Similarities and differences: A comparison of current UK GAAP, new UK GAAP (FRS 102) and IFRS

April/May 2014

[Note: Copies of the 2013 edition of this publication are available from]


This publication provides a high level overview of the significant differences between current UK GAAP, new UK GAAP (FRS 102) and EU-adopted IFRS. It focuses on a selection of those differences most commonly found in practice.

When applying the individual accounting frameworks, companies should consult all of the relevant accounting standards and, where applicable, national law. This summary takes into account authoritative pronouncements issued under UK GAAP and IFRS that are effective for periods endng 31 December 2014, including the amendments to FRS 102 in July 2014 to improve the accounting for certain financial transactions.

The executive summary aims to demonstrate how converting to new UK GAAP or IFRS has implications far beyond an entity’s financial reporting function; to highlight some of the key differences between current UK GAAP, new UK GAAP and IFRS; and to encourage early consideration of the most appropriate framework to adopt going forward for your entity. The second section provides a summary of the similarities and differences between the three frameworks and refers to subsequent sections where key divergences are highlighted.


Pricing and order details

This publication is priced at £20 plus postage and packaging (p&p) and can be ordered from

PwC staff should refer to the internal order form to order hard copies.

Related resources

You may also be interested in our Manual of accounting series, including new UK GAAP 2015 set and IFRS for the UK 2013. The Manuals are available electronically on Inform, along with the full text of the standards.