparency through extensive disclosures to support in capital markets. This reduced disclosure in FRS 102, including options for small entities under Section 1A, contrasts with IFRS's broader requirements, which aim to provide a complete picture of financial performance and risks for a wider . Regarding measurement hierarchy, UK GAAP under FRS 102 permits entity-specific choices among multiple bases, such as cost or models for property, plant, and equipment, and allows alternatives like the cost model for investment property, fostering practicality for diverse entity sizes; in contrast, IFRS is more prescriptive, often mandating measurements for financial instruments and other items to enhance comparability across international borders. This flexibility in FRS 102 supports its SME-oriented design, while IFRS's stricter hierarchy ensures standardized application in complex, global contexts. Both frameworks share the overarching objective of presenting a true and fair view of an entity's financial position, but UK GAAP via FRS 102 is specifically calibrated for small and medium-sized enterprises with reduced emphasis on robust investor protection measures, prioritizing and compliance over the market-oriented transparency central to IFRS for publicly accountable entities. The convergence history underscores this: while FRS 102 draws from the IFRS for SMEs to promote international alignment, deliberate divergences—such as incorporating UK-specific exemptions—prevent overburdening smaller reporters, distinguishing it from the full IFRS suite developed for broader economic .

Specific Accounting Treatments

In UK GAAP, as governed by FRS 102, specific accounting treatments for certain assets and liabilities diverge from those under IFRS, reflecting a more simplified and policy-oriented approach suited to non-publicly accountable entities. These differences often stem from FRS 102's foundation in the IFRS for SMEs Standard, which prioritizes cost-effective reporting over the comprehensive requirements of full IFRS. Key areas include the handling of goodwill and intangible assets, leases, , financial instruments, and development costs, where measurement and recognition criteria can lead to varied impacts. For goodwill and intangible assets, FRS 102 mandates systematic amortization over a finite useful life, with a rebuttable presumption that this life does not exceed 10 years if it cannot be reliably estimated, alongside impairment testing when indicators exist. This contrasts with IFRS 3 and IAS 38, which prohibit amortization for goodwill and intangible assets with indefinite useful lives, relying instead solely on annual impairment reviews to allocate losses based on recoverable amounts. Under FRS 102 Section 19, goodwill arising from business combinations is measured at cost less accumulated amortization and impairment losses, with no reversal of such losses permitted, ensuring a more predictable expense pattern but potentially accelerating the reduction of asset values compared to IFRS's impairment-only model. For intangible assets other than goodwill (Section 18), all are deemed to have finite lives requiring amortization, and recognition in business combinations is limited to those that are separable or arise from contractual rights, whereas IFRS permits broader identification and indefinite lives if future benefits are not time-limited. Leases under current FRS 102 (Section 20) are classified by lessees as either finance or operating based on whether substantially all risks and rewards of ownership transfer; finance leases result in recognition of an asset and liability at the lower of fair value or present value of minimum lease payments, while operating leases keep rentals off-balance sheet as expenses over the lease term. This dual classification model differs markedly from IFRS 16, which eliminates the operating-finance distinction for lessees and requires recognition of a right-of-use asset and corresponding liability for nearly all leases exceeding 12 months, measured initially at the present value of lease payments discounted using the interest rate implicit in the lease or the lessee's incremental borrowing rate. The off-balance sheet treatment for operating leases under FRS 102 can understate liabilities relative to IFRS 16, which requires recognition of a right-of-use asset and liability for nearly all leases exceeding 12 months (with exemptions for short-term and low-value leases). Revenue recognition in FRS 102 (Section 23) follows criteria derived from legacy standards like IAS 18 and IAS 11, recognizing from when risks and rewards transfer to the buyer and from services or contracts when outcomes can be reliably estimated using percentage-of-completion methods based on stage of completion. In contrast, employs a principles-based five-step model—identifying the , performance obligations, transaction price, allocation, and satisfaction—emphasizing transfer of control over or services, which often results in more nuanced timing for complex arrangements like variable consideration or licenses. This older risks-and-rewards approach in FRS 102 may defer or accelerate in straightforward transactions but lacks the granularity of for multi-element contracts, potentially leading to differences in reported turnover for entities with diverse streams. Financial instruments under FRS 102 offer a tiered approach: Section 11 for basic items (e.g., trade receivables) measured at amortized cost using the effective interest method, with impairment assessed on an incurred loss basis when objective evidence exists; Section 12 for other instruments measured at through profit or loss or other , including optional that qualifies only designated risks in formal relationships. IFRS 9, however, mandates classification based on the entity's and the instrument's contractual characteristics (SPPI test), with financial assets categorized as amortized cost, through other , or through profit or loss, and introduces forward-looking expected credit losses for impairment starting at initial recognition. While both allow , IFRS 9's requirements are more extensive, covering a broader range of hedging instruments and strategies, and its expected loss model can result in earlier provisioning compared to FRS 102's incurred loss approach, affecting reported asset values and earnings volatility. Development costs are treated in FRS 102 Section 18 as internally generated intangible assets, where expenditures are always expensed, but development costs may be capitalized as an asset only if an entity elects that and strict criteria are met, including technical feasibility, to complete, ability to use or sell, probable future economic benefits, availability of resources, and reliable measurement of costs—though in practice, many entities opt to them to simplify compliance. IAS 38 similarly expenses but requires of development costs once criteria are satisfied, with a more emphatic test for probable future economic benefits supported by market, technical, and financial viability assessments, leaving no choice to qualifying costs. This optional in FRS 102 can lead to lower asset recognition and higher immediate expenses relative to IFRS, particularly for innovative sectors where benefits are harder to substantiate upfront.

