UK GAAP 2019

Preface

With effect from accounting periods beginning on or after 1 January 2015 (or, for small entities that choose to apply the small entities regime and micro entities that choose to apply the micro entities regime, accounting periods beginning on or after 1 January 2016), all previous UK GAAP was replaced with new Financial Reporting Standards (FRSs 100-105) along with the associated accounting requirements of the Companies Act 2006 (CA 2006).

Since the publication of UK GAAP 2017, further amendments have been made to FRSs 100-104. The most significant of these were as a result of the first triennial review of the new standards. When FRS 102 was issued originally in March 2013, the FRC indicated that it would be reviewed every three years. The first triennial review was completed in December 2017 and revised versions of FRSs 100-104 were issued in March 2018 reflecting those amendments as well as incorporating amendments issued subsequent to the previous versions of the standards. The Triennial review 2017 amendments are mandatory for accounting periods beginning on or after 1 January 2019. These amendments can be adopted early provided that all are applied at the same time although there are two exceptions to this general rule.

The Triennial review 2017 amendments were developed in response to stakeholder feedback and therefore address a number of implementation issues reported to the FRC, many of which were highlighted in the previous edition of this publication. In our ...