These editions reflect the amendments made since the previous editions were issued in 2018, as well as changes in Irish company law, resulting in a single up‑to‑date reference point for each standard.
International accounting standards
You can access the Accounting Standards (International) directly from the IFRS website. Financial Reporting Council guidance companies preparing IAS accounts for the accounting periods straddling IP (implementation period) completion day ie period ended 31 December 2020 can be found here. For financial years beginning on or after 1 January 2021, UK-registered listed companies are required to use UK-adopted international accounting standards when preparing their consolidated financial statements.
This is required by the Statutory Instrument 2019/685 International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019
Read the guidance on UK-adopted IAS.
UK GAAP
The new UK accounting standards are mandatory for accounting periods beginning on or after 1 January 2015. Early adoption is permitted.
UK and Irish company law each recognise two financial reporting frameworks:
- adopted IFRS and a framework based on specific company law requirements
- accounting standards set by a prescribed body (the FRC).
The latter framework is UK and Ireland GAAP (generally accepted accounting practice). Publicly listed companies are required to apply adopted IFRS in the preparation of their group accounts but may choose between adopted IFRS and UK and Ireland GAAP for the preparation of their individual parent accounts. Other entities have a choice between the two frameworks.
Relevant applicable FRC latest standards can be accessed from the following list:
- FRC guidance, Overview of the financial reporting framework application of Financial Reporting Requirements, 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).
- FRS 100, Application of Financial Reporting Requirements, sets out how the new regime will work. It explains:
- which standards apply to which types of entity
- when an entity can apply the reduced disclosure framework
- when an entity should follow a Statement of Recommended Practice (SORP)
- transition arrangements.
A new edition of FRS 100 will be issued following changes to this standard expected later this year.
- FRS 101, Reduced Disclosure Framework, will allow financial statements to be prepared for subsidiaries and parent companies using recognition and measurement as set out in EU-adopted IFRS, but with reduced disclosures.
- FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, applies to the financial statements of entities that are not applying adopted IFRS, FRS 101 Reduced Disclosure Framework or FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime.
- FRS 103, Insurance Contracts, Consolidated accounting and reporting requirements for entities in the UK and Republic of Ireland issuing insurance contracts.
- Implementation guidance to accompany FRS 103 Insurance Contracts provides guidance to entities issuing insurance contracts on applying:
- FRS 103
- the requirements or principles of FRS 102 to insurance contracts and
- Schedule 3 to the Regulations.
- FRS 104, Interim Financial Reporting, is not an accounting standard but provides guidance on preparation of interim reports by entities that apply FRS 102 or FRS 101. FRS 104 does not impose an obligation on entities to produce interim financial reports nor does it mandate its application by any entity. FRS 104 is based on IAS 34 Interim Financial Reporting, with modifications.
- FRS 105, The Financial Reporting Standard applicable to the Micro-entities Regime, applies to the financial statements of companies, LLPs and qualifying partnerships that qualify for, and choose to apply, the micro-entities regime.
- LLP SORP Effective for periods commencing on or after 1 January 2019 and for any earlier periods in which a limited liability partnership (LLP) chooses to adopt FRS 102.
- Charities SORP Charities SORP (FRS 102) is effective for periods commencing on or after 1 January 2019. Charities are excluded from Micro-Entity Regime hence they cannot apply FRS 105.
