Accounting standards

International accounting standards

You can access the Accounting Standards (International) directly from the IFRS website via the 'Related links' section on this page

New UK GAAP

The new UK accounting standards are mandatory for accounting periods beginning on or after 1 January 2015.  Early adoption is permitted:

  • FRS 100Application of Financial Reporting Requirements, sets out how the new regime will work.

  • FRS 101, Reduced Disclosure Framework, will allow financial statements to be prepared for subsidiaries and parent companies using recognition and measurement as set out in EU-adopted IFRS, but with reduced disclosures.

  • FRS 102The Financial Reporting Standard applicable in the UK and Republic of Ireland, is a reduced disclosure framework and may be used by companies who either choose not to adopt FRSSE 2015 or are ineligible to do so.

  • FRS 103Insurance Contracts, Consolidated accounting and reporting requirements for entities in the UK and Republic of Ireland issuing insurance contracts.

  • FRSSE 2015, Financial Reporting Standard for Smaller Entities (effective January 2015), updates and supersedes the Financial Reporting Standard for Smaller Entities (effective April 2008). It must be used for accounting periods beginning on or after 1 January 2015. Early adoption is permitted.

  • LLP SORP Effective for periods commencing on or after 1 January 2015 and for any earlier periods in which a limited liability partnership (LLP) chooses to adopt FRS 102 or FRSSE 2015.

  • Charities SORP While there used to be just one charities SORP, and no option to apply the FRSSE, there are now two SORPS offering the option to follow either FRS 102 or the FRSSE.

  • Housing SORP 2014

  • FRSSE for micro-entities

  • Micro-entities accounting regulations

  • Residential management companies financial statements

  • Frequently asked questions

Old UK GAAP

Access the 'old' UK accounting standards