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.

Accounting periods beginning before 1 January 2015 - The FRC's suite of Financial Reporting Standards (FRSs) - FRSs 1 to 30 - along with 5 Statements of Standard Accounting Practice (SSAPs) and various Urgent Issues Task Force (UITF) Abstracts apply. The Financial Reporting Standard for Smaller Entities (FRSSE) is an option for companies/groups qualifying as small under company law (and other entities that would qualify as small if they had been incorporated under company law, with the exception of building societies). These standards and abstracts are available on CHARIOT and on the FRC's website.

Accounting periods beginning on or after 1 January 2015 - A new suite of Financial Reporting Standards (FRSs) published by the FRC replace the above FRSs, SSAPs and UITF Abstracts from 1 January 2016.

The new standards are:


The FRC issued FRS 105 in July 2015 to comply with the requirements of the UK legislation transposing the 2013 Accounting Directive on micro entities.  Micro entities do not exceed exceeding two of the following three thresholds: Turnover Stg£632,000, balance sheet total Stg£316,000; employees 10 in a year.  The standard is applicable to accounting periods beginning on/after 1 January 2016, but may be early adopted.

The FRC also issued amendments to FRS 100, 101 and 102 in July 2015 to reflect the Directive's new requirements, primarily for small companies.  These amendments have the same effective date and early adoption provisions as for FRS 105.

The FRSSE will be withdrawn with effect from accouning periods beginning on/after
1 January 2016.

Ireland has not yet transposed the Directive, so FRS 105 and the July 2015 amendments to FRS 102 for small companies, are not yet available for use by Irish entitieswhich is applicable for accounting periods beginning on/after 1 January 2016.  Irish legislation is expected in the autumn.

FRSs 100 to 103 and the FRSs, SSAPs and UITF Abstracts that are being replaced, are available on the FRC’s website. 

They are also available on CHARIOT (member access only).

The FRC has a ‘New GAAP’ project page (click to access) on its website which provides useful information on the new standards.  Chartered Accountants Ireland held a series of events as the FRC consulted on the development of the standards and tracked the main issues during the development process, details of which can be accessed by clicking here.

Statements of Recommended Practice

Statements of Recommended Practice (SORPs) are sector-driven recommendations on accounting practices for specialised industries or sectors which supplement accounting standards and other legal and regulatory requirements in the light of the special factors prevailing or transactions undertaken in a particular industry or sector. SORPs are not issued by the FRC, but by SORP-making bodies recognised by the FRC for that purpose.

As a result of the issue of FRS 102 in March 2013, seven out of the eight existing SORP making bodies are updating their relevant SORPs. The insurance sector SORP issued by the Association of British Insurers is expected to be withdrawn when FRS 103 Insurance Contracts becomes effective on 1 January 2015.

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 (click relevant link).


FRS Resource Centre 

Chartered Accountants Ireland has developed an 'FRS Resource Centre' providing information about publiciations, training courses and others services available to members in relation to FRS 102, the primary standard under Irish and UK GAAP from 2015.  The FRS Resource Centre can be accessed by clicking this link. 

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