In March 2013, the Financial Reporting Council (FRC) issued FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, the last of a set of three new Financial Reporting Standards which will replace the current accounting framework in the UK and Ireland.

The two other standards, namely FRS 100, Application of Financial Reporting Requirements, and FRS 101, Reduced Disclosure Framework, were issued back in November 2012. These announcements had already confirmed the dates and options available to all companies still applying UK or Irish GAAP in their single entity statutory accounts.