Analysing new UK GAAP

Helen Lloyd assesses the implications of FRS 100 and 101 accounting standards

On 22 November, the Financial Reporting Council released the first two final documents for its wholesale revision of UK financial reporting, in the shape of FRS 100, Application of Financial Reporting Requirements and FRS 101, Reduced Disclosure Framework.

The remaining piece in the puzzle will be FRS 102, which will set out detailed accounting requirements to be followed by most companies, and is expected in February 2013, but these earlier standards are crucial in setting out the foundations for the new approach.

What does FRS 100 cover?

FRS 100 sets out the financial reporting frameworks available to each of three types of entities:

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