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 101 Reduced Disclosure Framework
- FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
- FRS 103 Insurance Contracts
- FRS 104 Interim Financial Reporting
- FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime
The standards and amendments made thereto, along with FRC Staff factsheets on aspects of FRS 102 and details of current projects by the FRC Accounting and Reporting Policy Team are available on the FRC website.
You should be clear which version of the standard you are using including any amendments and the applicable date of same.
Also available at the above link is the ‘Foreword to Accounting Standards’. This foreword explains the scope, authority and identification of accounting standards, issued by the FRC, for the purposes of: (a) in the UK, the Companies Act 2006 and Regulations made thereunder, and; (b) in the Republic of Ireland, the Companies Act 2014.
These pages are provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.
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