Irish and UK GAAP

Financial Reporting Standards

The Financial Reporting Council (FRC) in the UK is the accounting standard setter for both Ireland and the UK.

The current suite of FRC UK & Ireland accounting standards is made up of:

  • FRS 100 Application of Financial Reporting Requirements

       FRS 100 sets out the applicable financial reporting framework for entities preparing financial 
       statements in accordance with legislation, regulations or accounting standards applicable in Ireland
       and the UK.  

  • FRS 101 Reduced Disclosure Framework

       This FRS sets out a reduced disclosure framework which addresses the financial reporting  
       requirements and disclosure exemptions for the individual financial statements of subsidiaries and
       ultimate parents that otherwise apply the recognition, measurement and disclosure requirements of
       EU-adopted IFRS.

  • FRS 102 The Financial Reporting Standard applicable in the UK and ROI

      FRS 102 is the primary standard under Irish and UK GAAP. It is a single financial reporting standard 
      that applies to the financial statements of entities that are not applying EU-adopted IFRS, FRS 101 
      or FRS 105.

      The standard has been amended since first issued, including the addition of section 1A ‘Small 
      Entities’. Section 1A of FRS 102 sets out the information that shall be presented and disclosed in 
      the financial statements of a small entity that chooses to apply the small entities regime.

  • FRS 103 Insurance Contracts

       This FRS consolidates existing financial reporting requirements and guidance for insurance

  • FRS 104 Interim Financial Reporting

       FRS 104 is intended for use in the preparation of interim reports by entities that apply FRS 102
       when preparing their annual financial statements. Entities applying FRS 101 to prepare the annual
       financial statements may also use FRS 104 as a basis for their interim financial reports.  

  • FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime

       This FRS is intended for use in the preparation of the financial statements of companies that qualify
       for the micro-entities regime. The accounting requirements are adapted to satisfy the legal
       requirements applicable to micro-entities and reflect the simpler nature and smaller size of micro-

       The application of the micro-entities regime is optional, however, a micro-entity that chooses to
       prepare its financial statements in accordance with the regime is required to apply FRS 105. An   
       entity that qualifies for but chooses not to apply the regime is required to apply another standard.

As noted above, the FRC has issued amendments to the standards over time. The ‘UK Accounting Standards’ page on the FRC website provides details of the standards in issue, and amendments made to the standards. The standards are also available on CHARIOT (available to members only).

In March 2018, the FRC issued March 2018 editions of all UK and Ireland accounting standards.  These editions reflect the triennial review amendments issued in December 2017, and other amendments made since the previous editions were issued. In May 2018, the FRC issued subsequent amendments to the Basis for conclusions in FRS 101.

Statements of Recommended Practice

Statements of Recommended Practice (SORPs) are sector-driven recommendations on financial reporting, auditing practices and actuarial practices for specialised industries, sectors or areas of work, or which supplement FRC standards and other legal and regulatory requirements in the light of special factors prevailing or transactions undertaken in that particular industry, sector or area of work that are not addressed in FRC standards. SORPs also address matters that are addressed in FRC standards, but about which additional guidance is considered necessary.

SORPs are not issued by the FRC, but by SORP-making bodies. A SORP must carry a Statement by the FRC confirming, as appropriate, that the SORP does not appear to contain any fundamental points of principle that are unacceptable in the context of current financial reporting practice, auditing practice or actuarial practice, nor does it conflict with an FRC standard or undermine the FRC’s broader objectives.

More details on the SORP making process are available on the FRC’s website, as are details on the current status of the revisions of the SORPs.



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