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New UK GAAP

With effect from 1 January 2015 the FRC revised financial reporting standards in the UK and Republic of Ireland. The standards and related impact assessments and feedback statements can be accessed below:
 

Overview of Financial Reporting Framework

This overview describes the financial reporting framework that will be applicable for accounting periods beginning on or after 1 January 2016

FRS 100 Application of Financial Reporting Requirements

  Issue date Link to Standard Link to Impact Assessment Link to Feedback Statement
FRS 100 (Sept 2015) Sept 2015  
Amendments to FRS 100 July 2015
FRS 100 Nov 2012
 

FRS 101 Reduced Disclosure Framework

  Issue date Link to Standard Link to Impact Assessment Link to Feedback Statement
Amendments to FRS 101 - 2015/16 cycle July 2016  
FRS 101 (Sept 2015) Sept 2015  
Amendments to FRS 101 - 2014/15 cycle and other minor amendments July 2015
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
Amendments to FRS 102 - Fair value hierarchy disclosures March 2016
FRS 102 (Sept 2015) Sept 2015  
Amendments to FRS 102 - Small entities and other minor amendments July 2015
Amendments to FRS 102 - Pension Obligations Feb 2015
FRS 102 (August 2014) Aug 2014    
Amendments to FRS 102 – Basic financial instruments and Hedge accounting Jul 2014
FRS 102 Mar 2013
 
As a result of changes in the LLP regulations, the legal requirements for the financial statements of small LLPs are now generally aligned with Section 1A Small Entities of FRS 102.  However, there are some slight differences between the disclosure requirements of Section 1A and those set out in the Small LLP Regulations.  In these cases small LLPs shall comply with the equivalent requirements of the Small LLP Regulations rather than Section 1A.

In respect of paragraph 1.15 of FRS 102, an LLP shall read the references to the regulations SI 2015/980 as being to the equivalent LLP regulations, namely SI 2016/575.

FRS 102 (August 2014) - Editorial Amendments and Clarification Statements

The FRC considers queries arising from the implementation of FRS 102. In response, where considered necessary, the FRC has issued editorial amendments or clarification statements as follows:
 
Date of issue or update Section of FRS 102 Issue
16 April 2015 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
12 Nov 2013 Section 29 Income Tax Clarification statement in relation to deferred tax arising on a business combination

For ease of reference these matters are included in one compendium. The detail of the above statements can be accessed  here. For the avoidance of doubt all editorial amendments and clarifications apply to the August 2014 edition of FRS 102.  The clarification statements apply to the September 2015 edition of FRS 102. 
 

FRS 102 (September 2015) - Editorial Amendment

Paragraph 41(2) of Schedule 1 to the Small Company Regulations was repealed by SI 2015/980 and paragraph IAC 25 was included in FRS 102 in error. This paragraph will be deleted in future editions of FRS 102. 


FRS 103 Insurance Contracts

  Issue date Link to Standard Link to Impact Assessment Link to Feedback Statement
Amendments to FRS 103 - Solvency II May 2016
FRS 103 Mar 2014

FRS 104 Interim Financial Reporting

 
  Issue date Link to Standard Link to Impact Assessment Link to Feedback Statement
FRS 104 Mar 2015

FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime
 

  Issue date Link to Standard    Link to Impact Assessment   Link to Feedback Statement
Amendments to FRS 105 - Limited Liability Partnerships and Qualifying Partnerships May 2016  
FRS 105                         July 2015                   



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, the SORP making bodies have updated their relevant SORPs.

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

Staff Education Notes

The FRC Staff have prepared a number of 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 FRS102 being effective in 2018. The FRC has now decided to postpone the triennial review of FRS 102 by one year to allow more time for implementation experience to develop and provide a three-year stable platform for small entities applying FRS102 for the first time from 1 January 2016.

Therefore any changes to FRS 102 arising from the triennial review are not expected to take effect before 1 January 2019.

Comments on any aspect of FRS 102 and its implementation, or any other UK and Ireland accounting standard can be sent to ukfrsreview@frc.org.uk.  This might include views on the benefits of the new standards, as well as suggestions for improvements or areas where implementation was challenging.

The comments received will be used to inform the development of proposals for changes to accounting standards, which will be subject to formal consultation at a later date, expected to be during 2017, in advance of a planned effective date of 1 January 2019.  The FRC may publish a summary of the feedback as part of its explanation for proposed changes to accounting standards.

Comments may be provided at any time during the triennial review process.  Comments received by 31 October 2016 will be taken into account in developing formal proposals for changes; comments received after this date will be taken into account in the later stages of the review.
 


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 

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