Generally Accepted Accounting Practice in the UK (UK GAAP) is the body of accounting standards and other guidance published by the UK's Financial Reporting Council (FRC).
With effect from 1 January 2015 the Financial Reporting Council (FRC) revised financial reporting standards in the United Kingdom and Republic of Ireland. One of the following financial reporting standards should be chosen as basis of your company's accounting policies.
FRS 101 Reduced Disclosure Framework
This FRS sets out a reduced disclosure framework which addresses the financial reporting requirements and disclosure exemptions for the individual financial statements of subsidiaries and ultimate parents that otherwise apply the recognition, measurement and disclosure requirements of EU-adopted IFRS.
FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
This FRS is a single financial reporting standard that applies to the financial statements of entities that are not applying EU-adopted IFRS, FRS 101 or FRS 105. FRS 102 is designed to apply to the general purpose financial statements and financial reporting of entities including those that are not constituted as companies and those that are not profit-oriented.
FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime
This FRS is intended for use in the preparation of the financial statements of companies that qualify for the micro-entities regime. The accounting requirements are adapted to satisfy the legal requirements applicable to micro-entities and reflect the simpler nature and smaller size of micro-entities. The application of the micro-entities regime is optional, however, a micro-entity that chooses to prepare its financial statements in accordance with the regime is required to apply FRS 105. An entity that qualifies for but chooses not to apply the regime is required to apply another standard.