UK Accounting Standards (overview)
Published: 3 October 2023
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The FRC sets UK and Ireland accounting standards. Standards are amended periodically in response to particular issues or regular reviews. Standards are developed after taking account of outreach with stakeholders.
In addition, guidance is available from FRC Staff Education Notes and SORPs, developed by SORP-making bodies, for particular sectors.
Foreword to Accounting Standards
This foreword explains the scope, authority and identification of accounting standards, issued by the FRC. It relates to financial statements prepared in accordance with UK and Republic of Ireland legislation and accounting standards (for companies these are referred to in UK company law as ‘Companies Act accounts’ and in Irish company law as 'Companies Act financial statements'). 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').
Overview of the financial reporting framework
This overview describes the financial reporting framework applicable for accounting periods beginning on or after 1 January 2021. Early application is permitted subject to the provisions in each standard.
Table of Differences
The Table of Differences describes the relationships between UK and Ireland financial reporting standards and IFRS Standards.