Financial Reporting Standards
(FRSs) With effect from 2016, there are six Financial Reporting Standards (FRSs), which are issued by the Financial Reporting Council, being the body designated for that purpose by the Companies Act 2006 s 464. The objective of FRSs is to specify the accounting treatment that is required for a company’s accounts to give a “true and fair view” of the organization’s affairs, as required by the Companies Act 2006 s 396. FRS 102 gives the treatment and disclosure required for companies generally, FRS 105 applies to micro-entities, and the other standards (100, 101, 103, 104) apply to particular activities or company structures. Adherence to FRSs is required for the accounts of unincorporated bodies in order to measure the profit on which tax is charged (Income Tax (Trading and Other Income) Act 2005 s 25). All previously issued standards are superseded. UK listed companies are required to apply the standards issued by the International Accounting Standards Board. Adherence to FRSs is required for the accounts of unincorporated bodies in order to measure the profit on which tax is charged (Income Tax (Trading and Other Income) Act 2005 s 25). See also accounting practice.

https://www.frc.org.uk/accountants/accounting-and-reporting-policy/uk-accounting-standards/standards-in-issue

• Links to FRSs currently in issue from the Financial Reporting Council website

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