Recent and Upcoming Changes

Amendments Effective 2025

The amendments effective for accounting periods beginning on or after 1 January 2025 stem primarily from the Financial Reporting Council's (FRC) periodic review of UK GAAP standards conducted in 2024, focusing on clarifications and minor alignments to enhance transparency and consistency without introducing major structural changes to FRS 102 or related frameworks. These updates affect entities applying FRS 102, emphasizing improved disclosure practices to better reflect economic realities in financial statements. A key change involves new disclosure requirements for supplier finance arrangements under Section 21 of FRS 102, requiring entities to provide qualitative and quantitative information about payment terms, obligations, and the impact on liabilities if such arrangements are in place. This amendment aims to address concerns raised in the FRC's review regarding the opacity of financing, promoting greater comparability with IFRS practices while maintaining the simplified nature of GAAP. Early application is permitted, but the change applies mandatorily from 1 2025. Additionally, amendments to FRS 102 and FRS 105 update the thresholds for classifying companies as small or micro-entities, aligning with revisions to the UK that increase and turnover limits effective for financial years beginning on or after 6 April 2025. This adjustment expands the number of eligible entities for reduced disclosure regimes under FRS 105, reducing reporting burdens for smaller businesses without altering core recognition or measurement rules. The transition to these amendments is simplified, with no retrospective application required; entities must apply the changes prospectively from the respective effective dates, minimizing disruption to prior period comparatives. The overall impact is low, as the updates prioritize clarity in disclosures and eligibility criteria rather than overhauling measurements for areas like or financial instruments, thereby supporting better materiality judgments in practice. No significant restatements of financial statements are anticipated for most preparers. In late , the FRC issued targeted factsheets and explainers to guide , highlighting practical examples for supplier disclosures and threshold assessments to ensure compliance without excessive administrative effort. These resources underscore the amendments' role in refining UK GAAP's alignment with evolving regulatory expectations while preserving its accessibility for non-IFRS users.

