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Changes to UK Generally Accepted Accounting Practice (GAAP)

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On 27 March 2024, the Financial Reporting Council (FRC) issued significant amendments to UK Generally Accepted Accounting Practice (GAAP) standards, following its second periodic review. With the amendments coming into effect for financial periods starting on or after 1 January 2026, UK businesses need to consider the impact now.

UK GAAP refers to the framework of accounting standards and principles used in the UK. FRS 102 is the core standard under UK GAAP for most entities that do not apply full International Financial Reporting Standards (IFRS). It applies to entities that cannot use FRS 105 (for micro-entities) or FRS 102 Section 1A (for small entities).

The FRC is updating FRS 102 to:

  • Improve consistency with international standards
  • Enhance transparency and comparability
  • Modernise financial reporting

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