In so far as they are not replaced by Statements of Standard Accounting Practice, the Council’s ‘Recommendations on Accounting Principles’ will continue in effect as guidance statements and indicators of best practice. They are persuasive in intent and departures from them do not necessarily require disclosure as do departures from what is a lifo liquidation accounting standards. Several accountancy firms and publishing houses have periodically issued UK GAAP manuals providing guidance on the interpretation and implementation of UK accounting standards. Some — such as those produced by Deloitte and PwC — continue to be published today; others have been discontinued. Particularly notable from a historical perspective is the Survey of Published Accounts — a series of surveys of UK financial reporting practice published annually by ICAEW between 1970 and 1996. This series both chronicled and influenced the evolution of the UK’s accounting standards.

This material may provide useful background information on particular standards and amendments, their origins, and any controversy that may have surrounded them. This foreword explains the scope, authority and identification of accounting standards, issued by the FRC. It does not apply to financial statements prepared in accordance with adopted IFRS (for companies these are referred to in UK company law as ‘IAS accounts’ and in Irish company law as ‘IFRS financial statements’). UK Generally Accepted Accounting Practice (UK GAAP) is the body of accounting standards published by the UK’s Financial Reporting Council (FRC). From this hub you can find a synopsis of each standard and details of recent amendments. Plus, access practical resources including factsheets, guides, webinars and events, and other guidance material to support implementation.

FRS 100 Application of Financial Reporting Requirements sets out the financial reporting regime for the UK and Republic of Ireland. The Financial Reporting Standards FRS 100, 101, 102 and 103 (known as new UK GAAP) are effective from 1 January 2015. These FRSs replace previous standards, for reporting periods starting on or after 1 January 2015. Whereas accounting standards were previously set by the ASB, this became the responsibility of the FRC Board on 2 July 2012.

Generally Accepted Accounting Practice (UK)

The second periodic review, the Periodic Review 2024, was completed in March 2024, with a principal effective date of 1 January 2026. The way companies raise capital and trade securities on a regulated market has changed. You can continue to use EU adopted IAS when preparing your accounts for financial years beginning before 1 January 2021. ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists.

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Many such manuals are held in the Library collection, though in recent years some have ceased being published in print. Full details of all the UK GAAP manuals in our collection can be found in the Library catalogue, LibCat. If you are seeking ICAEW material relating to a particular UK accounting standard, please see our corporate reporting hub or contact the Library. The Library collection includes a large number of such publications, including many articles and books. To search the full range of available material, please use the Library catalogue (LibCat). From 1991 until it was disbanded on 2 July 2012, the UITF issued a number of Abstracts, which provided interpretations of accounting issues arising from the application of FRSs and SSAPs.

In 2004, the Government took the decision to strengthen the regulatory system in the UK following the major corporate collapses in the US. On its creation, the Accounting Standards Board (ASB) adopted a number of SSAPs that had been issued by the ASC, so that they were brought within the legal definition of accounting standards according to the Companies Act 1985. All accounting standards developed by the ASB from 1990 were issued as Financial Reporting Standards (FRSs). 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. These recommendations, and those that followed, provided members of ICAEW with early guidance on accounting practice. Responses received for older discussion papers and exposure drafts were deposited with the ICAEW Library and the ICAS Library by the standard setters, to put them on the public record.

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

1. All accounting standards developed by the ASB from 1990 were issued as Financial Reporting Standards (FRSs).
2. FRS 102 is designed to apply to the general purpose financial statements and financial reporting of entities including those that are not constituted as companies and those that are not profit-oriented.
3. They are persuasive in intent and departures from them do not necessarily require disclosure as do departures from accounting standards.
4. In 2004, the Government took the decision to strengthen the regulatory system in the UK following the major corporate collapses in the US.

Following the UITF’s dissolution — which came about as a result of reforms to the FRC — its role and responsibilities were transferred to the Accounting Council. The full text of each edition of the current standards, along with relevant amendments, can be accessed on the FRC website. These materials were downloaded from PwC’s Viewpoint (viewpoint.pwc.com) under license. Overviews of reporting requirements, plus a range of resources and guidance. FRS 105 is the UK accounting standard for entities eligible for, and who choose to apply, the micro-entities regime. UK companies with a presence in an EEA country – for example, a branch – need to check the reporting requirements in that country.

Collection

Below, we provide a high-level overview of some key auxiliary material on UK accounting standards which has been produced by relevant parties. Statements of Standard Accounting Practice (SSAPs) were the previous generation of accounting standards, prior to FRSs. See the timeline below for more information on the history of these standards. This overview describes the financial reporting framework applicable for accounting periods beginning on or after 1 January 2021. FRS 100 sets out the financial reporting requirements for UK and Republic of Ireland entities.