• Posted 5th August 2015

The New UK GAAP: List of Standards

Have you heard about the new UK GAAP before? If not, you can learn and know more about it right now. From 1 January 2015, a new financial reporting framework came into effect in the UK. The old system’s complexity and nature are the reasons for creating this new framework. The UK's Financial Reporting Council (FRC) published five standard reporting frameworks which form the basis of the new UK regime and replaced the old system. So, what are the new reporting standards of the new UK regime? Read the list below to find out: FRS 100 FRS 100 Application of Financial Reporting Requirements sets out the framework for new reporting regime. FRS 101 FRS 101 is a Reduced Disclosure Framework that applies to certain qualified UK subsidiaries and their parent companies. FRS 102 This Financial Reporting Standard is applicable in the UK and Republic of Ireland. This Standard replaces the majority of UK Financial Reporting Standards and is compulsory for accounting periods starting on or after 1 January 2015. FRS 103 This Financial Reporting Standard applies to the insurance contracts. It is also applied by companies for issuing insurance contracts and financial instruments with a discretionary participation feature. FRS 104 This Interim Reporting Standard is for entities that apply FRS 102. They must prepare interim financial reports based on this standard. FRS 105 This Financial Reporting Standard applies for the micro-entities. All of these frameworks have an effective date of accounting periods starting on or after 1 January 2015 where some frameworks are available for early adoption in certain restrictions. These new frameworks will be a major change to the businesses in the UK. So, if you have any business in the UK, you need to identify and be aware of these changes as it is likely to have an affect your business. To understand such new frameworks, you can contact Phoenix Tax Accountants today. Our accountants have the comprehensive knowledge on this matter and can help your business adapt to these new standards.