Major Revisions for 2026

The second periodic review of FRS 102, spanning 2021 to 2024, sought to improve the quality, clarity, and international alignment of financial reporting by incorporating recent IFRS developments and addressing stakeholder feedback through consultations such as FRED 82 and FRED 84. The resulting amendments, issued by the (FRC) in March 2024, update multiple sections of FRS 102 and are effective for accounting periods beginning on or after 1 January 2026, with early application permitted provided all amendments are adopted simultaneously. In November 2024, the FRC issued an updated suite of factsheets to support implementation, providing practical guidance on areas such as and lease accounting. A key revision concerns in Section 23, which replaces the existing guidance with a five-step model aligned with IFRS 15. The steps involve: (1) identifying the with a ; (2) identifying the obligations in the ; (3) determining the transaction price; (4) allocating the transaction price to the obligations identified; and (5) recognizing when (or as) the entity satisfies a obligation by transferring a promised good or service. This approach emphasizes the transfer of control and expected consideration, with simplifications such as no adjustment for the in most cases and policy choices for capitalizing certain costs; it also includes guidance on refund liabilities, variable consideration, and modifications. In business combinations, Section 19 is revised to more closely follow IFRS 3 principles, including enhanced guidance on applying the acquisition method, measuring identifiable net assets at , and accounting for non-controlling interests. Contingent is now measured at fair value on the acquisition date, with distinctions clarified between such consideration and post-combination ; contingent liabilities are recognized at fair value if reliably measurable, and effects are addressed accordingly. Notably, the amortization of goodwill under FRS 102 remains unchanged. Other significant updates include enhancements to measurement in Section 14, which introduce a new Section 2A based on IFRS 13 principles, covering market participant assumptions, the concept, and recognition in other or profit or loss as appropriate. For leases under Section 20, entities may optionally adopt the model, requiring lessees to recognize right-of-use assets and corresponding lease liabilities for most leases, with exemptions for short-term (12 months or less) and low-value leases; lessors provide additional disclosures such as maturity analyses. The amendments also clarify requirements for biological assets in Section 34, allowing a choice of or cost model, while agricultural produce at harvest continues to be measured at less costs to sell. Transition provisions offer proportional relief to ease implementation, including a modified retrospective approach with the cumulative effect of changes recognized in opening retained earnings without restating comparatives for revenue and leases. Practical expedients allow no reassessment of prior business combinations (unless previously incomplete), use of hindsight for certain estimates, provisional fair values adjustable within 12 months, and no restatement of completed revenue contracts; for leases, entities may use the incremental borrowing rate at transition and exempt low-value items ongoing.

Companies Act 2006

The serves as the primary legislation governing the preparation, approval, and filing of annual accounts for UK companies, with sections 393 to 414 establishing core requirements for financial reporting. Under section 393, directors must not approve a company's annual accounts unless they are satisfied that the accounts give a true and fair view of the company's assets, liabilities, financial position, and profit or loss for the period. This overarching duty applies to individual and group accounts alike, ensuring compliance with applicable accounting frameworks. The Act defines UK Generally Accepted Accounting Practice (UK GAAP) through section 464, which designates "accounting standards" as statements of standard accounting practice issued by the (FRC), the body prescribed by regulations for this purpose. Provisions for annual accounts vary by company size, as classified under sections 382 to 384 (small companies), 465 to 467 (medium-sized), and 384A (micro-entities), with large companies subject to the full regime. Effective for periods beginning on or after 6 2025, the Government increased the size thresholds by approximately 50% to reflect economic changes. Large companies, exceeding thresholds such as £54 million in turnover or £27 million in total, must prepare and file full statutory accounts including a profit and loss account, , notes, and directors' report. Small and medium-sized companies qualify for abridged accounts, omitting certain disclosures like the profit and loss account from public filing while still preparing full versions internally; for example, small companies (turnover up to £15 million) file only a and notes. Micro-entities, with turnover not exceeding £1 million and total up to £0.5 million, need only file a simplified and basic notes, exempt from many detailed disclosures. Annual accounts must be approved by the and signed on the balance sheet by a director, as required by section 414, with audits mandatory for large companies and certain others unless exemptions apply. Approved accounts are then filed with under section 441, with private companies required to submit within nine months of the financial year-end (or 21 months for the first year). The Economic Crime and Corporate Transparency Act 2023 amended the to mandate digital reporting, requiring all companies from 1 April 2027 to file accounts using commercial software with iXBRL tagging, eliminating paper filings and exemptions for small and micro-entities. Post-Brexit, the Act retains EU-derived requirements, such as directors' remuneration disclosures under sections 412 and 413, which mandate detailed reporting on pay policies and outcomes for quoted companies. The Act empowers the FRC to prescribe accounting standards through regulatory authority under section 464, ensuring UK GAAP aligns with the true and fair view principle. Non-compliance with these provisions, such as failure to achieve a true and fair view or adhere to standards, can result in the revision of defective accounts under sections 454 to 457, where directors may voluntarily revise or, upon notice from the Secretary of State, face court-ordered corrections.

