In March 2014 the Financial Reporting Council (FRC) issued the last of its new standards to replace existing UK GAAP.

FRS 103, Insurance Contracts, provides guidance on accounting and reporting for insurance contracts, reinsurance contracts and financial instruments with a discretionary participation feature. It was issued for entities that apply FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. Both standards must be adopted at the same time and are mandatory for accounting periods beginning on or after 1 January 2015, with early application permitted.