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Introduction
Publication date: 31 Dec 2020
uk GAAP Manual Introduction
PwC’s ‘Manual of accounting – UK GAAP, 4th edition (published January 2019) provides comprehensive guidance on the accounting regime that applies in the UK including:
- 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’; and
- the accounting requirements of the Companies Act 2006 that together make up UK GAAP.
This 4th edition has been updated for the changes set out in the first triennial review of UK accounting standards issued in December 2017. The main changes:
- Expand the definition of a basic financial instrument to include more types of instrument through the inclusion of a principle-based description.
- Permit investment property rented to a group entity to be measured based on cost (rather than fair value).
- Require fewer intangible assets to be separated from goodwill in a business combination.
- Simplify the measurement of directors’ loans to small entities, and add updates reflecting practical experience in implementing the standards.
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