Compliance and Enforcement

Compliance with UK Generally Accepted Accounting Practice (UK GAAP) is enforced primarily by the (FRC) through its Corporate Reporting Review (CRR) program, which monitors the quality of corporate financial reporting. In the 2024/25 review cycle, the FRC conducted 222 proactive and reactive reviews of annual reports and accounts. These reviews target areas of potential non-compliance with UK GAAP, such as improper impairment assessments and presentation of , prompting companies to revise disclosures or calculations voluntarily. The Institute of Chartered Accountants in (ICAEW) supports enforcement by imposing disciplinary measures on its members for violations of professional standards, including failures to adhere to UK in financial reporting or auditing. Disciplinary actions can include fines, suspensions, or exclusions from membership, as seen in cases involving inadequate evidence for financial assertions or breaches of reporting integrity. The ICAEW's process ensures , with outcomes published to deter non-compliance among accountants. For larger entities, statutory audits mandated by the provide an independent verification of UK GAAP compliance. Auditors apply (UK), adapted by the FRC from international norms, to assess whether are free from material misstatement and fairly present the entity's position in accordance with the chosen GAAP framework. Non-compliance identified during audits must be reported, potentially triggering further regulatory scrutiny. Penalties for non-compliance are outlined in the , with fines up to £5,000 (level 5 on the ) for officers failing to file accounts on time under section 451. More severe offences, such as knowingly or recklessly making false or misleading statements in financial reports (section 1112), carry unlimited fines on conviction on indictment and up to two years' imprisonment. Persistent or serious breaches can lead to director disqualification for up to 15 years under the Company Directors Disqualification Act 1986, preventing individuals from managing companies. Mechanisms for reporting breaches include whistleblower protections under the Public Interest Disclosure Act 1998, which shield employees from retaliation when disclosing suspected financial irregularities in good faith. The FRC's Annual Enforcement Review documents resolved cases, including investigations into misstatements where companies overstated income through improper application of UK GAAP principles, resulting in settlements and sanctions. These reports highlight enforcement trends and promote transparency in addressing non-compliance. Upcoming improvements include the planned transition from the FRC to the Audit, Reporting and Governance Authority (ARGA), originally anticipated for 2025 but delayed as of November 2025 due to legislative setbacks, with implementation expected in 2026 or later; this will enhance enforcement powers through statutory backing for proactive supervision of high-risk sectors like and corporate reporting. ARGA's expanded remit aims to address gaps in monitoring, enabling earlier intervention in potential UK GAAP breaches and stronger sanctions for systemic issues.

