There are a number of publications which outline the similarities and differences between UK GAAP and other sets of accounting standards. The Urgent Issues Task Force (UITF) was part of the previous standard-setting regime. It assisted the ASB by investigating areas where conflicting or unsatisfactory interpretations of accounting standards or Companies Act provisions existed, or had the potential to arise. The acronym GAAP stands for ‘Generally Accepted Accounting Practice’ — or, alternatively, ‘Generally Accepted Accounting Principles’ or ‘Generally Accepted Accounting Policies’.
- Information on SORPs and where to find them can also be accessed via our ‘Accounting for specific sectors’ page, as well as on the FRC website.
- There have been changes to the UK’s corporate reporting regime which affect a small number of companies.
- The present FRC and its subsidiary bodies are funded jointly by the accountancy profession, the financial community and the Government.
- UK companies with a presence in an EEA country – for example, a branch – need to check the reporting requirements in that country.
- For some time, SSAPs sat alongside the Recommendations, though most of the latter had been withdrawn by the time Technical Release 391 was published in 1980.
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For subsidiaries that are issuers of securities on UK regulated markets, the parent company may be subject either to the FCA or the PRA rules. The Audit Directive requirement still applies to companies with a parent company incorporated in the UK. They can use EU-adopted IAS for accounting periods starting before January 2021.
Full details of all the UK GAAP manuals in our collection can be found in the Library catalogue, LibCat. All SSAPs have been withdrawn for reporting periods starting on or after 1 January 2015. We maintain a dedicated research guide on SORPs, which provides an overview of SORPs and their history, together with information on how to obtain current and past SORPs.
FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland is the principal accounting standard in the UK net realizable value formula financial reporting regime. Several accountancy firms and publishing houses have periodically issued UK GAAP manuals providing guidance on the interpretation and implementation of UK accounting standards. Some — such as those produced by Deloitte and PwC — continue to be published today; others have been discontinued.
Additional guidance and support
All accounting standards developed by the ASB from 1990 were issued as Financial Reporting Standards (FRSs). The first ‘Recommendations on Accounting Principles’ were published in December 1942 on the subjects of retained earnings on the balance sheet Tax Reserve Certificates and War Damage Contributions, Premiums and Claims. These recommendations, and those that followed, provided members of ICAEW with early guidance on accounting practice.
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On 13 December 2018 the FRC issued a suite of staff factsheets on aspects of FRS 102, including the 2017 triennial review. The factsheets are intended to assist stakeholders by highlighting certain requirements of FRS 102. Reforms were carried out in July 2012 to enable the FRC to operate as a unified regulatory body with enhanced independence. A new structure was implemented to ensure effective governance of all of the FRC’s regulatory activities under ultimate responsibility of the FRC Board. The present FRC and its subsidiary bodies are funded jointly by the accountancy profession, the financial community and the Government. SORPs are issued by a number of industry and sector bodies which are recognised by the FRC as SORP-making bodies.
Overview of the financial reporting framework
GAAP is a term used to describe the rules generally accepted as being applicable to accounting practices as laid down by standards, legislation or upheld by the accounting profession. As well as providing direct access to a world-class collection of purchases account books, journals and electronic resources, the ICAEW Library can search various international databases on behalf of members, ACA students and other authorised users. Our specialist databases contain jurisdiction-specific information on accounting, tax and related topics. How companies incorporated in the UK, or where the parent company is incorporated in the UK, can comply with UK accounting and reporting requirements.
