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ARTICLE · 27 SEPTEMBER 2013

'New' UK GAAP

Deloitte
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The UK Accounting Council has developed three new Financial Reporting Standards - FRS 100, 101, and 102 - to replace existing UK GAAP and introduce a reduced disclosure framework for certain IFRS preparers.

United KingdomAccounting and Audit
Deloitte Tax Group
Deloitte Tax Group
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What's changing?

The UK Accounting Council has developed three new Financial Reporting Standards (FRSs) - FRS 100, 101, and 102 - to replace existing UK GAAP (other than the FRSSE) and introduce a reduced disclosure framework for certain IFRS preparers. Companies will face major decisions as to which reporting standard to adopt and a potentially significant compliance burden in managing the change.

FRS 101, the IFRS reduced disclosure framework for qualifying entities, was published at the end of 2012. FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland was published on 14 March 2013. Adoption is mandatory for accounting periods beginning on or after 1 January 2015, although early adoption is possible.

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