References

  1. https://www.icaew.com/technical/corporate-reporting/uk-gaap
  2. https://www.frc.org.uk/library/standards-codes-policy/accounting-and-reporting/uk-accounting-standards/frs-100/
  3. https://www.frc.org.uk/library/standards-codes-policy/accounting-and-reporting/true-and-fair-concept/
  4. https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim31020
  5. https://www.icaew.com/library/research-guides/uk-accounting-standards
  6. https://www.frc.org.uk/library/standards-codes-policy/accounting-and-reporting/uk-accounting-standards/
  7. https://www.frc.org.uk/library/standards-codes-policy/accounting-and-reporting/uk-accounting-standards/uk-accounting-standards-overview/differences-between-uk-and-ireland-financial-reporting-standards-and-ifrs-accounting-standards/
  8. https://www.icaew.com/technical/corporate-reporting/uk-gaap/changes-to-uk-gaap
  9. https://www.frc.org.uk/library/standards-codes-policy/accounting-and-reporting/uk-accounting-standards/uk-accounting-standards-overview/
  10. https://www.gov.uk/guidance/accounting-for-uk-companies
  11. https://www.gov.uk/hmrc-internal-manuals/international-manual/intm523150
  12. https://www.frc.org.uk/documents/7668/FRS_102_September_2024_tmKYWO6.pdf
  13. https://www.icaew.com/technical/corporate-reporting/uk-gaap/frs-101-reduced-disclosure-framework
  14. https://www.frc.org.uk/documents/8125/Amendments_to_FRS_102_and_FRS_105_UK_company_size_thresholds.pdf
  15. https://www.frc.org.uk/library/standards-codes-policy/accounting-and-reporting/uk-accounting-standards/frs-105/
  16. https://www.frc.org.uk/library/standards-codes-policy/accounting-and-reporting/uk-accounting-standards/frs-101/
  17. https://www.icaew.com/library/research-guides/uk-accounting-standards/superseded-uk-accounting-standards/recommendations-on-accounting-principles
  18. https://www.tandfonline.com/doi/full/10.1080/00014788.2019.1610591
  19. https://iea.org.uk/wp-content/uploads/2016/07/upldbook241pdf.pdf
  20. https://www.frc.org.uk/library/standards-codes-policy/accounting-and-reporting/uk-accounting-standards/superseded-accounting-standards/
  21. https://www.icaew.com/library/research-guides/uk-accounting-standards/superseded-uk-accounting-standards/superseded-frs
  22. https://www.iasplus.com/en-gb/standards/old-uk-gaap-1/old-uk-gaap
  23. https://www.pwc.com/im/en/publications/assets/1222080.pdf
  24. https://www.frc.org.uk/news-and-events/news/2012/11/frc-announces-new-accounting-standards-for-the-uk-and-republic-of-ireland/
  25. https://www.gov.uk/government/groups/uk-endorsement-board-ukeb
  26. https://www.instituteforgovernment.org.uk/explainer/financial-reporting-council
  27. https://www.frc.org.uk/about-us/structure/
  28. https://www.icaew.com/about-icaew/what-is-chartered-accountancy/major-accountancy-bodies
  29. https://www.fca.org.uk/about/what-we-do/the-fca
  30. https://www.gov.uk/government/publications/accounting-standards-the-uk-tax-implications-of-new-uk-gaap
  31. https://www.frc.org.uk/library/standards-codes-policy/accounting-and-reporting/international-accounting-activities/
  32. https://www.brownejacobson.com/insights/professional-and-management-matters-october-2025/update-on-the-audit-reform-and-corporate-governance-bill
  33. https://www.frc.org.uk/library/standards-codes-policy/accounting-and-reporting/uk-accounting-standards/frs-102/
  34. https://www.frc.org.uk/news-and-events/news/2021/03/frc-requests-views-to-inform-the-periodic-review-of-frs-102/
  35. https://www.frc.org.uk/consultations/fred-82-draft-amendments-to-frs-102-the-financial-reporting-standard-applicable-in-the-uk-and-republ/
