Interpretation and Application of UK GAAP: For Accounting Periods Commencing On or After 1 January 2015

Introduction

1. History of the UK and Republic of Ireland Standard-Setting Body
2. Issuance of the New UK GAAP
3. Structure of the New UK GAAP
4. Smaller Companies and the Financial Reporting Standard for Smaller Entities

Interpretation and Application of UK GAAP for Accounting Periods Commencing on or After 1 January 2015 is aimed at providing preparers of financial statements with comprehensive guidance and information that will allow financial statements prepared under the new UK GAAP to conform to the new regime. This publication brings to life much of the theory contained in UK GAAP and offers a practical approach to understanding the requirements of UK GAAP from a real-life perspective.

Standard-setting around the world has evolved considerably over recent years and International Financial Reporting Standards (IFRS) have gathered faster pace, with many countries adopting an international-based framework. At the time of writing the introduction of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland was part of a significant overhaul of UK GAAP. At the time of going to print, the UK and Republic of Ireland were about to have a four-tiered structure to financial reporting, which is shown in the following table:

Class of entity	EU-endorsed IFRS	Mainstream UK GAAP (FRS 102)	Small companies regime (the FRSSE)*	Micro-entities regime (the FRSME)
Listed andAIM listed
Medium and unlisted
Small

* At the time of writing the FRSSE was being ...