FRC publishes Factsheet 14 on UK GAAP for Public Benefit Entities

The Financial Reporting Council (FRC) has published Factsheet 14: UK GAAP for Public Benefit Entities, providing an overview of the financial reporting framework for Public Benefit Entities (PBEs) in the UK and Republic of Ireland.

What does Factsheet 14 cover? 

The FRC published Factsheet 14 on 30 October as part of its wider programme of support for preparers.  

The factsheet sets out how the FRC has taken PBEs, including charities, into account when developing the financial reporting standard for the UK and Republic of Ireland. It also explains the role of the three PBE Statements of Recommended Practice (SORPs). 

The three PBE SORPs provide sector-specific guidance to help preparers apply FRS 102 within their sector. These are:  

• Accounting and Reporting by Charities (the Charities SORP) 
• Accounting for Further and Higher Education (the Education SORP) 
• Statement of Recommended Practice for Registered Social Housing Providers (the Housing SORP)  

This factsheet doesn’t introduce new accounting requirements or replace the detailed requirements that apply to individual entities. Instead, it’s a starting point for understanding how FRS 102 applies to PBEs. 

UK GAAP and international non-profit reporting  

The factsheet compares FRS 102 with International Non-Profit Accounting Standard (INPAS), which was issued by the International Non-Profit Reporting Foundation issued in October 2025, following the IFR4NPO project led by CIPFA and Humentum.  

INPAS doesn't replace FRS 102 or the PBE SORPs for entities reporting under UK GAAP. The comparison is intended for those following international developments in non-profit financial reporting.  

FRC factsheets and the second Periodic Review 

Factsheet 14 is the latest addition to the FRC’s suite of factsheets and explainers, which offer practical guidance on specific aspects of financial reporting requirements.  

The suite of factsheets has been expanded and updated to support the implementation of changes to UK GAAP, including the second Periodic Review amendments to FRS 102 and subsequent changes.

For clear, practical guidance on implementing the Periodic Review amendments, join our webinar on Tuesday 1 December at 11:00 GMT, where you’ll also hear from experts at the FRC, Grant Thornton Ireland and Johnston Carmichael. 

You can also explore the full suite of FRC factsheets. 

These factsheets are intended to support preparers but don't replace the applicable accounting standards and legislation. 

Modernising Corporate Reporting: A standalone not-for-profit standard 

The Department for Business, Innovation, Science and Trade (BIST) is seeking views on a standalone not-for-profit accounting standard through its Modernising Corporate Reporting consultation. This could provide accounting requirements tailored to the sector and potentially reduce or remove the need for separate PBE SORPs. The consultation closes on 30 November 2026. ICAS will be responding to this consultation. 

Register for our Implementing the Periodic Review amendments to FRS 102 webinar.