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New UK GAAP

In 2012, 2013 and 2014 the FRC revised financial reporting standards in the UK and Republic of Ireland. The revisions fundamentally reformed financial reporting, replacing the extant standards with four Financial Reporting Standards. The standards and related impact assessments and feedback statements can be accessed below:

FRS 100 Application of Financial Reporting Requirements

  Issue date Link to Standard Link to Impact Assessment Link to Feedback Statement
FRS 100 Nov 2012
 

FRS 101 Reduced Disclosure Framework

  Issue date Link to Standard Link to Impact Assessment Link to Feedback Statement
FRS 101 (August 2014) Aug 2014    
Amendments to FRS 101 (2013/14 Cycle) Jul 2014
FRS 101 Nov 2012
 

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

  Issue date Link to Standard Link to Impact Assessment Link to Feedback Statement
FRS 102 (August 2014) Aug 2014    
Amendments to FRS 102 – Basic financial instruments and Hedge accounting Jul 2014
FRS 102 Mar 2013
 

FRS 102 - Editorial Amendments and Clarification Statements

As the transition date of FRS 102 approaches, the FRC is beginning to consider queries arising from its implementation.  The FRC has issued editorial amendments or clarification statements relating to FRS 102 on the following topics:

Date of issue Section of FRS 102 Issue Further information
2 Aug 2013 Section 1 Scope Clarification statement on the early application of FRS 102 by entities within the scope of a SORP  
19 March 2014
(updated 7 Aug 2014)
Section 11 Basic Financial Instruments Editorial amendment regarding presentation requirements for financial instruments when an entity chooses to apply the recognition and measurement provisions of IAS 39 or IFRS 9 and/or IAS 39 This editorial amendment has been incorporated into the August 2014 edition of FRS 102
19 March 2014 (updated 7 Aug 2014) Section 12 Other Financial Instruments Issues Editorial amendment regarding presentation requirements for financial instruments when an entity chooses to apply the recognition and measurement provisions of IAS 39 or IFRS 9 and/or IAS 39 This editorial amendment has been incorporated into the August 2014 edition of FRS 102
12 Nov 2013 Section 12 Other Financial Instruments Issues Clarification statement in relation to net investment hedges of foreign operations that are branches  
17 Sept 2014 Section 12 Other Financial Instruments Issues Editorial amendment to correct a numerical error in Appendix to Section 12:  Examples of hedge accounting This editorial amendment affects the August 2014 edition of FRS 102
12 Nov 2013 Section 29 Income Tax Clarification statement in relation to deferred tax arising on a business combination  
19 March 2014 Section 35 Transition to this FRS Editorial amendment regarding transitional exemptions in relation to accounting for service concession arrangements This editorial amendment has been incorporated into the August 2014 edition of FRS 102

The FRC intends to include such matters in one compendium for ease of reference. The detail of the above statements can be accessed  here.


FRS 103 Insurance Contracts

  Issue date Link to Standard Link to Impact Assessment Link to Feedback Statement
FRS 103 Mar 2014


On-going projects 

Information on our on-going UK GAAP projects can be found here.

Recently Completed Projects

Information on our recently completed UK GAAP projects can be found here.

Previous consultations

For details of the exposure drafts and other previous consultations leading to the developments of the new UK accounting standards see here.

SORPs and new UK GAAP

As a result of the issue of the new UK accounting standard FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland by the FRC in March 2013, seven out of the eight existing SORP making bodies are currently updating their relevant SORP. The insurance sector SORP issued by the Association of British Insurers is expected to be withdrawn once the new accounting standard, FRS 103 Insurance Contracts, is issued by the FRC.

A summary of the current status of SORPs can be accessed here.

On 2 August 2013, the FRC issued a clarification statement relating to the early application of FRS 102 by entities within the scope of a SORP. This statement can be accessed  here.

Staff Education Notes

The FRC Staff have prepared 15 Staff Education Notes for the convenience of users of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. These Staff Education Notes aim to illustrate certain requirements of FRS 102, but should not be relied upon as a definitive statement on the application of the standard. The illustrative material is not a substitute for reading the detailed requirements of FRS 102.

The Staff Education Notes are available here

Future development of FRS 102

The FRC announced at the New UK GAAP launch event that it plans to carry out the first three year review of FRS 102 in 2016/17 with a view to the revised FRS 102 being effective in 2018.


Contact details


If you would like to discuss any matters relating to UK accounting standards please contact:

Jenny Carter, Director of UK Accounting Standards: j.carter@frc.org.uk
Mei Ashelford, Project Director: m.ashelford@frc.org.uk
Susanne Pust Shah, Project Director: s.pustshah@frc.org.uk

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