For accounting periods commencing on or after 1 January 2015, current UK GAAP has been replaced by a single standard. The transition requires all UK companies’ financial information to be prepared in accordance with FRS 102. The only exceptions will be those applying International Financial Reporting Standards (IFRS) or Financial Reporting Standard for Smaller Entities (FRSSE).

Financial Reporting Standard 100

The release of FRS 100 heralds the introduction of the new UK GAAP. Companies should start planning for the transition now.

• Financial Reporting Standard 100: The New UK GAAP

Financial Reporting Standard 101

Financial Reporting Standard 101 provides a new for format of accounts for individual parent entities and for subsidiaries of groups where the parent prepares consolidated financial statements, under IFRS.

• Financial Reporting Standard 101: Reduced Disclosure Framework

Financial Reporting Standard 102

• Financial Reporting Standard 102: Overview
  Financial Reporting Standard 102 has replaced UK standards for all companies not adopting the FRSSE or IFRS. This is an overview of the key changes.
• Financial Reporting Standard 102: Format and Layout
  A review of the changes to the format and layout of accounts under the new standard.
• Financial Reporting Standard 102: Accounting for Groups
  A review of the changes in accounting for groups including associates and joint ventures under the new standard.
• Financial Reporting Standard 102: Business Combinations
  The changes in accounting for acquisitions and mergers, goodwill and other intangible assets under the new standard.
• Financial Reporting Standard 102: Tangible Fixed Assets
  Changes in accounting for property, plant and equipment.
• Financial Reporting Standard 102: Financial Instruments
  Review of the changes to accounting for financial instruments under the new standard. This can include basic loans as well as currency contracts and interest swap rates.
• Financial Reporting Standard 102: Revenue Recognition
  The approach to recognition of income under the new standard.
• Financial Reporting Standard 102: Income Tax
  An outline of the changes to both current and deferred taxation accounting under the new standard
• Financial Reporting Standard 102: Employee Benefits
  An overview of the impact on accounting for employee benefits, including holiday pay.
• Financial Reporting Standard 102: Tax Consequences
  Impact on your tax position.