The requirements in FRS 102 are based on the IASB’s IFRS for SMEs Accounting Standard, with some significant amendments made for application in the UK and Republic of Ireland. The Table of Differences describes the relationships between UK and Ireland financial reporting standards and IFRS Accounting Standards. UK incorporated groups with securities admitted to trading on a UK regulated market need to prepare accounts using UK-adopted international accounting standards for all financial years beginning on or after 1 January 2021. The FRC has issued a table setting out the differences between UK and Ireland financial reporting standards and IFRS Accounting Standards.

1. Below, we provide a high-level overview of some key auxiliary material on UK accounting standards which has been produced by relevant parties.
2. The first ‘Recommendations on Accounting Principles’ were published in December 1942 on the subjects of Tax Reserve Certificates and War Damage Contributions, Premiums and Claims.
3. FRS 101 sets out a reduced disclosure framework which addresses the financial reporting requirements and disclosure exemptions for the individual financial statements of subsidiaries and ultimate parents.
4. As accountants, our collective efforts are driving meaningful change, contributing to a better, more sustainable future for all.
5. This material, which includes implementation guidance, discussion papers and impact assessments, can be browsed via the Library catalogue.

UK issuers of shares or debt securities that are only admitted to trading on EEA regulated markets are no longer subject to this framework. They can use EU-adopted IAS for accounting periods starting before January 2021. Impact assessments and feedback statements have been issued alongside the relevant standard or amendment to a standard. On 13 December 2018 the FRC issued a suite of staff factsheets on aspects of FRS 102, including the 2017 triennial review. The factsheets are intended to assist stakeholders by highlighting certain requirements of FRS 102. The ICAEW Library can give you the right information from trustworthy, professional sources that aren’t freely available online.

Exam resources

Standards are amended periodically in response to particular issues or regular reviews. Read the terms of use for the financial reporting standards available from the FRC. There are a number of publications which outline the similarities and differences between UK GAAP and other sets of accounting standards.

Resources

SORPs are issued by a number of industry and sector bodies which are recognised by the FRC as SORP-making bodies. For example, a SORP on investment trusts is issued by the Association of Investment Companies (AIC). Bodies must meet criteria set by the FRC and develop and maintain SORPs in accordance with the FRC’s policy. Once you have viewed this piece of content, to ensure you can access the content most relevant to you, please confirm your territory. Related impact assessments and feedback statements to the following publications. The first periodic review, the Triennial Review 2017, was completed in December 2017, with an effective date of 1 January 2019.

Regulatory applications

Reforms were carried out in July 2012 to enable the FRC to operate as a unified regulatory body with enhanced independence. A new structure was implemented to ensure effective governance of all of the FRC’s regulatory activities under ultimate responsibility of the FRC Board. The present FRC and its subsidiary bodies are funded jointly by the accountancy profession, the financial community and the Government.

isCompleteProfile ? “Setup your profile before Sign In” : “Profile”

Over the years, the FRC and its former subsidiary body, the ASB, have published a wide range of auxiliary material providing commentary, guidance, and context around UK accounting standards. The Recommendations on Accounting Principles were the UK’s first authoritative guidance on accounting questions, issued by ICAEW between 1942 and 1969. The Recommendations were non-mandatory, and were superseded from the 1970s understanding gaap vs ifrs onwards by mandatory accounting standards, initially in the form of SSAPs. For some time, SSAPs sat alongside the Recommendations, though most of the latter had been withdrawn by the time Technical Release 391 was published in 1980.

The Urgent Issues Task Force (UITF) was part of the previous standard-setting regime. It assisted the ASB by investigating areas where conflicting or unsatisfactory interpretations of accounting standards or Companies Act provisions existed, or had the potential to arise. The acronym GAAP stands for ‘Generally Accepted Accounting Practice’ — or, alternatively, ‘Generally Accepted Accounting Principles’ or ‘Generally Accepted Accounting Policies’. GAAP is a term used to describe the rules generally accepted as being applicable to accounting practices as laid down by standards, legislation or upheld by the accounting profession. How companies incorporated in the UK, or where the parent company is incorporated in the UK, can comply with UK accounting and reporting requirements.