  36. https://www.frc.org.uk/news-and-events/news/2014/09/frc-appoints-new-members-to-the-accounting-council-and-audit-and-assurance-council/
  37. https://www.bdo.co.uk/en-gb/insights/audit-and-assurance/ifrs-us-gaap-and-international-gaap/accounting-for-covid-19-related-rent-concessions
  38. https://www.iasplus.com/en-gb/news/2024/03/frc-publishes-changes-to-frs-102-as-part-of-its-second-periodic-review-of-the-standard
  39. https://www.frc.org.uk/documents/7665/FRS_100_September_2024.pdf
  40. https://www.icaew.com/technical/corporate-reporting/uk-gaap/frs-100-application-of-financial-reporting-requirements
  41. https://www.icaew.com/insights/viewpoints-on-the-news/2024/dec-2024/uk-company-size-thresholds-to-increase-from-april-2025
  42. https://www.icaew.com/technical/corporate-reporting/uk-gaap/frs-105-the-financial-reporting-standard-applicable-to-micro-entities
  43. https://www.iasplus.com/en/news/2013/03/frs-102
  44. https://www.frc.org.uk/library/standards-codes-policy/accounting-and-reporting/uk-accounting-standards/uk-accounting-standards-overview/significant-differences-between-frs-102-and-the-ifrs-for-smes-accounting-standard/
  45. https://www.frc.org.uk/news-and-events/news/2024/03/frc-revises-uk-and-ireland-accounting-standards/
  46. https://www.icaew.com/-/media/corporate/files/insights/sponsored-content/key-differences-between-uk-gaap-and-ifrs-uk.ashx?la=en
  47. https://viewpoint.pwc.com/dt/uk/en/pwc/accounting_guides/similarities_and_differences/Similarities-and-differences/A-comparison-of-IFRS-and-UK-GAAP-FRS-102.html
  48. https://viewpoint.pwc.com/dt/uk/en/pwc/accounting_guides/similarities_and_differences/Similarities-and-differences/A-comparison-of-IFRS-and-UK-GAAP-FRS-102/3-Balance-sheet-and-related-notes.html
  49. https://kpmg.com/uk/en/insights/finance/upcoming-changes-frs.html
  50. https://www.icaew.com/technical/corporate-reporting/uk-gaap/frs-102-the-financial-reporting-standard
  51. https://www.bdo.co.uk/en-gb/insights/audit-and-assurance/uk-gaap-and-narrative-reporting/uk-gaap-changes-to-financial-reporting-standards-frs-102
  52. https://www.rsmuk.com/insights/bridging-the-gaap/uk-gaap-preparing-for-change
  53. https://www.frc.org.uk/library/standards-codes-policy/accounting-and-reporting/uk-accounting-standards/frs-factsheets/
  54. https://www.frc.org.uk/documents/7128/Amendments_to_FRS_102_and_other_FRSs.pdf
  55. https://www.frc.org.uk/news-and-events/news/2024/11/frc-issues-updated-suite-of-factsheets-for-frs-102/
  56. https://www.legislation.gov.uk/ukpga/2006/46/section/393
  57. https://www.legislation.gov.uk/ukpga/2006/46/section/464
  58. https://www.legislation.gov.uk/uksi/2024/1303/contents/made
  59. https://www.legislation.gov.uk/ukpga/2006/46/section/414
  60. https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-act-2023-factsheets/economic-crime-and-corporate-transparency-act-company-accounts
  61. https://www.legislation.gov.uk/ukpga/2006/46/section/412
  62. https://www.legislation.gov.uk/ukpga/2006/46/part/15/chapter/11
  63. https://www.frc.org.uk/news-and-events/news/2025/09/frc-publishes-annual-review-of-corporate-reporting-25/
  64. https://www.icaew.com/about-icaew/regulation-and-the-public-interest/icaew-disciplinary-database
  65. https://www.icaew.com/regulation/regulatory-news/regulatory-news-july-2025/du-july-2025
  66. https://www.frc.org.uk/library/standards-codes-policy/audit-assurance-and-ethics/auditing-standards/
  67. https://www.nortonrosefulbright.com/en/knowledge/publications/7b8f3a7b/insights-from-the-frc-annual-enforcement-review-2024
Add your contribution
Related Hubs
User Avatar
No comments yet.