Many such manuals are held in the Library collection, though in recent years some have ceased being published in print. Full details of all the UK GAAP manuals in our collection can be found in the Library catalogue, LibCat. If you are seeking ICAEW material relating to a particular UK accounting standard, please see our corporate reporting hub or contact the Library. The Library collection includes a large number of such publications, including many articles and books. To search the full range of available material, please use the Library catalogue (LibCat). From 1991 until it was disbanded on 2 July 2012, the UITF issued a number of Abstracts, which provided interpretations of accounting issues arising from the application of FRSs and SSAPs.
Where appropriate, these are applied in conjunction with Statements of Recommended Practice (SORPs), which apply to certain specialised industries and sectors. For subsidiaries that are issuers of securities on UK regulated markets, the parent company may be subject either to the FCA or the PRA rules. There have been changes to the UK’s corporate reporting regime which affect a small number of companies. UITF Abstracts formed part of the old UK GAAP, being effective for accounting periods beginning before 1 January 2015. Copies of older FREDs, and other discussion papers, are held in the Library collection and can be viewed by arrangement. We maintain a dedicated research guide on SORPs, which provides an overview of SORPs and their history, together with information on how to obtain current and past SORPs.
The links are provided ‘as is’ with no warranty, express or implied, for the information provided within them. The John Rylands University Library in Manchester also holds a special collection of ASC and ASSC papers (1952–1990) in its Accounting Standards Committee Archive. Click here to extend your session to continue reading our licensed content, if not, you will be automatically logged off. The accountancy profession plays a central role in addressing global challenges. As accountants, our collective efforts are driving meaningful change, contributing to a better, more sustainable future for all. Exploring corporate reporting trends to help you navigate our changing profession.
ICAEW codes and regulations
From 2005, this framework changed as a result of European law requiring that all listed European companies report under International Financial Reporting Standards (IFRS). The new ASB was assisted by an Urgent Issues Task Force (UITF), which held its first meeting in 1991. It was established to investigate areas where conflicting or unsatisfactory interpretations of accounting standards or Companies Act provisions existed, or had the potential to develop.
“How to guides” for ACA students
In so far as they are not replaced by Statements of Standard Accounting Practice, the Council’s ‘Recommendations on Accounting Principles’ will continue in effect as guidance statements and indicators of best practice. They are persuasive in intent and departures from them do not necessarily require disclosure as do departures from accounting standards. Several accountancy firms and publishing houses have periodically issued UK GAAP manuals providing guidance on the interpretation and implementation of UK accounting standards. Some — such as those produced by Deloitte and PwC — continue to be published today; others have been discontinued. Particularly notable from a historical perspective is the Survey of Published Accounts — a series of surveys of UK financial reporting practice published annually by ICAEW between 1970 and 1996. This series both chronicled and influenced the evolution of the UK’s accounting standards.
UK GAAP standards
- Following the UITF’s dissolution — which came about as a result of reforms to the FRC — its role and responsibilities were transferred to the Accounting Council.
- As noted above, SORPs provide guidance on the application of accounting standards to specific industries and sectors.
- The ICAEW established the Accounting Standards Steering Committee (ASSC) in January 1970 with ‘the object of developing definitive standards for financial reporting’ (‘History of the Accounting Standards Committee’, Accounting Standards).
- This material has taken — and continues to take — a number of different forms, including helpsheets, factsheets, guides, technical releases, representations, and press releases.
The second periodic review, the Periodic Review 2024, was completed in March 2024, with a principal effective date of 1 January 2026. The way companies raise capital and trade securities on a regulated market has changed. You can continue to use EU adopted IAS when preparing your accounts for financial years beginning before 1 January 2021. ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists.
As noted above, SORPs provide guidance on the application of accounting standards to specific industries and sectors. The first SORPs were developed by the ASC; today the FRC recognises other bodies’ power to develop SORPs. Whilst a number of SORPs are still in force, others have been withdrawn or superseded. All companies need to use UK-adopted international accounting standards (IAS) instead of EU adopted IAS for financial years beginning on or after the 1 January 2021. To search the full range of auxiliary material relating to UK accounting standards held by the Library, please use LibCat.
Withdrawn and superseded SORPs
This aims to address the criticisms levelled at the ASC, whose comment process was less rigorous. Generally Accepted Accounting Practice in the UK, or UK GAAP or GAAP (UK), is the overall body of regulation establishing how company accounts must be prepared in the United Kingdom. Company accounts must also be prepared in accordance with applicable company law (for UK companies, the Companies Act 2006; for companies in the Channel Islands and the Isle of Man, companies law applicable to those jurisdictions). As part of the reforms, the due from account definition Codes and Standards Committee was established to advise the FRC Board on maintaining an effective framework of UK codes and standards. The Accounting Council also replaced the Accounting Standards Board (ASB), assuming an advisory role to the Codes & Standards Committee and the FRC Board. The ICAEW established the Accounting Standards Steering Committee (ASSC) in January 1970 with ‘the object of developing definitive standards for financial reporting’ (‘History of the Accounting Standards Committee’, Accounting Standards).
FRS 104 Interim Financial Reporting provides guidance on the preparation of interim financial reports. The most recent full edition of the Standard, plus any amendments made subsequently, together constitute the latest edition. An individual UK registered auditor needs to sign the audit report on behalf of the firm.