UK GAAP

• 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; and 
• FRS 105 The Financial Reporting Standard Applicable to the Micro-entities Regime.

We have significant experience advising a wide range of clients, including large and medium-sized owner managed businesses, and UK subsidiaries of listed companies, on the ongoing application of FRS 102 and FRS 101, the impact of forthcoming amendments and converting to a new financial reporting framework. We also advise on best practice disclosures for financial statements.

FRS 102 sets out requirements which are based on IFRS, but which have important differences from both previous UK accounting standards and IFRS.

FRS 101 sets out the disclosure exemptions for the individual financial statements of subsidiaries, including intermediate parents, and ultimate parents that otherwise apply the requirements of IFRS.

We have helped many businesses with transitioning to FRS 101 and FRS 102, as well as advising numerous companies on the impact of the new accounting and financial reporting requirements.

For companies considering converting to FRS 101 or FRS 102, we can help you to:

• Assess the implications that different reporting framework options will mean for your company
• Conduct framework consideration assessments
• Conduct detailed impact assessments
• Provide project management services for transition
• Prepare and/or review financial statements for compliance
• Prepare and/or review accounting policies and manuals and group reporting requirements; and
• Provide and/or explain the requirements of disclosure checklists.

For companies already applying FRS 102 or FRS 101, we can help you to interpret and apply the requirements and amendments, including:

• Conducting impact assessments of amendments including, in the case of FRS 101, new IFRS standards
• Preparing and/or reviewing financial statements for compliance; and
• Providing and/or explaining the detailed requirements of disclosure checklists.

We can also provide technical advice on any of these issues, as well as bespoke training courses tailored to the needs of your board, finance team and/or other teams in your organisation.