Development of new UK and Irish GAAP

Publication of FRS 100 to 103

On 22 November 2012 and 14 March 2013, the Financial Reporting Council (FRC) published three standards, FRS 100 Application of Financial Reporting Standards, FRS 101 Reduced Disclosure Framework and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.  On 20 March 2014 the FRC published FRS 103 Insurance Contracts to complete the suite of new standards making up Irish & UK GAAP, effective 1 January 2015. The FRC is currently considering the future of the FRSSE, given the restrictions imposed by the 2013 Accounting Directive on the accounting and disclosure requirements which Member States can mandate for small companies.

On 30 September 2013, Chartered Accountants Ireland and the FRC launched FRS 100 to 102 at an event in Chartered Accounants House.  More details are provided the relevant link below.

To access the press notices accompanying the publication of the FRS 100 to 102, please click on the appropriate link below:

Accessing the standards

FRS 100 to 103 are available on CHARIOT (member login required) and on the FRC's website.

 

Consultation process

FRS 100 to 102 were published following extensive consultation by the FRC and its predecessor standard setting body, the ASB, most recently in January to March 2012 when the ASB issued Financial Reporting Exposure Drafts (FREDs) 46 to 48.  Those revised proposals were in turn developed on foot of the responses received from stakeholders during the 2010/2011 consultation in on FREDs 43 to 45 and the Board's other outreach activities. Indeed, the ASB had undertaken a number of public consultations since 2004 prior to the publication of the standards.  FRS 103 was subject to a similar consultation process.

The ASB's/FRC's monthly re-deliberations following the close of the previous consultation in April 2011 are available on the FRC's website (see link below).

The links below provide information on development of the proposals, through to final standards, as well as other relevant information on the project.  

FRC's 'New UK GAAP' Project Page - external link, opens in a new page

Follow this link to the FRC's 'New UK GAAP' project page, containing inter-alia: the text of FRS 100 to 103; information on editorial amendments and clarification statements; information on the on-going exposure drafts relating to FRS 100 to 102; information on the status of projects to revise exis.....

ASB publishes FREDs 46 to 48 on the future of GAAP_January 2012

On 30 January 2012, the UK's Accounting Standards Board (ASB) published the following Financial Reporting Exposure Drafts (FREDs) for public consultation: FRED 46: Application of Financial Reporting Requirements (Draft FRS 100) FRED 47: Reduced Disclosure Framework (Draft FRS 101); and FRED 48

ASB publishes FRED 45 Financial Reporting Standard for Public Benefit Entities

The Accounting Standards Board (ASB) has published Financial Reporting Exposure Draft (FRED) 45. This sets out proposals to be included in a Financial Reporting Standard for Public Benefit Entities (FRSPBE) to accompany the proposed Financial Reporting Standard for Medium-size Entities (FRSME)

Financial Reporting Exposure Draft: Future of Financial Reporting in the UK and Republic of Ireland

On 29 October 2010, the Accounting Standards Board published its proposals for the future of financial reporting in the UK and Republic of Ireland. The Exposure Drafts set out proposals for a three-tier reporting framework, which aims to balance the needs of preparers and users of account.....

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