UK GAAP Checklists and Model Accounts


With the busy year-end period approaching the Financial Reporting Faculty has seen a number of enquiries about UK GAAP resources, including model accounts and disclosure checklists from small companies and preparers of small company accounts.

Under the new framework, most small entities that currently apply the Financial Reporting Standard for Smaller Entities (FRSSE) will switch to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The FRSSE will be withdrawn. All entities (excluding IFRS reporters and those that opt-in to the micros regime) will now apply a single up-to-date, internationally-aligned standard. FRS 102 was revised in September 2015 and the revised standard is applicable for annual periods starting on or after 1 January 2016.

A FRS 102 checklist for a private company is available here.

FRS 102 1A

A new section, FRS 102 Section 1A, was introduced for entities classified as small. This will replace the FRSSE for annual periods starting on or after 1 January 2016. Section 1A sets out the presentation and disclosure requirements for small entities based on the new small companies regime within company law. The recognition and measurement requirements of FRS 102 continue to apply to companies applying Section 1A.

A Section 1A checklist is available here.

FRS 105

A separate standard, FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime, is available for use by a micro entity choosing to apply the micro-entities regime with effect from 1 January 2016. The new standard is based on the recognition and measurement requirements of FRS 102, amended to comply with the legal framework for micro-entities. For example, amendments have been made to accommodate the fact that the micro-entities’ regime does not permit the revaluation or subsequent measurement of assets or liabilities at fair value. FRS 105 also reflects the fact that very limited disclosures are required in micro-entity accounts.

A FRS 105 checklist is available here.

UK GAAP Resources

The faculty provides access to these key resources to help you with the preparation of annual accounts. Checklists and model accounts for FRS 101, FRS 102, FRS 102 Section 1A and FRS 105 are freely available to members and a selection are available to be downloaded, with further checklists or model accounts available electronically or by post on request.

A complete list of freely available UK GAAP checklists and model accounts is available here via The ICAEW Library & Information Service.

The Financial Reporting Faculty has published a special one-off publication designed to help small businesses and their advisors plan for the changes that lie ahead. Download our New UK GAAP magazine, freely available here.

For further information on UK GAAP, please contact our technical enquiries team.

Put your mind at ease over Christmas by treating yourself to one of the available UK GAAP checklists or model accounts.