The new UK GAAP: 2015

Current UK accounting standards are available from the FRC website

For accounting periods beginning on or after 1 January 2015, a new financial reporting structure will apply in the UK, replacing almost all extant standards with four Financial Reporting Standards:

  • FRS 100 Application of Financial Reporting Requirements;
  • FRS 101 Reduced Disclosure Framework; and
  • FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

The introduction of the new standards will result in the following financial reporting structure in the UK:

IFRS adopted in the EU 

IFRS adopted in the EU is still required only for the group accounts of listed companies (including AIM-listed companies). 

The IFRS Foundation provides access free of charge to the current year's consolidated unaccompanied IFRSs (in English as issued by the IASB and published in the Bound Volume).   The standards are available via the lFRS website

Access to the accompanying documents, illustrative examples, implementation guidance, and bases for conclusions is also available via the IFRS Foundation's subscription-based services or by purchasing print versions of IFRSs via the IFRS Foundation's online store.

For the individual accounts of companies that are members of a group presenting IFRS accounts, FRS 100 introduces new options.  If such a company chooses to prepare its individual accounts under IFRS, it may take advantage of the reduced disclosures set out in FRS 101.  If the individual accounts are prepared under UK GAAP, these will now be under FRS 102, which also includes reduced disclosures for group companies.


For all entities not preparing accounts under IFRS or the FRSSE (i.e. mostly medium-sized and large private companies but also possibly including the individual accounts of listed companies), full UK GAAP (that is, SSAPs and FRSs) will be replaced by a single standard - FRS 102.  The new standard is based on a condensed version of IFRS (the IFRS for SMEs) so there will be greater consistency between UK GAAP and IFRS.  At fewer than 250 pages, it is also considerably shorter and more user friendly than the existing standards.  Industry-specific SORPs are being updated to reflect FRS 102. FRS 102 is not identical to the IFRS for SMEs and substantive amendments have been made in certain areas to encompass options that exist within existing UK GAAP and EU endorsed IFRS e.g. the ability to revalue fixed assets.  


The FRSSE will remain in force for the time being, for small companies and other small entities who qualify to use it. A new version of the FRSSE has been issued (FRSSE 2015) which contains a limited number of conforming amendments.    


From September 2013, a new category of company, which may file a more simplified form of accounts, has been created.  A company may qualify as a micro-entity if it meets two of the following conditions: 

  1. Turnover  - Not more than £632,000
  2. Balance sheet total - Not more than £316,000
  3. Number of employees - Not more than 10

The FRC has issued amendments to the FRSSE to take account of the micro-entity requirements.


  • Guidance
  • Corporate and financial reporting

Previous page