Key differences between UK GAAP and IFRS

Companies in the UK with securities admitted to trading on a regulated market are required to prepare their consolidated financial statements in accordance with IFRS, even after the Brexit. All other groups and companies in the UK have the choice to follow either IFRS or UK GAAP. UK GAAP includes six standards, which have been available in an updated version since September 2024:

• FRS 100 Application of Financial Reporting Requirements
• FRS 101 Reduced Disclosure Framework
• FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
• FRS 103 Insurance Contracts
• FRS 104 Interim Financial Reporting
• FRS 105 The Financial Reporting Standard applicable to the Micro‑entities Regime

This white paper gives an overview of key differences between accounting policies under FRS 102 and full IFRS.